It may be tempting fate, especially in a trading week that
ominously ends on Friday the 13th, but yesterday Wall Street was
inspired by a film from its
of 1987. Released but one month after that year's crash,
Planes, Trains and Automobiles
was a box office favorite, and yesterday it also proved a pretty
profitable trading strategy. US markets rose to records, ably
assisted by an
2.71% advance in debut stock
) 5.67% higher, and
) gaining 1.82% to a post-restructuring peak. Even as the
S&P 500 Index
(INDEXSP:.INX) reached a new high, not all equities benefited from
the rising tide.
Abercrombie & Fitch
) tumbled 2.21% after renewing the $1.5 million salary of its
endlessly controversial CEO. With the stock having slumped 29% this
year some thought he should be canned but there was
fat chance of that
. At least the head of
), having similarly rubbed customers (
specifically their thighs
) the wrong way, is stepping down.
In terms of economic events that may move US markets this morning,
October wholesale trade inventories are released at 10:00 a.m.
Eastern. Regarding specific stocks, expect earnings announcements
HD Supply Holdings
Smith & Wesson
(OTCMKTS:ANFGY): The copper miner gets moved to Neutral from
Underperform at Credit Suisse.
(ARIA): Stifel boosts the stock to Buy from Hold.
(HAWK): Shares are now Buy from Neutral at Citigroup. Its amended
price objective is $27.
(CELG): Biotech stock Celgene, a market leader in stem-cell drugs,
has surged 116.08% in the past year. There is more good news for it
today, as Credit Suisse raises its recommendation to Outperform
(GERN): GERN gets upgraded to Buy from Hold at Needham, whose
target price is $10. Geron shares are surging some 13.95% as I
write this article, after the company presented Phase II data for
imetelstat in myelofibrosis patients at the American Society for
(HAR): Shares are moved to Outperform from Market Perform with
(OTCMKTS:HLTOY): JPMorgan gives the Greek phone firm an
(JCI): Johnson Controls is taken to Top Pick from Outperform at RBC
Capital, whose price objective is $61. The stock is seen as an
ongoing, and increasingly impressive, turnaround story.
(PKI): The stock is now Outperform from Neutral at Macquarie.
Royal Dutch Shell
(NYSE:RDS.A): JPMorgan moves the European oil giant to Neutral from
(URI): Amid solid operating fundamentals, the stock gets upgraded
to Top Pick from Outperform at RBC Capital. Its target, previously
$72, increases to $85.
: (OTCMKTS:VIVHY): Shares are trading higher in Europe today on the
back of a Buy-from-Hold boost by Deutsche Bank.
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