MARKETS by ETX Capital and RATINGS by Thomson Reuters (http://www.analystratings.net)
09:30 A.M
ETX Capital calls the FTSE 100 up 22 points, the DAX up 35 points and the CAC-40 up 22 points.
Regional markets face a firmer open this morning, following a late-rally on Wall Street yesterday after Fed head Ben Bernanke revealed little on prospects for further QE. Chairman Bernanke did however say the central bank could resort to other measures of easing, helping US markets recover from earlier lows. Strong earnings and encouraging US data also offers European markets support this morning. Both Goldman Sachs and Coca-Cola beat the street with 2Q results, indicating that despite weakening economic activity, earnings are holding up. Looking ahead to the European session, UK unemployment data and the BOE’s meeting minutes will be under the spotlight. Also, UK Chancellor Osborne will outline plans to encourage plans to spend on UK infrastructure and exports. Elsewhere, Euro zone construction output and US housing starts will also be eagerly watched.
Ishaq Siddiqi - Market Strategist - ETX Capital - www.etxcapital.com
09:45 A.M
European equities are once again trading moderately higher this morning as yet more comments out of China pointing towards further stimulus measures and monetary easing in the months ahead.
While earnings news after the US close was mixed with both Intel and Yahoo beating expectations but Intel lowering the range for the project revenue for the next quarter, initial disappointment about Fed chief Bernanke not giving any further hints regarding potential stimulus measures faded rather quickly. It seems to be the case the markets are accepting that Bernanke won’t be giving anything away in regard to what measures will be taken and when they will be taken should it be required, instead traders are increasingly confident that in the end the Fed will have no other choice than to deliver should the economy worsen further.
Consequently market participants aren’t expecting much from Bernanke’s appearance today in front of Congress with any negative reactions most likely will be rather short-lived with focus quickly shifting towards the release of the Beige book later this evening with traders eager to see if recent weakness continues to spread or if some improvement is already on the horizon. In regard to earnings highlights today will be Bank of America, American Express and Qualcomm.
Markus Huber - Head of German HNW Trading - ETX Capital - www.etxcapital.com
09.50:A.M
Equity Briefing: Upgrades and Downgrades for July 17th: ACI, ACW, ADC, AEM, ALNY, ALTE, ALU, AMTD, AMZN, AOL
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
CRT Capital downgraded shares of Arch Coal, Inc. (NYSE: ACI) from a buy rating to a fair value rating. Their analysts now have a $7.00 price target on the stock.
Credit Suisse initiated coverage on shares of Accuride Corp (NYSE: ACW). They issued a neutral rating on the stock and set a $6.00 price target.
Compass Point initiated coverage on shares of Agree Realty Corp (NYSE: ADC). They issued a buy rating on the stock and set a $28.00 price target.
Raymond James downgraded shares of Agnico-Eagle Mines Limited (NYSE: AEM) from an outperform rating to a market perform rating.
Leerink Swann initiated coverage on shares of Alnylam Pharma (NASDAQ: ALNY). They issued an outperform rating on the stock.
Macquarie upgraded shares of Alterra Capital Holdings Ltd. (NASDAQ: ALTE) from a neutral rating to an outperform rating.
Deutsche Bank downgraded shares of Alcatel Lucent (NYSE: ALU) from a buy rating to a hold rating.
Wells Fargo & Co. reiterated its outperform rating on shares of TD Ameritrade (NASDAQ: AMTD).
Lazard Capital initiated coverage on shares of Amazon.com, Inc. (NASDAQ: AMZN). They issued a buy rating on the stock and set a $240.00 price target.
Evercore Partners initiated coverage on shares of AOL (NYSE: AOL). They issued an equal weight rating on the stock.
Morgan Stanley upgraded shares of Aeropostale, Inc. (NYSE: ARO) from an underweight rating to an equalweight rating.
Barrington Research initiated coverage on shares of Belden (NYSE: BDC). They issued an outperform rating on the stock and set a $40.00 price target.
RBC Capital initiated coverage on shares of Boyd Gaming (NYSE: BYD). They issued a sector perform rating on the stock.
