The Wolf Of Wall Street
is about to be unleashed and, appropriately enough, he starts
howling at a freshly full moon. How else to explain the bizarre
behavior that saw three events no one thought would ever occur not
only take place, but do so on the very same day? Rolling Stones
guitarist Keith Richards - whose epic drug use even extended to
snorting his father's ashes with cocaine
- defined all pharmacological evidence and reached the ripe old age
of 70. More remarkable still, the Senate approved a bipartisan
budget deal. And, most astonishing of all, the Fed finally decided
to say "
" to its bond-buying binge after half a decade. As a result, the
S&P 500 Index
(INDEXSP:.INX) each ended atop all-time highs as US stock markets
enjoyed a fresh bout of irrational exuberance. Robust economic
reports also boosted bourses. Not least a 22.7% surge in monthly
housing starts, their finest such showing since January 1990. That
Driving Miss Daisy
won big at the Golden Globes, but presumably she wasn't being
chauffeured around in a
). It somehow contrived to slump 6.29% yesterday of all days. With
Ben Bernanke still remaining relatively accommodative, Holiday Inn
) got into the spirit of the season by showing there is indeed room
at the inn. It rose 2.58% to a historic best on a
. Also gaining on upbeat analyst action was
), which jumped 2.22% after being named a "Conviction" Buy at
), which has an admirable sense of humor about the
hospital operator's criminal history
In terms of economic events that may move US markets today,
December's Philadelphia Fed Index, along with last month's leading
indicators and existing home sales, all arrive at 10:00 a.m.
Eastern. Regarding specific stocks, expect earnings announcements
(BNCN): Keefe Bruyette boosts BNCN to Outperform from Perform. Its
amended price objective is $19.
(ELY): Budget deal done, President Obama tomorrow heads to Hawaii
for a 17-day vacation, where our
links-loving Commander in Chief
will doubtless tee up some R&R on Oahu. Coincidentally, Raymond
James raises its recommendation on Callaway Golf stock to Strong
Buy from an already upbeat Outperform. Over the past 12 months, its
shares have been in the green to the tune of 22.46%.
(FRX): Forest Labs scores an analyst upgrade,
not its first of late
. Shares, which surged another 2.43% yesterday, are now Overweight
from Neutral at Piper Jaffray.
(OMC): Advertising giant Omnicom sees its stock boosted to Buy from
Neutral at Goldman Sachs. The price objective, previously $68,
increases to $88.
(FUEL): Shares are raised to Strong Buy from Buy at Needham, which
cites a risk:reward ratio that is now better balanced.
Sirius XM Radio
(SIRI): Sirius XM Radio, home of shock jock Howard Stern, gets a
Buy-from-Hold hoist with Wunderlich. A recent sell-off is seen as
overdone, and the brokerage tweaks its target price to $4.20.
(TRI): Credit Suisse raises its rating to Outperform from Neutral
with a new objective of $43.
(VCI): The stock - a coupon company,
not the pickle purveyor
- is now Perform from Underperform at BMO Capital. Its shares paced
all NYSE advances on Wednesday, rising 22.26% after the firm agreed
to be bought.
New Stock Coverage: Listen Up, Chaps -- Ralph Lauren Is
Dressed for Success
Stock Downgrades: Run From JPMorgan Chase