24/7 Wall St. » DRI

Is Good Times Four Times More Valuable Today Than It Was A Week Ago? (GTIM, MCD, YUM, SBUX, DRI, CMG, SONC)

Paul Ausick — Tue, 24 Apr 2012 18:50:09 +0000

Just one week ago Good Times Restaurants Inc. (NASDAQ: GTIM) stock was available for about $1.50/share. Today the share posted a new 52-week high of $5.98 on no news. In fact the last news about the company came out last week, when it hired a consultant to help it find a “strategic transaction.” The company said at the time that one option might be more acquisitions, but the investors who are driving up the share price are clearly thinking buyout.

Good Times has a market cap of less than $13 million, even at today’s nosebleed prices. It is competing for dining out dollars with behemoths like McDonald’s Corp. (NYSE: MCD), Yum! Brands Inc. (NYSE: YUM), Starbucks Corp. (NASDAQ: SBUX), and current darling Chipotle Mexican Grill Inc. (NYSE: CMG). Even mid-size eateries like Darden Restaurants Inc. (NYSE: DRI) and Sonic Corp. (NASDAQ: SONC) dwarf Good Times and its 45 locations, all but 4 of which are in Colorado.

In its latest annual report, Good Times noted that it sold one of its stores in exchange for modifications to its credit agreement. The company went through a 1-for-3 stock split in December 2010 and closed 3 more stores in 2011 in addition to the one it sold.

Good Times might be a fine place to eat, but a fine place to invest? Without the 4x bump in share price over the last week, the entire enterprise would be worth about $3 million.

With just over an hour to go in today’s trading session, Good Times shares are up 66.9% at $4.69 after posting a new intra-day high of $5.98. The 52-week low is $0.71. Remember that last figure.

Paul Ausick

Filed under: Food, HI/LOW, Retail Tagged: CMG, DRI, GTIM, MCD, SBUX, SONC, YUM

24/7 Wall St. Closing Bell (AET, MO, MWW, RAI, ZNGA, DRI, DLGC, ACN, BONE, WTSLA, KBH, KITD, CPWM, BTU, PLUG)

Paul Ausick — Fri, 23 Mar 2012 20:06:58 +0000

Markets opened about flat this morning but lost ground almost immediately as new home sales data came in weaker than expected. Then came a report that Iranian crude shipments were falling as a result of US-led sanctions, and that pulled the major indexes into positive territory (our coverage here). By the last hour of trading the indexes were up slightly. The US dollar index fell today, now down -0.47% at 79.360. Commodities were generally higher on the dollar weakness. WTI crude oil closed up 1.4% at $106.87/barrel, and Brent crude trades up 1.56% at $125.06/barrel. Gold settled up 1.2% today, at $1,662.40/ounce, finishing the week up 0.4%..

The unofficial closing bells put the DJIA up nearly35 points to 13,080.73 (0.27%), the NASDAQ rose nearly 5 points (0.15%) to 3,067.92, and the S&P 500 rose 0.31% ormore than 4 points to 1,397.11.

There were several analyst upgrades and downgrades today, including Aetna Inc. (NYSE: AET) cut to ‘neutral’ at Goldman Sachs; Altria Group Inc. (NYSE: MO) raised to ‘outperform’ at Wells Fargo; Monster Worldwide Inc. (NYSE: MWW) raised to ‘outperform’ at Baird; Reynolds Aluminum Inc. (NYSE: RAI) cut to ‘market perform’ at Wells Fargo; and Zynga Inc. (NASDAQ: ZNGA) started as ‘underperform’ at Needham.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Darden Restaurants Inc. (NYSE: DRI) is down -1.9% at $50.85; Dialogic Inc. (NASDAQ: DLGC) is up almost 95% at $1.40; Accenture plc (NYSE: ACN) is up 2% at $64.79 after posting a new 52-week high of $64.88 earlier today; Bacterin International Holdings Inc. (NASDAQ: BONE) is down -26% at $2.49; and Wet Seal Inc. (NASDAQ: WTSLA) is down -7.9% at $3.27.

