A recently surging stock market suddenly backtracked, taking it
below 15,000. For the moment, that sentence describes only the
and not the
(^DJI) but equities everywhere seem to be suffering from an acute
attack of The Vapors, so before long Wall Street may also start
. On the bright side,
) surged 17.10% to top the entire
(^GSPC) thanks to the turnaround efforts of Cold Spring Harbor
native Meg Whitman. If my trusty HP 12c calculator is accurate,
that was its best showing since 2001, the year
Lindsay Lohan was a freshman at the town's high
. Long Island's North Shore is of course Jay Gatsby country, but
our hero's golden halo did not unfortunately extent to
). The company, whose clothes
famously outfitted Robert Redford in the 1974
, tumbled 2.32% after announcing earnings. Elsewhere the normally
sleepy utilities sector saw a wild $33 billion in market cap wiped
American Electric Power
), while an
(MRK) up a Dow-best 1.33%.
Ahead of the long Memorial Day weekend, the bond market is
scheduled to close early. On the corporate front, expect quarterly
earnings announcements out of
Abercrombie & Fitch
Destination XL Group
Tsakos Energy Navigation
(BT): Shares in the British telecom titan are sharply lower in
today's London trading on the back of a Neutral-from-Overweight cut
at JPMorgan. Concerns include red tape, issues at its Sport
division, and pension plan problems.
(CNC): Shares of the health plan provider are cut to Market Perform
from Outperform at Raymond James.
(CRUS): The tech stock gets taken to Hold from Buy at Canaccord
(CBST): Janney Capital cuts the company to Neutral from Buy.
(MRVL): JMP Securities slashes the semiconductor stock to
Underperform from Market Perform.
Melco Crown Entertainment
(MPEL): Macquarie moves the resort and casino company to Neutral
(OTCMKTS:NXGPY): The English fashion firm, up 24% this year at
levels not seen in a quarter-century, is tumbling 2.31% overseas
this morning after Morgan Stanley slashed the stock to Underweight
from Equal Weight. "The multiples are already close to 10-year
highs, both absolute and relative, so we think the risk reward
looks unattractive at these levels," its analysts wrote in a note.
(NDSN): Oppenheimer moves the diversified machinery outfit to
Perform from Outperform, as it now projects operating margin
contraction on the magnitude of 250 to 300 basis points amid
(PNK): CrÃ©dit Agricole slashes the stock to Sell from
): The apparel outfit, up 22.98% yesterday on news of a $1.1
billion buyout bid, is now Neutral from Buy with a $42 price
objective at Janney. The broker believes that the acquisition offer
will indeed conclude at the proposed price.
(SKS): A plump valuation sees the luxury retailer reduced to Hold
from Buy at Argus after it surged sharply in recent days.
(CRM): Shares are now Neutral from Outperform with Wedbush.
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