RBS cuts 3,500 investment bank jobs. (Reuters)

RealtyTrac reports that foreclosures reached a four-year low in 2011. (Reuters)

International Monetary Fund senior executive Lipton sees no hard landing in China. (Reuters)

Microsoft (NASDAQ: MSFT) will delay it web TV plans. (Reuters)

The FCC may ask TV broadcasters to return unused spectrum so it can be auctioned to wireless carriers. (Reuters)

LG’s handset numbers rise in Q4 and the company says it will continue to invest in its wireless division. (Reuters)

Eastman Kodak (NYSE: EK) faces trouble with pension money it owes in the UK. (Reuters)

Raymond James (NYSE: RJF) will buy Morgan Keegan. (Reuters)

An oversupply of natural gas pushes prices to historic lows. (WSJ)

Carlyle’s three founders earned more than $400 million last year. (WSJ)

More senior bankers leave Goldman Sachs (NYSE: GS). (WSJ)

CIT (NYSE: CIT) will no longer finance loans to Sears Holdings (NASDAQ: SHLD) suppliers. (WSJ)

Emerging market nations step up their activity as they sell more bonds. (WSJ)

The Environmental Protection Agency releases a list of plants that emit the most greenhouse gases. (WSJ)

Food prices in India fall. (WSJ)

The Fed Beige Book says holiday sales helped the economy at the end of last year. (WSJ)

President Obama to propose tax cuts for companies that bring jobs back from overseas. (WSJ)

Economists surveyed by the Wall Street Journal say Europe is the greatest threat to U.S. expansion. (WSJ)

Daniel Alegre, Google’s (NASDAQ: GOOG) chief in Asia, says the company will press for more market share in China. (WSJ)

Coca-Cola (NYSE: KO) finds an unapproved fungicide in orange juice products. (WSJ)

Hotels establish a booking site to compete with Priceline (NASDAQ: PCLN). (WSJ)

Industry researchers Gartner and IDC say PC shipments fell in the past quarter. (WSJ)

Chevron (NYSE: CVX) says its fourth-quarter results were weak. (WSJ)

News Corp. (NYSE: NWS) may make a bid for the LA Dodgers. (WSJ)

Archer Daniels Midland (NYSE: ADM) will cut 1,000 jobs. (WSJ)

Coors Light passes Bud as the number two beer in the U.S. (WSJ)

Ford (NYSE: F) will introduce new models to try to salvage Lincoln. (WSJ)

The Commodity Futures Trading Commission tightens rules for swaps activity. (WSJ)

The eurozone will be challenged again as members refinance billions of dollars of debt early this year. (NYT)

Fannie Mae and Freddie Mac to announce programs to extend the mortgage payments of the unemployed. (NYT)

EU oil refiners cut ties with Iran. (FT)

China’s consumer inflation falls to 4.1%. (FT)

The head of Fiat says car makers must merge. (FT)

A move to safety cuts Treasury yields below 2%. (FT)

German December inflation slowed. (Bloomberg)

Delhaize Group, which owns Food Lion, will cut 5,000 jobs around the world. (Bloomberg)

Italy and Spain to offer 17 billion euro in debt sales. (Bloomberg)

Douglas A. McIntyre

The lack of Congressional action ends the $0.45/gallon blender’s credit on US-produced ethanol and the $0.54/gallon tariff on imported ethanol. US ethanol producers Archer Daniels Midland Co. (NYSE: ADM), Valero Energy Corp. (NYSE: VLO), Pacific Ethanol Inc. (NASDAQ: PEIX), and Green Plains Renewable Energy Inc. (NASDAQ: GPRE) had already seen the writing on the wall and are not likely to feel any appreciable pain from the end of the subsidies. Brazilian cane-based ethanol maker Cosan Ltd. (NYSE: CZZ) and its partner, Royal Dutch Shell plc (NYSE: RDS-A) have also been making a profit exporting ethanol to the US in spite of the tariff.

The end of the subsidy does not end the federal mandate on the use of alternative fuels for transportation. Earlier this week we looked at the nonsensical mandate adopted by Congress in 2007 that calls for 200 million gallons of alternative fuels to blended with gasoline in 2012. Virtually every drop will come from ethanol, and the producers really don’t need a subsidy on top of a mandate to make a profit. The mandate alone will do quite nicely, thank you very much.