Other standouts from today include the following stocks:

KB Home (NYSE: KBH) is down more than 9% at $10.20. The homebuilder posted weak earnings and said that orders were down. More coverage here.

KIT Digital Inc. (NASDAQ: KITD) is down more than -23% at $6.25 after posting a new 52-week low this morning of $5.99. The video technology company is going through a management shake-up. More coverage here.

Cost Plus Inc. (NASDAQ: CPWM) is up more than 16% at $18.62 after hitting a new 52-week high of $18.98 earlier today. The company reported good earnings and offered an upbeat forecast. More coverage here.

Peabody Energy Corp. (NYSE: BTU) is down about -0.50% at $30.39. The coal miner said estimates would come in at the lower end of the forecast range. More coverage here.

Plug Power Inc. (NASDAQ: PLUG) is down more than -4% at $1.35. The company had a secondary offering of 1.95 million shares today. More coverage here.

Stay tuned for Monday. Federal Reserve Chairman Ben Bernanke and Philadelphia Fed President Charles Plosser are giving speeches. We have also noted the following events on the schedule (all times Eastern):

8:30 a.m. – Chicago Fed national activity index
10:00 a.m. – Pending home sales index
10:30 a.m. – Dallas Fed manufacturing survey
11:30 a.m. – 3- and 6-month Treasury bill auction

Have a great weekend!

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: ACN, AET, BONE, BTU, CPWM, DLGC, DRI, KBH, KITD, MO, MWW, PLUG, RAI, WTSLA, ZNGA

Top Analyst Upgrades & Downgrades (APA, BBT, CVC, CHK, DRI, EMN, EW, MRO, NBL, PEET, RIMM, RBS, SLM, URBN)

Administrator — Fri, 03 Feb 2012 13:07:02 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street brokerage and research firms this Friday morning.

Apache Corporation (NYSE: APA) Started as Outperform at Credit Suisse.
BB&T Corp. (NYSE: BBT) Raised to Equal-Weight at Barclays.
Cablevision Systems Corporation (NYSE: CVC) Cut to Underweight at JPMorgan.
Chesapeake Energy Corporation (NYSE: CHK) Started as Neutral at Credit Suisse.
Darden Restaurants, Inc. (NYSE: DRI) named Bear of the Day at Zacks.
Eastman Chemical Company (NYSE: EMN) named as Value stock of the day at Zacks.
Edwards Lifesciences Corporation (NYSE: EW) Cut to Market Perform at Wells Fargo.
Marathon Oil Corporation (NYSE: MRO) Cut to Hold at Argus.
Noble Energy Inc. (NYSE: NBL) Started as Outperform at Credit Suisse.
Peet’s Coffee & Tea, Inc. (NASDAQ: PEET) Raised to Outperform at Baird.
Research in Motion Ltd. (NASDAQ: RIMM) Cut to Underperform at Jefferies.
Royal Bank of Scotland (NYSE: RBS) Cut to Hold at Deutsche Bank.
SLM Corp. (NYSE: SLM) named as Bull of the Day at Zacks.
Urban Outfitters, Inc. (NASDAQ: URBN) Raised to Buy from Neutral at Janney Capital.

If you enjoyed the top analyst calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: APA, BBT, CHK, CVC, DRI, EMN, EW, MRO, NBL, PEET, RBS, RIMM, SLM, URBN

Top Analyst Upgrades & Downgrades (AKS, ALU, AWK, APA, AF, AZK, DRI, HBAN, PHG, LTD, PIR, Rl, RL, UL, URBN, VIP, WBMD, WCC)

Administrator — Wed, 11 Jan 2012 13:07:18 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street brokerage and research firms this Wednesday morning.