Canaccord Genuity upgraded shares of Continental Resources, Inc. (NYSE: CLR) from a hold rating to a buy rating.
Citigroup upgraded shares of Chipotle Mexican Grill, Inc. (NYSE: CMG) from a neutral rating to a buy rating. Citigroup now has a $490.00 price target on the stock.
Barrington Research downgraded shares of Cintas (NASDAQ: CTAS) from an outperform rating to a market perform rating.
10.00:A.M
Equity Briefing: Upgrades and Downgrades for July 17th: CTRX, CVS, CZR, DE, DHI, DIS, DNKN, DSX, EBAY, EDU
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
JMP Securities initiated coverage on shares of SXC Health Solutions Corp. (NASDAQ: CTRX). They issued an outperform rating on the stock.
JMP Securities initiated coverage on shares of CVS Caremark (NYSE: CVS). They issued an outperform rating on the stock.
RBC Capital initiated coverage on shares of Caesars Entertainment Co. (NYSE: CZR). They issued an underperform rating on the stock.
JPMorgan Chase downgraded shares of Deere & Company (NYSE: DE) from an overweight rating to an underweight rating. Their analysts now have a $78.00 price target on the stock, down previously from $98.00.
Raymond James downgraded shares of D.R. Horton, Inc. (NYSE: DHI) from a market perform rating to an underperform rating.
Bank of America upgraded shares of Walt Disney (NYSE: DIS) from a neutral rating to a buy rating. Bank of America now has a $58.00 price target on the stock.
JPMorgan Chase downgraded shares of Dunkin Brands (NASDAQ: DNKN) from an overweight rating to a neutral rating. Their analysts now have a $33.00 price target on the stock.
Bank of America downgraded shares of Diana Shipping Inc. (NYSE: DSX) from a buy rating to a neutral rating.
Lazard Capital initiated coverage on shares of eBay, Inc. (NASDAQ: EBAY). They issued a buy rating on the stock and set a $47.00 price target.
Robert W. Baird downgraded shares of New Oriental Education & Tech. Group Inc (NYSE: EDU) from an outperform rating to a neutral rating. Their analysts now have a $19.00 price target on the stock, down previously from $32.00.
Barclays Capital upgraded shares of Enbridge Inc. (NYSE: ENB) from an equal weight rating to an overweight rating.
Morgan Stanley downgraded shares of Express, Inc. (NASDAQ: EXPR) from an overweight rating to an equalweight rating.
Benchmark Co. lowered its price target on shares of FLIR Systems, Inc. (NASDAQ: FLIR) from $25.00 to $18.00. They have a hold rating on the stock.
Keefe, Bruyette & Woods downgraded shares of FX Alliance Inc (NYSE: FX) from an outperform rating to a market perform rating.
Bank of America initiated coverage on shares of Greif (NYSE: GEF). They issued a neutral rating on the stock and set a $46.00 price target. They noted that the move was a valuation call.
Goldman Sachs upgraded shares of RRI Energy, Inc. (NYSE: GEN) from a neutral rating to a buy rating.
10:15 A.M
Equity Briefing: Upgrades and Downgrades for July 17th: GILD, HD, HFC, HGSI, HUBG, JBHT, KBH, KEYW, KIRK, LH
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
Maxim Group initiated coverage on shares of Gilead Sciences, Inc. (NASDAQ: GILD). They issued a buy rating on the stock and set a $70.00 price target.
Janney Montgomery Scott downgraded shares of Home Depot (NYSE: HD) from a buy rating to a neutral rating.
Raymond James upgraded shares of HollyFrontier Corp (NYSE: HFC) from an underperform rating to an outperform rating.
Summer Street downgraded shares of Human Genome Sciences (NASDAQ: HGSI) from a buy rating to a neutral rating.
JPMorgan Chase downgraded shares of Human Genome Sciences (NASDAQ: HGSI) from an overweight rating to a neutral rating.
SunTrust downgraded shares of Hub Group, Inc. (NASDAQ: HUBG) from a buy rating to a neutral rating.