Paul Ausick

In 2010, the mandate was lowered for that year to 6.5 million gallons and for 2012, the mandate set by the U.S. Environmental Protection Agency has been set at 8.5 million gallons. Companies like Codexis Inc. (NASDAQ: CDXS), Amyris Inc. (NASDAQ: AMRS), Gevo Inc. (NASDAQ: GEVO), Solazyme Inc. (NASDAQ: SZYM) and Kior Corp. (NASDAQ: KIOR) have so far failed to reach production levels anywhere near mandated levels. Traditional corn-ethanol makers like Archer Daniels Midland Co. (NYSE: ADM), Valero Energy Corp. (NYSE: VLO) and Pacific Ethanol Inc. (NASDAQ: PEIX) continue to supply the vast majority of nonpetroleum based fuels.

Refiners are required either to use cellulosic ethanol or to pay $1.20/gallon for the privilege of not using it. Because so little is available, refiners end up paying for something they cannot buy at any price.

Most biofuels makers have turned to producing specialty chemicals for the cosmetics and pharmaceuticals industries in order to make some revenue. Truth be told, a gallon of a cosmetic component is far more costly than a gallon of cellulosic ethanol, so these companies continue to work on developing substitute chemicals. The payback from these is more certain and nearer in time than is trying to scale up manufacturing of biofuels and facing uncertain political and distribution issues.

To show how hard things have been, the share price of many pure-play stocks pretty much sums it all up:

• Codexis trades at $5.53 and its 52-week trading range is $3.91 to $12.24.
• Amyris trades at $11.16 and its 52-week trading range is $9.90 to $33.99.
• Gevo trades at $5.59 and its 52-week trading range is $5.18 to $26.36.
• Solazyme trades at $11.27 and its 52-week trading range is $7.68 to $27.47.
• KiOR trades at $9.31 and its 52-week trading range is $8.88 to $23.85.

Paul Ausick

The US Department of Agriculture is forecasting a global corn crop of 867.5 million metric tons and analysts survey by Bloomberg News are forecasting a price of $4.305/bushel next year. Corn is trading today at about $6.20/bushel.

Demand for meat is driving the demand for corn and wheat as feed for cattle, pigs, and chickens, with total demand for feed expected to reach 640.6 million metric tons in the crop season ending next Spring.

The US share of the booming corn crop will decrease to less than 50% for the first time in 40 years.

The companies we’ve looked at include ethanol makers Archer Daniels Midland Co. (NYSE: ADM), Valero Energy Corp. (NYSE: VLO), Green Plains Renewable Energy Inc. (NASDAQ: GPRE), and Pacific Ethanol Inc. (NASDAQ: PEIX). Biofuel and biodiesel makers include Solazyme, Inc. (NASDAQ: SZYM), Gevo, Inc. (NASDAQ: GEVO), Amyris Biotechnologies Inc. (NASDAQ: AMRS), Codexis, Inc. (NASDAQ: CDXS), and Kior Corp. (NASDAQ: KIOR).

To be fair, ADM and Valero don’t depend exclusively on ethanol production for revenues and profits, whereas the others do depend exclusively on their biotech products, even if the products are not used exclusively for fuel. Even the ethanol makers that face a loss of their current $0.45/gallon federal subsidy at the end of this year could feel a pinch in revenue and profit. Current US demand for ethanol is being exceeded by ethanol producers, and unless service stations begin widely to adopt the recently approved 15% ethanol blend, there’s not much reason to believe demand for ethanol will grow.

As for the bio-fuel makers, their problem is scale. And given the recent government losses trying to help Solyndra, Evergreen Solar, and Beacon Power reach scale, prospects for government investment in scaling up bio-fuels are dim at best. The best thing that could happen to any of these bio-fuel makers is to be acquired by either a big ethanol maker or an integrated oil company. No such announcements are rumored, however.

All data from Yahoo! Finance, and current prices were gathered just before noon today.

Archer Daniels Midland Co. (NYSE: ADM) has a median target price of $33.00 from 13 brokers. Shares are trading today at $29.01, for an implied gain of $3.99, or 14%. ADM’s forward P/E is 8.61 and the company pays a dividend yield of 2.2%. The stock’s 52-week trading range is $23.69-$38.02, and at today’s price that’s about 22% above its 52-week low and 24% below the 52-week high. ADM was included in our review of food processors just last Thursday, and since then it’s target price has fallen by -$2/share. The drop is probably more related to ADM’s shrinking margins in other parts of its business. Lower corn prices will have a bigger negative impact on the company’s trading business than they will on ADM’s ethanol business.