AK Steel Holding Corp. (NYSE: AKS) Raised to Outperform with $12 target at Credit Suisse.
Alcatel-Lucent, S.A. (NYSE: ALU) Raised to Buy at Deutsche Bank.
American Water Works Company, Inc. (NYSE: AWK) Raised to Buy at Ladenburg Thalmann.
Apache Corporation (NYSE: APA) Started as Buy at Stifel Nicolaus.
Astoria Financial Corporation (NYSE: AF) Cut to UNderweight at JPMorgan.
Aurizon Mines Ltd. (NYSE: AZK) named as Value Stock of the Day at Zacks.
Darden Restaurants, Inc. (NYSE: DRI) Maintained Underperform as Bear of the Day at Zacks.
Huntington Bancshares Inc. (NASDAQ: HBAN) Cut to Hold at Stifel Nicolaus.
Koninklijke Philips Electronics NV (NYSE: PHG) Cut to Sell at Citigroup.
Lazard Ltd. (NYSE: LTD) Cut to Neutral at Citigroup.
Pier 1 Imports Inc. (NYSE: PIR) Started as Hold at Argus.
Ralph Lauren Corporation (NYSE: RL) Cut to Market Perform at Wells Fargo.
Unilever PLC (NYSE: UL) Cut to Underperform at BofA/ML.
Urban Outfitters Inc. (NASDAQ: URBN) Cut to Sell at Citigroup.
VimpelCom Ltd. (NYSE: VIP) Raised to Neutral at Goldman Sachs.
WebMD Health Corporation (NASDAQ: WBMD) Cut to Market Perform at Wells Fargo.
WESCO International (NYSE: WCC) Raised to Outperform as Bull of the Day at Zacks.

If you enjoyed the Top Analyst Calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPOs, M&A, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

JON C. OGG

Filed under: Analyst Calls Tagged: AF, AKS, ALU, APA, AWK, AZK, DRI, HBAN, LTD, PHG, PIR, RL, UL, URBN, VIP, WBMD, WCC

24/7 Wall St. Closing Bell (ZNGA, AAPL, SCCO, AMGN, DFS, RIMM, DRI, STEI, HOV, ZQK, ISTA, RRR, MRT, INHX, CRYP, CIE)

Paul Ausick — Fri, 16 Dec 2011 21:08:47 +0000

US equity markets opened solidly higher this morning, but began to lose momentum by mid-morning. From there it’s been a mostly downhill day with the DJIA creeping back to nearly flat with about an hour of trading left this week. The release of November’s CPI — flat and up just 0.1% excluding food and energy — made no impact on trading. The IPO of social game maker Zynga Inc. (NASDAQ: ZNGA) went out at $10/share, but appears to be headed for a lower finish by about -5%. The US dollar showed some muscle today, and Treasury yields were lower, keeping the appetite for risk under wraps. WTI crude rose about 0.3% to $94.16/barrel and Brent crude was up by the same percentage at $103.91. Gold closed at $1,598.60, up about 1.4%.

The unofficial closing bells put the DJIA down about 6 points to 11,862.68 (-0.05%), the NASDAQ rose more than 14 points (0.56%) to 2,555.33, and the S&P 500 rose 0.3% or more than 3.5 points to 1,219.40.