Longbow Research initiated coverage on shares of J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT). They issued a neutral rating on the stock.
Bank of America downgraded shares of J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) from a buy rating to a neutral rating.
Jefferies Group raised its price target on shares of J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) to $57.00. They have a hold rating on the stock.
Raymond James downgraded shares of KB Home (NYSE: KBH) from a market perform rating to an underperform rating.
Sterne Agee raised its price target on shares of KEYW Holding (NASDAQ: KEYW) from $11.00 to $14.00. They have a buy rating on the stock.
Wedbush initiated coverage on shares of Kirkland's, Inc. (NASDAQ: KIRK). They issued a neutral rating on the stock and set a $12.00 price target.
Piper Jaffray downgraded shares of Laboratory Corp. of America (NYSE: LH) from an overweight rating to a neutral rating. Their analysts now have a $96.00 price target on the stock.
Janney Montgomery Scott downgraded shares of Lowe's (NYSE: LOW) from a buy rating to a neutral rating.
Credit Suisse upgraded shares of L'Oreal (NASDAQ: LRLCY) from an underperform rating to a neutral rating.
Benchmark Co. initiated coverage on shares of LSI Co. (NYSE: LSI). They issued a hold rating on the stock and set a $6.50 price target.
10:15 A.M
Equity Briefing: Upgrades and Downgrades for July 17th: LTD, LVS, MCK, NASDAQ:, NOK, PCAR, PL, PRU, QNST
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
Robert W. Baird upgraded shares of Limited Brands (NYSE: LTD) from a neutral rating to an outperform rating. Robert W. Baird now has a $54.00 price target on the stock, up previously from $50.00.
Susquehanna upgraded shares of Las Vegas Sands Corp. (NYSE: LVS) from a neutral rating to a positive rating.
JMP Securities initiated coverage on shares of McKesson Co. (NYSE: MCK). They issued an outperform rating on the stock.
Jefferies Group downgraded shares of Nokia Co. (NYSE: NOK) from a hold rating to an underperform rating.
Bank of America downgraded shares of PACCAR (NASDAQ: PCAR) from a buy rating to a neutral rating.
Raymond James downgraded shares of Protective Life Corp. (NYSE: PL) from a strong-buy rating to an outperform rating.
Raymond James upgraded shares of Prudential Financial, Inc. (NYSE: PRU) from an outperform rating to a strong-buy rating.
Bank of America downgraded shares of Quinstreet Incorporated (NASDAQ: QNST) from a neutral rating to an underperform rating.
Bank of America upgraded shares of ReachLocal Inc. (NASDAQ: RLOC) from an underperform rating to a buy rating.
Barclays Capital lowered its price target on shares of RadioShack (NYSE: RSH) from $6.00 to $3.00.
Credit Suisse raised its price target on shares of Sprint Nextel (NYSE: S) from $4.00 to $6.00.
JPMorgan Chase lowered its price target on shares of Starbucks (NASDAQ: SBUX) from $61.00 to $58.00. They have an overweight rating on the stock.
Wunderlich downgraded shares of Scana Corporation (NYSE: SCG) from a buy rating to a hold rating. Their analysts now have a $49.00 price target on the stock.
Stephens downgraded shares of Smithfield Foods, Inc. (NYSE: SFD) from an overweight rating to an equal weight rating.
Barclays Capital downgraded shares of Questar Co. (NYSE: STR) from an overweight rating to an equal weight rating.
10:20 A.M
Equity Briefing: Upgrades and Downgrades for July 17th: TGT, UNF, VIAB, WERN, WFC, WY
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
Citigroup downgraded shares of Target Corp. (NYSE: TGT) from a buy rating to a neutral rating. Their analysts now have a $68.00 price target on the stock.
Robert W. Baird downgraded shares of Unifirst Corp (NYSE: UNF) from an outperform rating to a neutral rating. Their analysts now have a $73.00 price target on the stock, up previously from $72.00. They noted that the move was a valuation call.