Valero Energy Corp. (NYSE: VLO) has a median target price of $31.00 from 14 brokers. Shares are trading today at $25.65, for an implied gain of $5.35, or 21%. Valero’s forward P/E is 6.01 and the company pays a dividend yield of 2.3%. The stock’s 52-week trading range is $16.40-$31.12, and at today’s price that’s about 56% above its 52-week low and 18% below the 52-week high. The market for crude oil is currently wobbling between contango and backwardation. What that means for a refiner like Valero is that if contango continues, crude prices will be higher in the future and refiners will get a boost due to the differential between WTI and Brent. If, as today, backwardation takes hold, and futures prices for crude are lower than they are today, refiner margins will be squeezed as the price spread disappears. Crude prices are far more important to Valero than ethanol prices, particularly once the subsidy disappears.

Green Plains Renewable Energy Inc. (NASDAQ: GPRE) has a median target price of $14.27 from 6 brokers. Shares are trading today at $10.18, for an implied gain of $4.09, or 40%. Green Plains’ forward P/E is 6.24 and the company does not pay a dividend. The stock’s 52-week trading range is $8.34-$13.00, and at today’s price that’s about 22% above its 52-week low and 22% below the 52-week high. Green Plains beat analysts’ expectations when it reported quarterly earnings a couple of weeks ago, and the better new is that the company now gets 40% of its operating income from something other than ethanol. In September the company purchased 3.5 million of its own shares from its largest shareholder at $8/share. Not a bad deal.

Pacific Ethanol Inc. (NASDAQ: PEIX) has a median target price of $0.96 from a single broker. Shares are trading today at $0.72, for an implied gain of $0.24, or 33%. Pacific’s forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $0.25-$7.98, and at today’s price that’s about 188% above its 52-week low and 91% below the 52-week high. After struggling to stay afloat, Pacific Ethanol last week said that it had retired the majority of its $35 million convertible debt six months ahead of schedule. The stock has gotten a boost from the news, but it is hard to see a lot more upside here, given the coming end of the federal subsidy. Still, there is decent action in the stock, which trades about 3.8 million shares a day on average, but it remains a timing play.

Solazyme, Inc. (NASDAQ: SZYM) has a median target price of $22.00 from 7 brokers. Shares are trading today at $9.20, for an implied gain of $12.80, or 139%. Solazyme’s forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $7.68-$27.47, and at today’s price that’s about 20% above its 52-week low and 67% below the 52-week high. A Continental Airlines flight today from Houston to Chicago will use a 40%-blend of Solazyme’s bio-jet fuel. And United Continental Holdings Corp. (NYSE: UAL) has said that it will buy 20 million gallons of the stuff fuel next year to blend with petroleum-based jet fuel. That’s good news, of course, but hardly enough to whip up much enthusiasm for stock that came public in May and has seen its share price dive pretty consistently since then.

Gevo, Inc. (NASDAQ: GEVO) has a median target price of $17.00 from 7 brokers. Shares are trading today at $7.16, for an implied gain of $9.84, or 137%. Gevo’s forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $5.32-$26.36, and at today’s price that’s about 35% above its 52-week low and 73% below the 52-week high. Gevo reported losses in the third quarter that exceed estimates, and EPS losses for the fourth quarter have gotten worse as a result. The US patent office last month refused to re-examine a patent denial for one of the company’s products. The company has a deal to supply 11,000 gallons of its fuel to the US Air Force for testing and a $5 million grant from the Department of Energy to work on making cellulosic ethanol. Neither is a game-changer, and that’s what Gevo needs.

Amyris Biotechnologies Inc. (NASDAQ: AMRS) has a median target price of $25.00 from 7 brokers. Shares are trading today at $12.99, for an implied gain of $12.01, or 92%. Amyris’ forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $12.95-$33.99, and at today’s price that’s less than 1% above its 52-week low and 63% below the 52-week high. The annual low was set earlier this morning. Amyris has found a market for its algae-based products, but not as fuel. The company produces oils that are used by many cosmetics manufacturers. That’s a nice line of business, but a few thousand gallons of cosmetics doesn’t generate the same amount of revenue as several million gallons of auto and jet fuel.

Codexis, Inc. (NASDAQ: CDXS) has a median target price of $13.00 from 5 brokers. Shares are trading today at $5.13, for an implied gain of $7.87, or 153%. Codexis’ forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $3.91-$12.24, and at today’s price that’s about 31% above its 52-week low and 58% below the 52-week high. Like Amyris, Codexis has found another market for some of its products. The company makes a testing kit for pharmaceutical manufacturers. Biofuel contributes little to the company’s revenue or profit, and, again like Amyris, the newer businesses don’t have the scale of jet or auto fuel.