There were several analyst upgrades and downgrades today, including an “outrageous” prediction from the UK’s Saxo Bank that Apple Inc. (NASDAQ: AAPL) would lose half its value in 2012. Other ratings actions today include Southern Copper Corp. (NYSE: SCCO) restarted as ‘equal weight’ with a $35 target price at Morgan Stanley; Amgen Inc. (NASDAQ: AMGN) raised to ‘neutral’ with a target price of $57 at Goldman Sachs; and Discover Financial Services (NYSE: DFS) raised to ‘buy’ at Stifel Nicolaus. Research in Motion Ltd. (NASDAQ: RIMM) received a number of ratings changes this morning following an uninspired earnings report and delayed release of its new operating system software: shares cut to ‘market perform’ at BMO Capital Markets; maintained as ‘hold’ at Needham; maintained as ‘neutral’ at Credit Suisse; maintained ‘hold’ with lowered price target of $15 at Canaccord Genuity.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Research in Motion Ltd. is down more than -11.5% at $13.38, after posting a new 52-week low of $13.12; Darden Restaurants Inc. (NYSE: DRI) is down -0.5% at $43.52; Steward Enterprises, Inc. (NASDAQ: STEI) is down more than -1.5% at $5.41; Hovananian Enterprises Inc. (NYSE: HOV) is down more than -4% at $1.29; and Quiksilver Inc. (NYSE: ZQK) is up more than 11% at $3.42.

Other standouts from today include the following stocks:

ISTA Pharmaceuticals Inc. (NASDAQ: ISTA) is up nearly 71% at $6.65. The eye-care drug company is the target of a hostile takeover bid from Valeant Pharmaceuticals International Inc. (NYSE: VRX) at a 68% premium to last night’s closing share price, or $6.50/share. More coverage here.

RSC Holdings Inc. (NYSE: RRR) is up more than 57% at $17.88, a new 52-week high. The construction and industrial equipment rental company is being acquired by competitor United Rentals Inc. (NYSE: URI) for $18/share, or about $1.9 billion in cash and stock.

Morton’s Restaurant Group Inc. (NYSE: MRT) is up nearly 33% at $$6.85. The steakhouse chain has agreed to an all-cash acquisition by privately held Landry’s Inc. at $6.90/share, for a total price of about $116.6 million.

Inhibitex Inc. (NASDAQ: INHX) is down more than -20.5% at $10.32. The biopharmaceutical firm is being hit with concerns over a new hepatitis C drug following the withdrawal of a rival drug discovered to impair liver function.

CryptoLogic Ltd. (NASDAQ: CRYP) is up more than 42% at $2.25, after posting a new 52-week high of $2.30 earlier today. The online gambling software maker is expected to get a takeover offer from Amaya Gaming Group (OTC: AMYGF) worth about $34.5 million.

Cobalt International Energy Inc. (NYSE: CIE) is up more than 21% at $10.90. The oil & gas E&P company was able to extend its lease on a deepwater rig from Transocean Ltd. (NYSE: RIG) that enables the company to continue exploring for two prospects offshore of Angola that the company believes may hold up to 2 billion barrels of crude.

Stay tuned for Monday. Richmond Federal Reserve Bank President Jeffrey Lacker is speaking in Charlotte, NC. Here are other noteworthy events on the schedule (all times Eastern):

10:00 a.m. – National Association of Builders housing market index
11:30 a.m. – 3- and 6- month Treasury bill auction
1:00 p.m. – Two-year Treasury note auction

Have a great weekend.

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: AAPL, AMGN, CIE, CRYP, DFS, DRI, HOV, INHX, ISTA, MRT, RIMM, RRR, SCCO, STEI, ZNGA, ZQK

24/7 Wall St. Closing Bell (GOOG, JDSU, DRI, CB, LNKD, SAI, VRA, MTN, VLGEA, MW, TLB, MNI, MSO, FSLR, JAG, GBG)

Paul Ausick — Wed, 07 Dec 2011 21:06:59 +0000

Equities fell sharply after this morning’s opening. Futures were soft prior to the opening bell due largely to continue to worry about Europe and a forecast cut to the European Central Bank’s lending rate from 1.25% to 1%. The mid-morning report on US crude oil stocks put a halt to any thought of a crude price rise, with US inventories growing by 1.3 million barrels following a 3.9 million barrel increase the week before. WTI is trading down almost $1, at $100.30/barrel late in the day, and Brent is trading at $109.45/barrel, down more than $1.35. Gold is up nearly 0.75%, at $1,744.60.

