Equity markets advanced again, and if the
(^DJI) 27th record of 2013 sounds like a broken record, yesterday
it was one of those old-timey 78s that did the trick. Blue chips
rose by 78 points after Ben Bernanke, in likely his last appearance
on Capitol Hill, told investors what they wanted to hear. (Good
riddance, likely say our lawmakers, after the Fed head wasted no
time in telling his audience that the recovery is on track "
the strong headwinds created by federal fiscal policy.") Overseas,
(EPA:PUB) gained 3.42% to a fresh 52-week peak. Its Saatchi &
Saatchi unit propelled Mrs. Thatcher to power with its iconic
Labour Isn't Working
campaign ad at a time of horrendously high unemployment. Maggie
famously wasn't much for turning, and Meredith may want to
similarly stand her ground. Ms. Whitney has come in for some
withering criticism in recent weeks, but those who say her 15
minutes of fame are over may be off by
three-quarters of an hour
after Detroit announced the largest municipal bankruptcy in
No top-tier economic data due today, but the first full week of Q2
reporting season concludes with earnings expected out of
(ADM): JPMorgan moves the agribusiness outfit to Neutral from Sell.
(BBRY): The firm, formerly known as Research In Motion, is raised
to Market Perform from Underperform by BMO Capital.
(CPHD): Piper Jaffray juices its recommendation to Overweight from
(DEO): The British brewing behemoth, whose brands include Guinness
and Johnnie Walker, gets an Overweight-from-Neutral boost by
Extra Space Storage
(EXT): Citing the company's above-average Funds From Operation
growth, Cantor Fitzgerald increases its investment opinion to Hold
from Sell. The price objective, previously $44, is taken to $47.
(FRED): The retailer is raised to Hold from Sell at Deutsche Bank.
(NFLX): The video-streaming service, whose
House of Cards
just made Emmy history
, is now Market Perform from Underperform at Northland Capital. The
broker expects upside to Q2 earnings, and increases its target
price to $225. The stock has surged some 227.81% in the past 12
(STAG): STAG gets upgraded to Outperform from Sector Perform at RBC
(SUBCY): Deutsche Bank hoists the stock to Buy from Hold.
(SNV): Shares are upgraded to Buy from Neutral at Compass Point,
which takes its target to $3.50 from $2.70. Encouragingly, the
company is to raise capital to pay back its TARP (Troubled Asset
Relief Program) commitments.
: Disk drive makers
(WDC) are each now Neutral from Sell at Citigroup.
New Stock Coverage: Fast Money Flees Sprint
Stock Downgrades: Microsoft Corporation's Woes Extend Way
Beyond the Surface
Disclosure: Minyanville Studios, a division of Minyanville
Media, Inc., has a business relationship with BlackBerry.