Kior Corp. (NASDAQ: KIOR) has a median target price of $20.00 from 7 brokers. Shares are trading today at $15.75, for an implied gain of $4.25, or 27%. Kior’s forward P/E is negative and the company does not pay a dividend. The stock’s 52-week trading range is $8.88-$23.85, and at today’s price that’s about 77% above its 52-week low and 34% below the 52-week high. Kior priced at $15/share at its IPO in June, and after falling below $10/share and rising above $20 share, the stock is back to a small gain today. The company’s current market cap of $1.63 billion is nearly triple that of either Codexis, its nearest rival from the bio-fuel makers. There is no fundamental explanation for that difference, which could mean that this stock is terribly overpriced at current levels.

Paul Ausick

Large farm products companies like Archer Daniels Midland Co. (NYSE: ADM) and Bunge Ltd. (NYSE: BG) have watch corn and wheat prices decline by about -20% and -29% since peaks earlier this year. Fertilizer prices have risen and so have fuel prices. All have an impact on revenues and earnings.

Processing companies like Tyson Foods Inc. (NYSE: TSN), Smithfield Foods, Inc. (NYSE: SFD), Corn Products International Inc. (NYSE: CPO), and ConAgra Foods, Inc. (NYSE: CAG) package private label foods, provide commercial food, and even offer some branded products. The diversity of their customers gives them a bit of a barrier against a collapse in one or another of their markets.

Packaged food giants like Kraft Inc. (NYSE: KFT), Sara Lee Corp. (NYSE: SLE), General Mills, Inc. (NYSE: GIS), and Kellogg Company (NYSE: K) are all household names and depend on strong brands to carry them through slow economic times.

Data from Yahoo! Finance, and current share prices gathered about noon today.

Archer Daniels Midland Co. (NYSE: ADM) has a median target price of $35.00 from 13 brokers. Shares are trading today at $28.88, for an implied gain of $6.12, or 21%. ADM’s forward P/E is 8.52 and the company pays a dividend yield of 2.3%. The stock’s 52-week trading range is $23.69-$38.02, and at today’s price that’s about 22% above its 52-week low and 24% below the 52-week high. This year’s wheat harvest looks to be on a near-record pace, and wheat prices are expected to fall to below $6/bushel by the end of the year from a current price of around $6.36.

Rising corn prices hit ADM hard in its most recent quarter, lowering profit in its biofuel (ethanol) division by -23% and in its sweetener and starches division by -81%. Corn prices are currently expected to remain about the same into next year, which won’t help ADM’s processing revenue. Fortunately for the company its trading profits will get a boost from the higher corn prices.

Bunge Ltd. (NYSE: BG) has a median target price of $74.00 from 11 brokers. Shares are trading today at $61.38, for an implied gain of $12.62, or 21%. Bunge’s forward P/E is 9.32 and the company pays a dividend yield of 1.6%. The stock’s 52-week trading range is $54.03-$76.13, and at today’s price that’s about 14% above its 52-week low and 19% below the 52-week high.

Bunge missed EPS estimates badly in its third quarter as the company ran afoul of volatility in the grain markets. The company painted a brighter picture for its fourth quarter, basing its view on the tightness of supply and the rising demand for food.

Tyson Foods Inc. (NYSE: TSN) has a median target price of $23.00 from 15 brokers. Shares are trading today at $19.27, for an implied gain of $3.73, or 19%. Tyson’s forward P/E is 9.53 and the company pays a dividend yield of 0.8%. The stock’s 52-week trading range is $14.79-$20.12, and at today’s price that’s about 30% above its 52-week low and 4% below the 52-week high.

Tyson will report earnings for its fourth fiscal quarter on November 21st. The consensus EPS estimate is $0.32, half as much as the same period a year ago. Rising feed costs have hammered revenues and earnings this year, and Tyson and other chicken producers are trying to get its customers to share commodity price risk by taking shorter term contracts tied to the cost of feed grains.

Today’s unofficial closing bells in the markets were as follows: DJIA down 295 at 11,659.28; the S&P 500 Index was down almost 35 points to 1,218.34; and the NASDAQ was down by over 77 points to 2606.96.  Here are the statistic stock winners and losers during October as well as year-to-date in 2011.  There are the S&P’s ten best and the S&P’s ten worst performers during the month of October; and here are the S&P’s top 20 performers of all of 2011 followed by the S&P’s ten biggest losers year-to-date.

