"Few clues on timing of QE3 reduction in Fed minutes," read
Reuters headline. "Investors searched for clues in what was a
largely ambiguous discussion by the Fed policy makers," noted the
New York Times
). Thus it was that investors couldn't find any reliable pointers
to what the Fed did at its meeting on July 30, oddly enough the day
we learned of the death of
actress Eileen Brennan.
As a result of the mysteriously muddled minutes,
(^DJI) slid for a sixth straight day in their longest losing streak
since July 2012.
) may today be grateful for Thursday but 24 hours hence,
shareholders will surely be screaming, "Thank God it's Friday"
after equities endured a Manic Monday on Wednesday, with blue chips
first dropping 122 points, then gaining 17, before finally
finishing off 105. (
), which surged some 23.58%, was exempt from the overall malaise.)
Fertilizer firms endured a torrid time of it after
an industry downgrade
and trucking titan
) plunged 1.09% on an
iffy analyst initiation
. Still, it could always be worse - at least you didn't just
crash into a manure truck
. In other broker action, Mr. Ackman's favorite short
found another fan
, much to the disgust of the hedge fund heavyweight.
According to his arch nemesis Icahn
, Bill is nothing but a "cry baby" "little Jewish boy" who would be
"beaten up" at the "tough school in Queens" Uncle Carl attended.
Actually, not so much. Dude is in fact 6'3″ and could kick the
) out of me so, I'll give his pyramid scheme allegations the
benefit of the doubt for now.
Today in economics, consensus calls for an increase in The
Conference Board's July leading indicators index at 10:00 a.m.
Eastern. In earnings action,
Abercrombie & Fitch
China Zenix Auto
Patterson Companies (
(SHLD) are all due to report results.
(AHONY): The Dutch grocery giant gets upgraded to Overweight from
Neutral at JPMorgan.
(BWS): Susquehanna increases its investment assessment to Positive
(CP): Credit Suisse raises its recommendation on the railroad to
Outperform from Neutral.
(XLS): The aerospace outfit gets upgraded to Outperform from Sector
Perform at RBC Capital Markets.
Kayne Anderson Energy
(KED): Shares are boosted to Buy from Hold with a $29 target price
at Stifel, which calls it a well-managed closed end fund that
currently trades at a compelling 13% discount to its estimated NAV
(Net Asset Value.)
(MRO): MRO is moved to Outperform from Market Perform at Raymond
): Oh, Mister Softee, why can't Mister Market commit to you? In the
last month alone, it's been a case of he
loves me not
, and he
loves me not
again. Today he loves me once more, as evidenced in the
(^DJI) member's Buy-from-Neutral boost at Nomura. The bank, clearly
no fan of the
Wall Street Journal
, is moving MSFT higher this morning after saying it could
potentially benefit from an increase in shareholder activism.
(PCP): Wells Fargo hoists the metal fabrication firm to Outperform
from Market Perform.
(KKPNY): The telecom name much coveted by Carlos Slim is now
Neutral from Reduce at Nomura.
Stock Downgrades: Target Corporation Is in the
New Stock Coverage: Time to Hit the Brakes on Tesla