The unofficial closing bells put the DJIA up more than 45 points to 12,195.61 (0.37%), the NASDAQ fell less than 1 point (-0.01%) to 2,649.21, and the S&P 500 rose 0.20% or more than 2 points to 1,261.02.

There were several analyst upgrades and downgrades today, including Google Inc. (NASDAQ: GOOG) started as ‘buy’ with a $725 target price at Canaccord Genuity. Other ratings actions today include JDS Uniphase Corp. (NASDAQ: JDSU) started as ‘buy’ with a $14.75 target price at Jefferies; Darden Restaurants Inc. (NYSE: DRI) cut to ‘hold’ from ‘buy’ at Argus; Chubb Corp. (NYSE: CB) started as ‘outperform’ at Credit Suisse; and LinkedIn Corp. (NASDAQ: LNKD) started as ‘buy’ with an $85 target price at Canaccord Genuity.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: SAIC Inc. (NYSE: SAI) is up 6.5% at $12.95; Vera Bradley Inc. (NASDAQ: VRA) is down about -1.5% at $36.62; Vail Resorts Inc. (NYSE: MTN) is up slightly less than -1% at $45.48; Village Super Market Inc. (NASDAQ: VLGEA) is down more than -3.8% at $30.49; and The Men’s Wearhouse, Inc. (NYSE: MW) is up more than 20% at $32.68.

Several other standouts from today are as follows…

The Talbots Inc. (NYSE: TLB) is up about 65% at $2.58. The women’s clothing store has received a takeover offer from private equity firm Sycamore Partners for $3.00/share, a 92% premium to the stock’s closing price yesterday.

The McClatchy Co. (NYSE: MNI) is up more than 52%, at $1.80. The newspaper company said that advertising rates have not fallen as badly in the first two months of the current quarter. For the first nine months of this year ad revenue declined -10%, compared with a decline of -5.6% in October and November.

Martha Stewart Living Omnimedia Inc. (NYSE: MSO) is up more than 32%, to $4.12. Retailer J.C. Penney Co. (NYSE: JCP) acquired a 16.6% stake in the lifestyle and media company today for $3.50/share, or $38.5 million. More coverage here.

First Solar Inc. (NASDAQ: FSLR) is up more than 4.6%, at 48.26. The company sold its 550-megawatt Topaz solar PV plant to a subsidiary of Berkshire Hathaway Inc. (NYSE: BRK-A) for an undisclosed sum. The plant had previously been valued at more than $2 billion. More coverage here.

Jaguar Mining Inc. (NYSE: JAG) is down -9.6%, at $6.55. The junior gold miner said yesterday that its founding CEO had resigned.

Great Basin Gold Ltd. (AMEX: GBG) is up about 17.8%, at $1.19. Another junior gold miner, Great Basin has finalized a $150 million term credit facility for 5 years at a rate 4% above LIBOR.

Stay tuned for Thursday. Here are some noteworthy events on the schedule (all times Eastern):

8:30 a.m. – New US unemployment claims report
10:00 a.m. – Wholesale trade report
10:30 a.m. – EIA weekly natural gas status report
4:30 p.m. – Federal Reserve balance sheet
4:30 p.m. – Money supply report

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: CB, DRI, FSLR, GBG, GOOG, JAG, JDSU, LNKD, MNI, MSO, MTN, MW, SAI, TLB, VLGEA, VRA

Top Analyst Upgrades & Downgrades (ALL, AMZN, BX, CTL, CB, DRI, FSL, GEOI, GOOG, JDSU, LNKD, BTU, PEG, DGX, TLB, TRV, UIS, UNH, URBN, WSH)

Administrator — Wed, 07 Dec 2011 13:25:40 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Wednesday morning.