Bank of America downgraded shares of Viacom, Inc. (NASDAQ: VIAB) from a buy rating to a neutral rating. Their analysts now have a $54.00 price target on the stock.
Sterne Agee downgraded shares of Werner Enterprises, Inc. (NASDAQ: WERN) from a buy rating to a neutral rating.
Compass Point raised its price target on shares of Wells Fargo & Co. (NYSE: WFC) from $39.00 to $41.00. They have a buy rating on the stock.
BMO Capital Markets downgraded shares of Weyerhaeuser (NYSE: WY) from a market perform rating to an underperform rating.
RBC Capital initiated coverage on shares of Wynn Resorts, Limited (NASDAQ: WYNN). They issued an outperform rating on the stock.
10:30 A.M
Mode croissance/mode survie
La conjonction de facteurs structurels et conjoncturels défavorables exige une segmentation accrue entre les entreprises capables d’encaisser ces chocs et celles qui se battent pour garder la tête hors de l’eau. Le retour des investisseurs à long terme vers les actions est à ce prix.
A écouter leur communication financière, les entreprises sont toutes engagées sur une trajectoire de croissance à long terme. Mais cette relative homogénéité dans les discours est un leurre. Car derrière ces mêmes promesses se cachent des réalités fondamentales et donc, des perspectives boursières, radicalement opposées. Explications.
L’environnement économique n’a jamais été aussi tendu, pour les entreprises. Entre la dérégulation, l’hyperconcurrence, l’essor des modèles low cost, la généralisation de la gratuité via l’internet ou encore la disparition des barrières douanières, les entreprises subissent des pressions déflationnistes croissantes, qui affectent en retour leur capacité bénéficiaire. Parallèlement, l’environnement récessif actuel obère la capacité de ces mêmes entreprises à générer de la croissance. Fortement déstabilisante pour l’ensemble de l’économie, la conjonction de ces facteurs structurels et conjoncturels défavorables n’affecte toutefois pas toutes les entreprises de la même façon. Elle exige dès lors des investisseurs une segmentation accrue entre les entreprises capables d’encaisser ces chocs et celles qui se battent pour garder la tête hors de l’eau.
Communication financière contre communication de crise
Les différences sont loin d’être anodines. Grâce à un positionnement pertinent et à des choix stratégiques efficaces, les premières parviennent à conserver une croissance protégée et à s’affranchir du contexte économique. D’où une communication financière digne de ce nom, dont chaque composante permet de faire tourner les modèles des analystes et des investisseurs. Ce type d’entreprise existe dans des secteurs variés. Y cohabitent des valeurs aussi diverses que LVMH, Zodiac Aerospace, ou encore Essilor International. A l’inverse, les secondes se bornent à une communication de crise et d’autojustification a posteriori. Un exemple : les banques. Loin de dessiner les contours de la banque de demain, leur discours actuel cherche à rassurer les investisseurs sur l'adéquation de leur structure financière aux contraintes prudentielles, sur leur accès à la liquidité, sur leur exposition aux dettes souveraines les plus vulnérables, sur la solidité de leurs fonds propres, voire, plus récemment, sur leur implication dans un des plus grands scandales financiers de l’Histoire. Aucune proposition actionnariale, donc, et encore moins d’éléments susceptibles d’éveiller un quelconque intérêt de la part des investisseurs à long terme.
Les différences ne s’arrêtent pas là. Les premières entreprises parviennent à projeter leurs ambitions au-delà de plusieurs années, alors que l’horizon des secondes ne dépasse pas quelques mois. Les premières adoptent un discours offensif décomplexé, quand les secondes restent défensives. Les premières parlent de valeur dans la durée, quand les secondes cherchent (en vain) à ne pas en perdre, voire à ne pas disparaître.
