The unofficial closing bells put the DJIA down about 74 points to 12,660.61 (-0.58%), the NASDAQ rose more than 11 points (0.40%) to 2,816.55, and the S&P 500 fell -0.16% or about 2 points to 1,316.33.
There were several analyst upgrades and downgrades today, including Best Buy Co. Inc. (NYSE: BBY) started as ‘outperform’ with a $32 target price at Credit Suisse; Sandridge Energy Inc. (NYSE: SD) started as ‘buy’ at Canaccord Genuity; The Allstate Corp. (NYSE: ALL) started as ‘outperform’ at William Blair; J.C. Penney Co. Inc. (NYSE: JCP) raised to ‘overweight’ at Piper Jaffray and maintained as ‘buy’ with target price raised to $49 at Argus; and Kimco Realty Crop. (NYSE: KIM) cut to ‘neutral’ at Citigroup.
Earnings reports since markets closed on last night have led to some price changes as of the last half hour of trading today: American Electric Power Co. Inc. (NYSE: AEP) is down -2.62% at $40.20; Chevron Corp. (NYSE: CVX) is down -2.10% at $104.35; Dominion Resources Inc. (NYSE: D) is down -1.91% at $49.88; Ford Motor Co. (NYSE: F) is down -3.69% at $12.27; Honeywell International Inc. (NYSE: HON) is up 1.31% at $58.59; and Proctor & Gamble Co. (NYSE: PG) is down -0.51% at $64.47.
Other standouts from today include the following stocks:
Solutia Inc. (NYSE: SOA) is up more than 40% at $27.35, after posting a new 52-week high of $27.85 earlier today. The specialty chemicals company has agreed to be acquired by Eastman Chemical Co. (NYSE: EMN) for $3.4 billion in cash and stock.
Cepheid (NASDAQ: CPHD) is up more than 25% at $42.98 after posting new 52-week high of $43.03 earlier today. The medical diagnostics equipment maker has boosted its sales outlook and is enjoying a halo effect from the hostile takeover bid for Illumina Inc. (NASDAQ: ILMN).
Infinity Pharmaceuticals Inc. (NASDAQ: INFI) is down -40% at $5.97. The drug maker has cancelled further trials of a pancreatic cancer drug that does not perform better than placebo.
Inergy L.P. (NYSE: NRGY) is down nearly -24% at $17.31 after posting a new 52-week low of $17.23 earlier today. The natural gas distribution company is cutting payouts to its unitholders.
Riverbed Technology Inc. (NASDAQ: RVBD) is down nearly -19% at $24.38. The networking technology company warned this morning that first-quarter sales growth would not meet previous expectations.
Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):
- 8:30 a.m. – Personal income and outlays
- 11:30 a.m. – 3- and 6-month Treasury bill auctions
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Have a great weekend.
Paul Ausick
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