Allstate Corporation (NYSE: ALL) Started as Outperform at Credit Suisse.
Amazon.com Inc. (NASDAQ: AMZN) Started as Hold with $225.00 price target “due to low margins through 2012″ at Canaccord Genuity.
The Blackstone Group LP (NYSE: BX) Raised to Buy with $20.00 price target at Argus.
CenturyLink, Inc. (NYSE: CTL) named as value stock of the day at Zacks.
Chubb Corporation (NYSE: CB) Started as Outperform at Credit Suisse.
Darden Restaurants Inc. (NYSE: DRI) Cut to Hold from Buy at Argus.
Freescale Semiconductor Inc. (NYSE: FSL) Reinstated as Outperform at Credit Suisse.
GeoResources, Inc. (NASDAQ: GEOI) Started as Buy with $43 price target “on a concentrated Eagle Ford/Bakken exposure” by Canaccord Genuity.
Google Inc. (NASDAQ: GOOG) was initiated with a ‘Buy’ rating and $725.00 price target “on robust growth and great value” by Canaccord Genuity.
JDS Uniphase Corporation (NASDAQ: JDSU) Started in new coverage as Buy with a $14.75 price target at Jefferies.
LinkedIn Corporation (NYSE: LNKD) Started as Buy with $85 price target as “growth trumps valuation” by Canaccord Genuity.
Peabody Energy Corporation (NYSE: BTU) Downgraded to Neutral from Buy with $43 price target by Goldman Sachs.
Public Service Enterprise Group Inc. (NYSE: PEG) Downgraded to Neutral from Buy with $33 price target at Goldman Sachs.
Quest Diagnostics Inc. (NYSE: DGX) Started as Hold with $51 target at Auriga.
The Talbots, Inc. (NYSE: TLB) maintained Neutral with $3.00 fair value by Janney Capital Markets.
Travelers Cos. Inc. (NYSE: TRV) Started as Outperform at Credit Suisse.
Unisys Corporation (NYSE: UIS) Raised to Outperform as Bull of the Day at Zacks.
UnitedHealth Group Inc. (NYSE: UNH) added to the US Focus List at Credit Suisse.
Urban Outfitters, Inc. (NASDAQ: URBN) Maintained Neutral with $23.00 price target at Janney Capital Markets.
Willis Group Holdings, PLC (NYSE: WSH) named Bear of the Day at Zacks.

JON C. OGG

Filed under: Analyst Calls Tagged: ALL, AMZN, BTU, BX, CB, CTL, DGX, DRI, FSL, GEOI, GOOG, JDSU, LNKD, PEG, TLB, TRV, UIS, UNH, URBN, WSH

24/7 Wall St. Closing Bell (MO, VZ, TSO, LNKD, GE, CHKR, BTH, PBY, UEC, AZO, DRI, TOL, LQDT, DMND, SAI, VRA, FRO, CTIC, CRK, VG, HL)

Paul Ausick — Tue, 06 Dec 2011 21:11:36 +0000

Equities opened a little weaker this morning, but by 10:00 a.m. markets had turned slightly positive and have remained in positive territory for the rest of the day. The gain has not been huge, but it is a gain. The lack of enthusiasm from either buyers or sellers reflected the mood from European bourses as well. WTI crude oil rose 0.11%, to near $101.10 just before today’s close. Gold was off -0.02%, at $1,730.30/ounce.

The unofficial closing bells put the DJIA up more than 52 points to 12,150.13 (0.43%), the NASDAQ fell more than 6 points (-0.23%) to 2,649.56, and the S&P 500 rose 0.11% or nearly 5 points to 1,258.47.