Il est bien là, le rôle des gérants et des investisseurs. Loin de s’exposer indistinctement à toutes les valeurs d’une cote dont les promesses n’ont jamais été aussi hétérogènes et dispersées, ce rôle consiste à lire entre les lignes des discours actionnariaux et à distinguer les valeurs en mode croissance, qui peuvent créer de la valeur dans le temps, et les valeurs en mode survie, qui ont définitivement perdu leurs galons de valeurs de fonds de portefeuille. Si elles peuvent s’avérer pertinentes dans une logique de retournement, ces derniers ne sont en effet aucunement en mesure de promettre une valorisation du capital à moyen ou long terme. Salutaire, cette discrimination est le seul moyen de redonner du sens à l’investissement en actions et à redonner aux investisseurs de l’appétit pour le risque.
Texte signé par Gérard Moulin, gérant du fonds Delubac Exceptions Pricing Power
11:30 A.M
European markets have registered mild gains today on hopes that Fed chairman Bernanke will reveal more details on the central bank’s stance on upcoming easing measures at his second day before US Congress. Although Bernanke gave no hints on more QE at yesterday’s testimony before Congress, he did ote that the Fed would look at other easing measures to spur growth, indicating to markets that the central bank is prepared to act if needed.
These remarks helped stocks on Wall Street yesterday and have supported European markets this morning, though gains have been rather limited as clients prefer to stay on the sidelines ahead of his appearance at Congress again later today.
Also keeping enthusiasm at bay was a report by the Bank of Spain showing that the country’s banks saw a further reduction in their pool of deposits in May. Adding further caution, Italy’s economy minister said further action is needed to tackle the euro-zone crisis, as the EU’s mechanisms are important but not sufficient. As such, euro zone debt fears have returned, threatening upside momentum. The bulls for now are choosing to focus on the Bernanke’s pro-policy easing remarks and strong earnings over the weak European news flow.
Helping markets further, particularly the UK index, were the BOE’s latest meeting minutes which showed the MPC voted 7-2 in favour of an extra GBP50 billion of QE. The central bank also said it may discuss reducing its benchmark rate to below 0.5% but not for several months. Also from the UK, unemployment fell for the fourth straight month, indicating a mild recovery in the UK labour market albeit the pick-up in jobs may be temporary due to the upcoming Olympic Games.
Looking ahead, attention will be on US housing starts. US earnings will again be under the spotlight with Bank of America, BlackRock, Bank of NY Mellon and Honywell International all due to release numbers later. US stock futures are currently lower – ETX Capital sees the DJIA down 32 points and the S&P 500 off 4 points.
Ishaq Siddiqi - Market Strategist - ETX Capital - www.etxcapital.com
04:00 P.M
Equity Briefing: Upgrades and Downgrades for July 18th: ACAD, ACHC, AFL, ALV, AMP, AMT, AMZN, AREX, ASML, AUQ
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
Needham & Company reiterated its hold rating on shares of ACADIA Pharmaceuticals Inc. (NASDAQ: ACAD).
Deutsche Bank downgraded shares of Acadia Healthcare (NASDAQ: ACHC) from a buy rating to a hold rating. They noted that the move was a valuation call.
UBS AG initiated coverage on shares of AFLAC (NYSE: AFL). They issued a neutral rating on the stock.
Robert W. Baird downgraded shares of AUTOLIV INC (NYSE: ALV) from an outperform rating to a neutral rating. Their analysts now have a $59.00 price target on the stock, down previously from $69.00.
JPMorgan Chase initiated coverage on shares of AUTOLIV INC (NYSE: ALV). They issued an overweight rating on the stock.
UBS AG initiated coverage on shares of Ameriprise Financial, Inc. (NYSE: AMP). They issued a buy rating on the stock.
Citigroup downgraded shares of American Tower Corporation (NYSE: AMT) from a buy rating to a neutral rating.
Nomura reiterated its buy rating on shares of Amazon.com, Inc. (NASDAQ: AMZN).
Howard Weil initiated coverage on shares of Approach Resources Inc. (NASDAQ: AREX). They issued an outperform rating on the stock and set a $45.00 price target.
Jefferies Group downgraded shares of ASML Holding (NASDAQ: ASML) from a buy rating to a hold rating.
Canaccord Genuity downgraded shares of AuRico Gold (NYSE: AUQ) from a buy rating to a hold rating.
