|
The markets managed to close slightly higher on Friday, in what was a fairly calm day compared to recent volatility. The market has had an amazing 4 weeks, led by some major short covering, as well as some encouraging economic signs. While we can't deny that the market's act well, we have come a little too far too quick, especially since the encouraging signs are questionable at best. If we do try to rally today, as mentioned Friday, we see the 845-852 area on the S&P as resistance, and a nice area to sell (short) into. We would look to the first bounce off of the opening range as an area to start to lay out some shorts into, with the 845-852 area, as the next level, using a breakout above 855-857 on the S&P as a stop. Keep an eye on the financials as a leading banking analyst is out with negative comments across the board. Currently, futures are pointing to a lower opening:
Futures Glance:
Index |
Futures
|
Fair Value
|
+/- FairValue
|
|
Dow Jones
|
-83.00
|
-9.41
|
-73.59
|
|
S&P 500
|
-10.40
|
-0.85
|
-9.55
|
|
NASDAQ
|
-18.00
|
+0.71
|
-18.71
|
Picks Sheet Notes:
No open positions. Stay Tuned
This Mornings POI's (Points of Interest):
JAVA- Rumors are out this morning that IBM has pulled it's takeover offer for the company after Sun rejected the price; Currently trading down about 21.2% or $1.80Pre-Mkt
Upgrades/Downgrades/Initiations/Reiterations
Upgrades:
Symbol |
Firm
|
Rating Change
|
Price Target
|
|
AEP
|
KeyBanc Capital Mkts
|
Neutral to Overweight
|
$30
|
|
BDN
|
Citigroup
|
Hold to Buy
|
$4.50
|
|
BUCY
|
JP Morgan
|
Underweight to Neutral
|
|
|
EXR
|
Citigroup
|
Hold to Buy
|
$7 to $8
|
|
IFX
|
UBS
|
Neutral to Buy
|
|
|
JOYG
|
JP Morgan
|
Underweight to Neutral
|
|
|
MF
|
Keefe Bruyette
|
Mkt Perform to Outperform
|
$8.50 to $9
|
|
MEND
|
Ladenburg Thalmann
|
Neutral to Buy
|
$13 to $9.50
|
|
PPS
|
Citigroup
|
Sell to Hold
|
$9 to $12
|
|
REG
|
Citigroup
|
Hold to Buy
|
$38
|
|
TWC
|
Collins Stewart
|
Sell to Buy
|
$34
|
|
WRI
|
Citigroup
|
Sell to Hold
|
$9
|
|
WYNN
|
UBS
|
Neutral to Buy
|
|
Downgrades:
Symbol |
Firm
|
Rating Change
|
Price Target
|
|
ARE
|
Credit Suisse
|
Outperform to Neutral
|
|
|
AMT
|
RBC Capital Mkts
|
Outperform to Sector Perform
|
|
|
ASCA
|
SMH Capital
|
Accumulate to Neutral
|
$14.50
|
|
AXA
|
JP Morgan
|
Neutral to Underweight
|
|
|
NILE
|
Citigroup
|
Buy to Hold
|
$36
|
|
BYD
|
SMH Capital
|
Accumulate to Neutral
|
$5.50
|
|
CA
|
Jefferies & Co
|
Buy to Hold
|
$20 to $18
|
|
CADX
|
Ladenburg Thalmann
|
Buy to Neutral
|
$10
|
|
CYN
|
BMO Capital Markets
|
Market Perform to Underperform
|
|
|
DHI
|
Pali Research
|
Buy to Neutral
|
|
|
DWA
|
Pali Research
|
Buy to Neutral
|
|
|
FNB
|
FTN Equity Capital
|
Neutral to Sell
|
|
|
GGB
|
Deutsche Securities
|
Hold to Sell
|
|
|
GLAD
|
Stifel Nicolaus
|
Hold to Sell
|
|
|
IBKC
|
Stifel Nicolaus
|
Buy to Hold
|
|
|
IBM
|
Canaccord Adams
|
Buy to Hold
|
|
|
IEX
|
Brean Murray
|
Hold to Sell
|
$17
|
|
IBKR
|
Keefe Bruyette
|
Outperform to Mkt Perform
|
|
|
ICE
|
Keefe Bruyette
|
Mkt Perform to Underperform
|
|
|
KRC
|
Credit Suisse
|
Outperform to Neutral
|
|
|
NOVL
|
Jefferies & Co
|
Buy to Hold
|
$7.50 to $4.50
|
|
NYB
|
BMO Capital Markets
|
Outperform to Market Perform
|
|
|
PENN
|
SMH Capital
|
Accumulate to Reduce
|
$25
|
|
PNK
|
SMH Capital
|
Buy to Accumulate
|
$7.75 to $10
|
|
SBAC
|
RBC Capital Mkts
|
Outperform to Sector Perform
|
|
|
SLG
|
Credit Suisse
|
Neutral to Underperform
|
|
|
SONC
|
Credit Suisse
|
Neutral to Underperform
|
|
|
SY
|
KeyBanc Capital Mkts
|
Buy to Hold
|
|
|
SVR
|
Wedbush Morgan
|
Buy to Hold
|
$17
|
|
TX
|
Deutsche Securities
|
Hold to Sell
|
|
|
TC
|
Canaccord Adams
|
Hold to Sell
|
|
|
VRNM
|
Jefferies & Co
|
Buy to Hold
|
$2 to $0.30
|
|
VIA.B
|
Barclays Capital
|
Overweight to Equal Weight
|
|
Initiations:
Symbol |
Firm
|
Rating
|
Price Target
|
|
ANF
|
Brean Murray
|
Buy
|
$30
|
|
AEO
|
Brean Murray
|
Sell
|
$10.50
|
|
FDS
|
Auriga U.S.A
|
Sell
|
$37
|
|
LPL
|
Collins Stewart
|
Buy
|
$15
|
|
UTHR
|
Lazard Capital Mkts
|
Buy
|
$98
|
Reiterations:
Symbol |
Firm
|
Rating
|
Price Target
|
|
AATI
|
Wedbush Morgan
|
Hold
|
$3 to $4
|
|
AXP
|
Jefferies & Co
|
Underperform
|
$14 to $12.50
|
|
ANSS
|
KeyBanc Capital Mkts
|
Buy
|
$27 to $33
|
|
CBT
|
Jefferies & Co
|
Hold
|
$10.50 to $13
|
|
CBS
|
Caris & Company
|
Above Average
|
$5 to $6
|
|
FSLR
|
FBR Capital Markets
|
Mkt Perform
|
$110 to $100
|
|
LPL
|
Collins Stewart
|
Buy
|
$16 to $20
|
|
BABY
|
Roth Capital
|
Buy
|
$12.50 to $10.50
|
|
OSIR
|
Wedbush Morgan
|
Buy
|
$27 to $25
|
|
DIS
|
Oppenheimer
|
Outperform
|
$24 to $23
|
|
WSM
|
Caris & Company
|
Average
|
$10 to $12
|
|