There were several analyst upgrades and downgrades today, including Altria Group Inc. (NYSE: MO) started as ‘buy’ at Deutsche Bank. Other ratings action include Verizon Communications Inc. (NYSE: VZ) reiterated as ‘buy’ with a $44 price target at Argus; Tesoro Corp. (NYSE: TSO) cut from ‘outperform’ to ‘neutral’ with a $34 price target at Credit Suisse; LinkedIn Corp. (NASDAQ: LNKD) raised to ‘overweight’ at JPMorgan; and General Electric Co. (NYSE: GE) raised to ‘outperform’ by Berstein.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Chesapeake Granite Wash Trust (NYSE: CHKR) is up 0.7% at $19.94; Blyth, Inc. (NYSE: BTH) is down -0.05% at $66.33; Pep Boys-Manny, Joe, and Jack (NYSE: PBY) is down -5.5% at $11.21; Uranium Energy Corp. (AMEX: UEC) is up 0.66% at $3.06; AutoZone Inc. (NYSE: AZO) is down -0.12% at $338.56; Darden Restaurants Inc. (NYSE: DRI) is down -12% at $41.95; Toll Brothers Inc. (NYSE: TOL) is up nearly 3% at $21.37; and Liquidity Services Inc. (NASDAQ: LQDT) is up nearly 5.5% at $36.74, after posting a new 52-week high of $37.05 earlier in the day. Earnings releases coming after markets close today include Diamond Foods Inc. (NASDAQ: DMND); SAIC Inc. (NYSE: SAI); and Vera Bradley Inc. (NYSE: VRA).

Several other standouts from today are as follows…

Frontline Ltd. (NYSE: FRO) is up more than 19%, to $4.23. The oil tanker company has been suffering from low day rates and lack of cargoes, but today’s injection of $500 million from a Norwegian bank controlled by the company’s major shareholder, John Fredriksen, has pumped up interest in the stock.

Cell Therapeutics, Inc. (NASDAQ: CTIC) is up 14%, at $1.31. The drug-maker received notice from the FDA that its new drug application for a treatment for non-Hodgkins lymphoma is complete.

Comstock Resources Inc. (NYSE: CRK) is up nearly 15%, at $19.39. The oil & gas E&P company has acquired new acreage in the Delaware Basin of west Texas and reported that it had drilled five new producing wells in its Eagle Ford shale acreage.

Vonage Holdings Corp. (NYSE: VG) is down nearly -5%, at $2.52. The VoIP provider did not report any significant news, but the stock has been quite volatile over the past month.

Hecla Mining Co. (NYSE: HL) is up more than 9%, at $6.57. The miner benefited from today’s investors’ interest in gold mining stocks.

Stay tuned for Wednesday. We have noted Federal Reserve Governor Sarah Bloom Raskin moderating a panel on grass-roots participation at Baltimore branch of Richmond Fed. Here are other noteworthy events scheduled for Tuesday (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
10:30 a.m. – EIA weekly petroleum status report
3:00 p.m. – Report on outstanding consumer credit

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: AZO, BTH, CHKR, CRK, CTIC, DMND, DRI, FRO, GE, HL, LNKD, LQDT, MO, PBY, SAI, TOL, TSO, UEC, VG, VRA, VZ

Top Analyst Upgrades & Downgrades (NLY, ARUN, COG, KO, CREE, DRI, HPQ, HMC, LEN, PEP, KWR, SFD, VECO)

Administrator — Fri, 18 Nov 2011 13:15:03 +0000

These are some of Friday’s top analyst upgrades, downgrades, and initiations seen from Wall Street research calls.

Annaly Capital Management, Inc. (NYSE: NLY) Cut to Market Perform at KBW.
Aruba Networks, Inc. (NASDAQ: ARUN) Raised to Buy at Janney.
Cabot Oil & Gas Corporation (NYSE: COG) named Bull of the Day at Zacks.
The Coca-Cola Company (NYSE: KO) Started as Buy at Jefferies.
Cree Inc. (NASDAQ: CREE) Started as Buy at Goldman Sachs.
Darden Restaurants, Inc. (NYSE: DRI) Cut to Equal-Weight at Morgan Stanley.
Hewlett-Packard Co. (NYSE: HPQ) Raised to Buy at Stern Agee.
Honda Motor Company (NYSE: HMC) named Bear of the Day at Zacks.
Lennar Corporation (NYSE: LEN) Cut to Neutral at Citigroup.
Pepsico Inc. (NYSE: PEP) Started as Hold at Jefferies.
Quaker Chemical Corporation (NYSE: KWR) named Value stock of the day at Zacks.
Smithfield Foods Inc. (NYSE: SFD) Raised to Outperform at Credit Suisse.
Veeco Instruments Inc. (NASDAQ: VECO) Started as Neutral at Goldman Sachs.

