The unofficial closing bells put the DJIA fell more than 102 points to 12,926.86 (-0.79%), the NASDAQ fell 30 points (-1%) to 2,970.45, and the S&P 500 fell -0.84% or more than 11 points to 1,366.94.
There were several analyst upgrades and downgrades today, including General Electric Co. (NYSE: GE) reiterated ‘outperform’ with a $22 target price at Credit Suisse; F5 Networks Inc. (NASDAQ: FFIV) started as ‘overweight’ at Morgan Stanley; Groupon Inc. (NASDAQ: GRPN) raised to ‘overweight’ at Evercore; Progressive Corp. (NYSE: PGR) cut to ‘neutral’ at Citigroup; and Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) reiterated as ‘buy’ and target price raised to $146 at BofA/ML.
Earnings reports since markets closed last Friday have led to some price changes as of the last half hour of trading today: Check Point Software Technologies Ltd. (NASDAQ: CHKP) is down -5.1% at $60.77; ConocoPhillips (NYSE: COP) is down -0.6% at $72.44; D.R. Horton Inc. (NYSE: DHI) is down -2.1% at $15.06 (our coverage here); Eaton Corp. (NYSE: ETN) is down -0.15% at $47.37; Hasbro Inc. (NYSE: HAS) is down -5% at $34.11; Potlach Corp. (NYSE: PCH) is down -1.7% at $30.53; and Xerox Corp. (NYSE: XRX) is up 0.32% at $7.90.
Other standouts from today include the following stocks:
Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) is up 14.2% at $26.17 after posting a new 52-week high this morning of $26.25. The company has hired advisers for a possible sale of the company. More coverage here and here.
LSI Corp. (NYSE: LSI) is up 1% at $8.01. The semiconductor maker got a boost from a story in Barron’s magazine over the weekend. More coverage here.
Stay tuned for Tuesday. The Federal Reserve Open Market Committee begins its two-day meeting. We have noted the following events on the schedule (all times Eastern):
- 9:00 a.m. – S&P Case-Shiller housing price index
- 10:00 a.m. – New home sales
- 10:00 a.m. – Conference board consumer confidence
- 10:00 a.m. – FHFA house price index
- 10:00 a.m. – Richmond Fed manufacturing index
- 11:30 a.m. – 4-week bill auction
- 1:00 p.m. – 2-year note auction
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Paul Ausick
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