"Why did Constantinople get the works?
That's nobody's business but the Turks."
So went a
delightful little ditty
from 1953. Alas, riots in Istanbul have now become the world's
business, and yesterday combined with a widening wall of woe
elsewhere to send the
(^DJI) down by triple-digits.
Tuesday was, until last week, Wall Street's most reliable
money-making machine but in Athens it has always been considered
(Something to do with Constantinople, apparently
.) Truth be told, we must move from the banks of the Bosporus to an
equally exotic capital 2,060 miles to the west to find out why the
market really slumped. In the immortal uttering of
, money managers and hedge fund heavies - those innocent naÃ¯fs -
" that the perpetually zombie economy of Japan should once more
fail to rouse itself to action.
) lost 17.54%,
shaving some $600 million from the bank balance of
its founder Chip Wilson
. Misery clearly loved company, for the chips also fell hard at
), which tumbled 3.71%. And educator
) definitely didn't
Win Ben Stein's Money
after imploding 11.83% on news that the SEC is demanding it turn
over records on student attendance. Is
Bueller in the building?
It's another day without any top-tier economic data, but
(PVH) are all expected to announce earnings.
Biogen Idec Inc.
(BIIB): Shares are now Neutral from Buy at Citigroup.
Dean Foods Co
(DF): Sanford Bernstein downgrades America's largest dairy producer
to Perform from Outperform with a $12 price target. Issues include
upcoming volume declines.
Fiat S.p.A. (ADR)
(FIATY): The Italian car company is now Neutral from Buy at UBS.
KapStone Paper and Packaging Corp
(KS): KS gets cut to Hold from Buy at Deutsche Bank after an
exceptionally strong recent run.
Kinross Gold Corporation (USA)
(KGC): Cowen moves the commodity company to Market Perform from
Legg Mason, Inc.
(LM): The stock is tumbling 2.2% this morning after getting slashed
to Sell from Neutral at Goldman Sachs.
(USB): Shares are now Underweight from Neutral at Atlantic
Wells Fargo & Co
(WFC): Atlantic slashes the stock to Underweight from Neutral.
New Stock Coverage: Bob Evans Farms Inc Brings Home the
Stock Upgrades: Say 'Cheers' to Boston Beer Co Inc