The Institute for Supply Management showed that manufacturing in October remained above the growth/expansion line of 50.0 and came in at 50.8.  This was at 51.6 in the prior month and Reuters data showed a consensus call for a slight uptick to 52.0.  Ben Bernanke and the FOMC got their two-day meeting underway this morning.  On the car front, U.S. auto sales for October came out in positive territory but under expectations and Ford Motor Co. (NYSE: F) was down over 3% at $11.29 late in the day and General Motors Company (NYSE: GM) was down an even wider amount with a shares down almost 9% at $23.56 late in the day.

To show just how bad Greece is being treated due to their call for a vote of confidence, National Bank of Greece SA (NYSE: NBG) was down about 13% at $0.465 late in the day. A pre-earnings loser on an analyst downgrade was Alcatel-Lucent (NYSE: ALU) as the market continues to remain cautious as this ADR was down by almost 8% at $2.52 late in the day.

Yahoo! Inc. (NASDAQ: YHOO) is in the middle of an identity crisis. Imagine trying to sell the company but then making an acquisition of an advertising solutions outfit. Yahoo! shares were down almost 4% at $15.03 late in the day.

Pfizer Inc. (NYSE: PFE) was higher after earnings as strong international demand helped the Big Pharma leader; shares were up 1.5% at $19.55 late in the day. The Home Depot, Inc. (NYSE: HD) was the only other DJIA component higher on the day with shares up only $0.03 at $35.83 in the last hour.

Archer Daniels Midland Company (NYSE: ADM) was lower, another negative against its turnaround.  The ag-giant’s earnings were short of estimates on lower oilseed margins and on a tight corn supply.  Shares were down 3.7% at $27.86 in the last hour.

The biggest winner on the day by far was BankAtlantic Bancorp, Inc. (NYSE: BBX) after BB&T Corp. (NYSE: BBT) is acquiring its retail lending unit for as much as $301 million.  BankAtlantic shares were up a whopping 109% at $4.96 in the final hour.

Exelixis, Inc. (NASDAQ: EXEL) was the big loser of the day, the daily implosion if you will, after the FDA delayed the review of its prostate cancer drug trial.  With no other products on the market, Exelixis was down 38.5% at $4.75 in the last hour of the trading day. 

JON C. OGG

There are of course many earnings reports that we have not previewed, but these are some of the top earnings reports we have offered previews for: Archer Daniels Midland (NYSE: ADM), Dunkin’ Brands (NASDAQ: DNKN), Pfizer (NYSE: PFE), Comcast (NASDAQ: CMCSA), Kraft Foods (NYSE: KFT), Qualcomm (NASDAQ: QCOM), Whole Foods Market (NASDAQ: WFM), American International Group (NYSE: AIG), Eastman Kodak (NYSE: EK), LinkedIn (NYSE: LNKD), Starbucks (NASDAQ: SBUX) and Alcatel-Lucent (NYSE: ALU). We also have a prior review of the top analyst upgrades and downgrades of the past week.

We have given a breakdown of the data due on each day with earnings and economic releases.

MONDAY, OCTOBER 31

Chicago Purchasing Managers Index at 9:45 AM.

TUESDAY, NOVEMBER 1

Archer Daniels Midland is expected to report $0.67 EPS and $18.93 billion in revenues; next quarter estimates are $0.79 EPS and $22.2 billion in revenues.

Dunkin’ Brands is expected to report $0.25 EPS and $159.23 million in revenues; next quarter estimates are $0.28 EPS and $158.34 million in revenues. Dunkin will not be a market mover but could influence the horde of IPOs in waiting.

Pfizer is expected to report $0.55 EPS and $16.42 billion in revenues; next quarter estimates are $0.50 EPS and $16.65 billion in revenues.

ISM Manufacturing at 10:00 AM.

Commerce Department’s Construction Spending (September) at 10:00 AM.

Federal Reserve starts two-day meeting on interest rate policy.

Auto sales data for October throughout the day: General Motors (NYSE: GM) and Ford Motor (NYSE: F).

Fertilizer maker Potash Corp. of Saskatchewan, Inc. (NYSE: POT) reported third-quarter earnings this morning that were more than double earnings for the same period a year ago. But in this case, a hit may be as good as a miss. Analysts expected EPS of $0.94 on revenue of $2.17 billion. Potash Corp. delivered diluted EPS of $0.94 on revenue of $2.32 billion. Gross margin rose from 35% in the same period last year to 49% this year. The company also noted that its EPS outlook for the full fiscal year is $3.40-$3.80. The consensus estimate is $3.75. In other words, no upside surprises from Potash Corp.

