Michael Moore, who called one of his movies
Capitalism: A Love Story
(ironically, I believe), just
filed for divorce after two decades
, but investors everywhere are continuing their utter infatuation
with equities. The
(^GSPC) Index each hit historic highs, and if their infinitesimal
respective increases of 0.51% and 0.71% seem deadly dull, that
masks much action under the Surface. (Assuming an
), fresh from tumbling 12% in its worst week for four years, will
forgive the phrase.) Bill Gates thus not only saw his net worth
considerably cut, but he also had to endure a hitherto unknown
American becoming the richest person in all human history after
) Paypal unit
briefly bestowed $92,233,720,368,547,800 on him
. The online auctioneer's generosity is to be applauded, especially
in a week its
imploded 8.5%. Elsewhere aging Internet outfit
) reported a steep slide in revenue, which comedian Conan O'Brien
claimed the company "found out about by
) it." Yet with the former surging 6.9% to a fresh multi-year peak,
even as the latter tumbled 2.9%, Marissa Mayer had the last laugh.
This morning in economics, June existing home sales are expected to
tick up from the prior month's pace at 10:00 a.m. Eastern. Peak
week for Q2 earnings reports is upon us, with today's quarterly
announcements expected to include
African Barrick Gold
(ABGLY): JPMorgan moves the commodity company to Neutral from
(ALU): The French telecom firm is taken to Strong Buy from
Outperform at Raymond James.
American Campus Communities, Inc.
(ACC): Shares are boosted to Buy from Hold at MLV & Co, which
also takes its target price up by $2 to $50 amid a belief that
leasing issues for the 2014/15 academic year are overstated.
(ANFGY): The copper miner gets upgraded to Buy from Hold at
Clear Channel Outdoor
(CCO): The advertising outfit is boosted to Neutral from Sell by
brokerage boutique B Riley, which also increases its price
objective to $7.00 from $4.50. An improving macroeconomic backdrop
in Europe is one reason for the firm's heightened optimism.
Cognizant Technology Solutions
(CTSH): Shares are now Buy from Neutral at Goldman Sachs, which
says immigration reform concerns may be exacerbated.
Dick's Sporting Goods
(DKS): Characterizing the company as an "undervalued growth story,"
Morgan Stanley moves the stock to Overweight from Equal-Weight.
(NPTN): NPTN is now Strong Buy from Buy at Needham.
(SLB): The oil services stock gets upgraded to Buy from Neutral at
Global Hunter. The target is also taken up, to $97 from $80, amid
optimism over its stock buyback intentions among other favorable
Stock Downgrades: Analyst Walks All Over Crocs,
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