JON C. OGG

Filed under: Analyst Calls Tagged: ARUN, COG, CREE, DRI, HMC, HPQ, KO, KWR, LEN, NLY, PEP, SFD, VECO

Top Debt and Ratings Agency Actions (PKX, HOV, PENN, DRI)

Administrator — Wed, 05 Oct 2011 19:19:51 +0000

Today’s top debt rating story has to be the downgrade by Moody’s of Italian bonds by three notches, from ‘Aa2′ to ‘A2′, while keeping a negative outlook on the country’s debt. And the agency warned that the rating could fall further in the event long-term uncertainty over availability of liquidity from external sources — say, for example, Germany. Moody’s said in mid-September that it was reviewing Italy’s rating, and no one really expected a result much different from what the agency announced today.

Other significant ratings actions were taken on Korean steelmaker POSCO (NYSE: PKX), homebuilder Hovnanian Enterprises, Inc. (NYSE: HOV), gaming company Penn National Gaming, Inc. (NASDAQ: PENN), and dining company Darden Restaurants, Inc. (NYSE: DRI).

POSCO’s (NYSE: PCX) domestic Korean engineering and construction subsidiary Posco E&C received a downgrade on its long-term corporate credit from ‘BBB+’ to ‘BBB’ from Standard & Poor’s. The agency also put the company’s long-term corporate credit outlook at ‘negative’. S&P suggested that except for the parent company’s strength the rating could be lower. Weak demand for new housing in Korea coupled with the E&C company’s projected weakness in a soft foreign market for new building led to the downgrade.

Hovnanian Enterprises, Inc. (NYSE: HOV) received a downgrade of its corporate credit rating from ‘CCC’ to ‘CC’ from S&P. The agency also downgraded $1.6 billion in the company’s rated debt securities. The downgrades were due to an exchange offer from one of the company’s subsidiaries that S&P viewed as a ‘distressed exchange’ and “tantamount to a default.” The existing senior notes carry coupons ranging from 6.25% to 11.875% maturing in 2014-2017, and the exchange offer includes new 2% secured notes maturing in 2021. S&P said that if the company goes through with the exchange offer the agency will downgrade the corporate rating to ‘SD’ and the existing exchanged notes to ‘D’. Hovnanian shares posted a new 52-week low today of $1.05, and is trading at about $1.06, down -4.5%, in the late afternoon. The stock’s 52-week high is $5.00.

Fitch Ratings also placed Hovnanian on Rating Watch ‘Negative’ following the exchange offer.

Penn National Gaming, Inc. (NASDAQ: PENN) received an issue-level ratings upgrade on its subordinated debt from ‘BB-’ to ‘BB’ at S&P. The resort and gaming company has agreed to fund redemption of $250 million in 6.75% senior subordinated notes due 2015 with its new revolving $2.15 billion revolving credit facility. Penn’s shares are trading up more than 3%, at $35.19, in a 52-week range of $30.34-$44.29.

Darden Restaurants, Inc. (NYSE: DRI) received a ‘BBB’ rating on a proposed issuance of $350 million in senior unsecured notes due 2021 from Fitch Ratings. The rating outlook is ‘stable’. The new notes will rank equally with existing senior unsecured debt. Darden’s shares are trading up about 2.75%, at $43.17, in a 52-week range of $40.69-$53.81.

Paul Ausick

Filed under: Analyst Calls, Bonds Tagged: DRI, HOV, PENN, PKX