At the other end of the food chain, food processor Bunge Ltd. (NYSE: BG) reported third-quarter adjusted EPS of $0.86 on revenue of $15.62 billion. The consensus estimates called for EPS of $1.62 on revenue of $14.32. Only Bunge’s fertilizer operations posted a quarterly gain over the same period last year, and that a scant $9 million. The company’s outlook did not include any specific forecasts for EPS or revenue, but Bunge does expect to fall short of its original estimate of sugar refining and sees continuing pressure on oilseed prices. The company expects its fertilizer business to improve, but that is historically its smallest revenue producer.

Ag company Archer Daniels Midland Co. (NYSE: ADM) reports earnings next Tuesday, and the consensus estimates are looking for EPS of $0.67 on $18.93 billion in revenue. The company posted EPS of $1.01 in the second quarter, and the estimate has fallen by 13% over the past three months.

Fertilizer makers Monsanto Co. (NYSE: MON) and Mosaic Co. (NYSE: MOS) recently reported earnings for the first quarter of their 2012 fiscal years, and the results were not particularly thrilling. Monsanto posted an EPS loss of -$0.22, though that was better than an expected loss of -$0.27. For the current quarter Monsanto is expected to post EPS of $0.12. Mosaic posted EPS of $1.17 in its quarter ended in August and analysts are expecting EPS of $1.39 for the current quarter. In its quarter ending in August 2010, Mosaic posted EPS of $1.85.

All the fertilizer makers expect to see a price hike for their products both in the current quarter and next year. The reasoning is that the global economic slowdown notwithstanding, people want and need to eat. Rising economic conditions in the developing world, especially in China and India, support food prices and because it is cheaper to increase yields by applying fertilizer than it is to bring new land into food production, the companies foresee continuing growth.

Potash Corp. noted in its earnings release that shipments of potash to China and India are set for the fourth quarter and the company expects volumes to increase and prices to rise beginning in the first quarter of 2012. Potash Corp. said that contract potash prices to India will rise by $60/metric ton beginning in January.

While the general trend of the news is positive, volatility in the food and fertilizer markets seems to have been discounted in the outlooks for the coming year. The other big problem is the unreliability of information from China regarding stockpiles and demand. One trader has said that 80% of the information out of China is misleading, and that finding the 10%-20% that is accurate and useful is more difficult than it should be. That means that counting on China for growth can be risky, at best.

Shares in Potash Corp. are trading up about 2.4% in the pre-market this morning, at $50.70, in a 52-week range of $39.54-$63.97. Bunge stock is trading up less than 1%, at $60.00, in a 52-week range of $54.03-$76.12. The Market Vectors Agribusiness ETF (NYSE: MOO) is up about 1.67%, at $50.55, in a 52-week range of $39.86-$57.93.

Paul Ausick

American Capital Agency (NASDAQ: AGNC) Cut to Market Perform at JMP Securities.
Apple Inc. (NASDAQ: AAPL) Reiterated Outperform with $500 target at Credit Suisse.
Archer Daniels Midland Company (NYSE: ADM) Started as Hold at Argus.
Cal-Maine Foods, Inc. (NASDAQ: CALM) named value stock of the day at Zacks.
Caterpillar Inc. (NYSE: CAT) Raised to Buy at Goldman Sachs.
Dollar Tree, Inc. (NASDAQ: DLTR) Cut to Equal-Weight at Barclays.
Family Dollar Stores, Inc. (NYSE: FDO) Raised to Overweight at Barclays.
Hewlett-Packard Co. (NYSE: HPQ) Reiterated Buy with $40 target at Argus.
Kirkland’s, Inc. (NASDAQ: KIRK) Cut to Underperform as bear of the day at Zacks.
Lincoln National Corporation (NYSE: LNC) Added to the U.S. 1 List at BofA/ML.
Monsanto Company (NYSE: MON) Reiterated Outperform as Bull of the Day at Zacks.
Navistar International Corp. (NYSE: NAV) Cut to Sell at Goldman Sachs.
Tiffany & Co. (NYSE: TIF) Started as Buy at Stern Agee.
Veeco Instruments Inc. (NASDAQ: VECO) Cut to Sell at Canaccord Genuity.

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JON C. OGG