April 15, the very midpoint of T.S. Eliot's "cruelest month",
already had an incomparably unhappy history encompassing everything
Yesterday the date again went down in infamy after a horror in
Boston, and that stocks coincidentally suffered their steepest
slide of the year is ultimately utterly irrelevant. Our equity
markets moved lower from the opening bell after disappointing
growth from China which - as
new data made abundantly clear
- owns ever more of America's debt.
There were no silver linings for
Pan American Silver
), which imploded 11.38% as commodities cratered, and
Bill Ackman's remaining grey hairs
are shortly to fall out if
even an upgrade
proves powerless to prevent
) from falling a further 1.57%.
Elsewhere West Texas Intermediate crude tumbled 2.8% to its lowest
level of the year.
J.R. Ewing clearly made his Hollywood exit
just in time.
Today sees quarterly earnings season start in earnest, with
Johnson & Johnson
(YHOO) among a multitude of companies releasing results.
Associated British Foods
): Shares are tumbling 2.41% in London today on a
Neutral-from-Outperform downgrade at Credit Suisse, whose analysts
wrote in a note that "…the shares look due a pause for breath."
Bridge & Iron
(CBI): Macquarie moves the energy infrastructure outfit to
Underperform from Neutral.
(CHRW): JPMorgan takes the transport name to Underweight from
: Citigroup gives Neutral-from-Buy downgrades to
(SXL) and takes
(TCP) to Sell from Neutral.
(KEYN): Evercore reduces its rating to Equal Weight from
(LIFE): The stock, no longer trading on fundamentals after being
(TMO), is lowered to Neutral from Outperform at Credit Suisse.
(CLI): CLI is cut to Hold from Buy at Deutsche Bank.
Niska Gas Storage
(NKA): Shares are sharply lower this morning after getting slashed
to Sell from Neutral at Citigroup.
(SRPT): Double trouble for the biotech name today, taken to Neutral
from Buy at Janney and lowered to Market Perform from Outperform at
): The university operator, which fell 5.04% on Monday, is this
morning moved to Equal-Weight from Overweight at First Analysis.
(VTR): Citi cuts the company to Neutral from Buy.
New Stock Coverage: Time to Shop at Wal-Mart
Stock Upgrades: Hollywood Ending for DreamWorks