JPMorgan Chase initiated coverage on shares of American Axle & Manufacturing Holdings Inc (NYSE: AXL). They issued an underweight rating on the stock.
JPMorgan Chase initiated coverage on shares of BorgWarner Inc (NYSE: BWA). They issued an overweight rating on the stock.
Jefferies Group downgraded shares of Caterpillar Inc. (NYSE: CAT) from a buy rating to a hold rating.
Longbow Research downgraded shares of Caterpillar Inc. (NYSE: CAT) from a buy rating to a neutral rating.
Global Hunter Securities initiated coverage on shares of Cliffs Natural Resources Inc (NYSE: CLF). They issued a neutral rating on the stock.
04:15 P.M
Equity Briefing: Upgrades and Downgrades for July 18th: CNH, CNK, COG, CSIQ, CSRE, CYMI, DAN, DLB, DLPH, EDU
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
Jefferies Group downgraded shares of CNH Global (NYSE: CNH) from a buy rating to a hold rating.
Stifel Nicolaus downgraded shares of Cinemark Holdings Inc (NYSE: CNK) from a buy rating to a hold rating.
Global Hunter Securities initiated coverage on shares of Cabot Oil & Gas (NYSE: COG). They issued an accumulate rating on the stock and set a $48.00 price target.
Avian Securities upgraded shares of Canadian Solar Inc. (NASDAQ: CSIQ) from a neutral rating to a positive rating.
Natixis upgraded shares of CSR PLC (NASDAQ: CSRE) from a reduce rating to a neutral rating.
UBS AG downgraded shares of CSR PLC (NASDAQ: CSRE) from a buy rating to a neutral rating.
Barclays Capital downgraded shares of Cymer, Inc. (NASDAQ: CYMI) from an overweight rating to an equalweight rating.
JPMorgan Chase initiated coverage on shares of Dana Holding Co. (NYSE: DAN). They issued a neutral rating on the stock.
JPMorgan Chase downgraded shares of Dolby Labs (NYSE: DLB) from a neutral rating to an underweight rating.
JPMorgan Chase initiated coverage on shares of Delphi Automotive PLC (NASDAQ: DLPH). They issued an overweight rating on the stock.
Oppenheimer downgraded shares of New Oriental Education & Tech. Group Inc (NYSE: EDU) from an outperform rating to a market perform rating. Their analysts now have a $35.00 price target on the stock.
Global Hunter Securities downgraded shares of Enbridge Energy Partners LP (NYSE: EEP) from a buy rating to a neutral rating. Their analysts now have a $29.00 price target on the stock, down previously from $34.00.
William Blair initiated coverage on shares of 8x8, Inc. (NASDAQ: EGHT). They issued an outperform rating on the stock.
Barclays Capital upgraded shares of Enerplus Resources Fund (NYSE: ERF) from an underweight rating to an equal weight rating.
Jefferies Group downgraded shares of Eaton Corp. (NYSE: ETN) from a buy rating to a hold rating.
Maxim Group initiated coverage on shares of EXACT Sciences Co. (NASDAQ: EXAS). They issued a sell rating on the stock and set a $7.00 price target.
04:20 P.M
Equity Briefing: Upgrades and Downgrades for July 18th: F, GET, GIFI, GM, GNTX, GNW, HAR, HHS, HMA, HOT, HSH
A number of stocks were upgraded and downgraded by equities research analysts today, as reported by Analyst Ratings Network and Equity Briefing:
JPMorgan Chase initiated coverage on shares of Ford (NYSE: F). They issued an overweight rating on the stock and set a $13.00 price target.
Nomura reiterated its neutral rating on shares of Gaylord Entertain (NYSE: GET).
Lazard Capital initiated coverage on shares of Gulf Island Fabrication, Inc. (NASDAQ: GIFI). They issued a hold rating on the stock.
JPMorgan Chase initiated coverage on shares of General Motors (NYSE: GM). They issued an overweight rating on the stock and set a $29.00 price target.
