These are some of the cautious analyst calls and analyst downgrades we have seen from Wall Street firms with more than two hours until the market opens this Tuesday morning:
Burger King (BKC) Cut to Neutral at BofA/Merrill.
IPC The Hospitalist Co. (IPCM) Cut to Hold at Jefferies.
Masco (MAS) Cut to Underweight at JP Morgan.
Potash Corp. (POT) Target cut to $100 at UBS.
Vodafone (VOD) Cut to Neutral at UBS.
JON C. OGG
These are some of the top pre-market analyst downgrades and cautious research calls we have seen early this Tuesday morning with about two hours until the open:
Dun & Bradstreet (DNB) Started as Neutral at Baird.
Goldcorp (GG) Cut to Neutral at UBS.
Hartford Financial (HIG) Cut to Hold at Citigroup.
Masco (MAS) Cut to Sell at UBS.
Mindray Medical (MR) Cut to Neutral at Goldman Sachs.
Risk Metrics (RMG) Started as Neutral at Baird.
JON C. OGG
In this horrible market, dividends have been one of the few saviors for investors. But the latest trend of big-name companies slashing their dividend is concerning. Sadly, this trend will likely grow.
Today it was Dow Chemical (NYSE: DOW), Harley-Davidson, Inc. (NYSE: HOG) and Masco (NYSE: MAS) cutting their dividends. The cuts were likely much anticipated by the market, with dividend yields of 16%, 10% and 12% before the cuts. What is concerning though is that some of these companies were out defending their dividends not too long ago.
Most corporations have bylaws about how many board members they must have. The federal government requires that boards of directors keep enough outside members to maintain independent audit and compensation committees.
Ford (F) may have some trouble with these rules and regulations. Yesterday, two of its most prominent board members left: John R.H. Bond and Jorma Ollila. Bond is chairman of Vodafone (VOD). Ollila is chairman of Nokia (NOK) and Royal Dutch Shell (RDS). Neither is exactly at retirement age. Their departure follows that of the Ford CFO by less than a week.
These are ten of the top Wall Street analyst upgrades we are seeing from this Friday morning with more than two hours to the open:
Jon C. Ogg
October 17, 2008
Stock Tickers: CTX, DHI, KBH, LEN, RYL, MHO, BECN, BLDR, MAS, XHB
After a mid-day review of 52-week lows, there was one obvious group that makes this list now more frequently than it does not: HOMEBUILDERS. Related companies are also on the list of usual suspects as well.
**denotes hit intraday 52-week lows but may be above now
Centex (CTX) $25.88; prior low $26.03
DR Horton (DHI) $13.58; prior low $13.61
KB Home (KBH) $26.43; prior low $26.55
**Lennar (LEN) $25.61; 25.50 prior low (today low $25.34)
**Ryland (RYL) $25.19; prior low 24.92 (today low $24.90)
**M I Homes (MHO) $14.82; prior low 414.81 (today low $14.65)
Those with related activities that saw intra-day lows under the prior 52-week low ar as follows: Beacon Roofing Supply (BECN), Builders Firstsource (BLDR), and Masco (MAS).
About the only good news is that the SPDR S&P Homebuilders (AMEX:XHB) shares are actually UP on the day now with the broader markets. XHB shares are up 0.8% at $22.81, and its 52-week range is $22.59 to $40.03. This ETF is being led by some of the large suppliers that serve the industry rather than by the homebuilder components themselves. Toll Brothers (TOL) and Pulte Homes (PHM) are actually up on the day.
Jon C. Ogg
September 11, 2007
Jon Ogg produces the 24/7 Wall St. SPECIAL SITUATION INVESTING NEWSLETTER; he does not own securities in the companies he covers.
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