JPMorgan Chase initiated coverage on shares of Gentex Co. (NASDAQ: GNTX). They issued an overweight rating on the stock.
UBS AG initiated coverage on shares of Genworth Financial, Inc. (NYSE: GNW). They issued a neutral rating on the stock.
JPMorgan Chase initiated coverage on shares of Harman International Industries Inc./DE/ (NYSE: HAR). They issued an overweight rating on the stock.
Noble Financial downgraded shares of Harte-Hanks, Inc. (NYSE: HHS) from a buy rating to a hold rating.
Susquehanna downgraded shares of Health Management Associates (NYSE: HMA) from a positive rating to a neutral rating.
Argus downgraded shares of Starwood Hotels (NYSE: HOT) from a buy rating to a hold rating.
Credit Suisse upgraded shares of Hillshire Brands (NYSE: HSH) from a neutral rating to an outperform rating.
Nomura reiterated its neutral rating on shares of Host Hotels & Resorts, Inc. (NYSE: HST).
Wells Fargo & Co. downgraded shares of Interactive Brokers (NASDAQ: IBKR) from an outperform rating to a market perform rating.
Canaccord Genuity initiated coverage on shares of InterXion Holding (NASDAQ: INXN). They issued a buy rating on the stock and set a $22.00 price target.
JPMorgan Chase initiated coverage on shares of Johnson Controls, Inc. (NYSE: JCI). They issued a neutral rating on the stock.
Needham & Company lowered its price target on shares of Johnson Controls, Inc. (NYSE: JCI) from $40.00 to $35.00. They have a buy rating on the stock.
05:00 P.M
European markets have ended sharply higher today, propelled by a firm session on Wall Street following better-than-expected US housing starts data, shooting up 6.9% in June. Volumes have been light, but price action bullish as QE hopes returned to the fore, lifting markets on both sides of the pond.
The BOE’s latest meeting minutes indicated a unanimous vote by the MPC to pump more stimulus, while Fed chairman Ben Bernanke’s comments to Congress yesterday – though thin on QE prospects – did indicate the central bank will stretch its balance sheet if it has to in order to spur growth.
Bernanke is currently speaking at his second day in front of Congress, but no significant news out so far today. US earnings today have been decent overall, adding to the support for equities. Bank of America reported 2Q profits above $2 billion, while Honeywell International posted market beating 2Q numbers.
German Chancellor Merkel’s remarks that the European project might not work and Spanish bank deposits declining a record amount with bad loans increasing for 14th consecutive month weighed on the euro currency. Spanish 10-year bond yields are climbing back up, today seen around the dangerous 7% mark.
But even though euro zone debt troubles have tested the market, the bulls for now are seeking comfort on the strong US economic and corporate releases, keeping the bears at bay. Looking ahead, the focus will be on the Fed’s Beige Book survey of current economic conditions in the 12 Federal districts in the US. Tomorrow – UK retail sales, euro zone current account and US existing home sales, are all due for release.
Ishaq Siddiqi - Market Strategist - ETX Capital - www.etxcapital.com
STATISTICS of the day
Chine : inflation (CRÉDIT AGRICOLE)
Le PIB a augmenté de 7,6% a/a au cours de la période allant d'avril à juin. Son rythme de progression avait déjà marqué le pas à 8,1% au trimestre précédent. C'est un plus bas depuis les trois premiers mois de 2009. La croissance a ainsi ralenti à un peu moins de 7,9% au cours de la première moitié de 2012.
Italia: prévisioni di crescita (CRÉDIT AGRICOLE)
Il principale rischio associato alla nostra previsione di crescita (-1,9% nel 2012 e +0,1% nel 2013) è al ribasso e deriva da una cattiva gestione della crisi del debito a livello europeo con conseguente panico e contagio dei mercati incapaci di discriminare e di riconoscere gli sforzi prodotti dall'Italia.
Afrique du Sud : solde de la balance commerciale (CRÉDIT AGRICOLE)
Le déficit commercial est passé de 1,3 Md USD (9,9 Mds ZAR), en avril, à 1,1 Md USD (8,9 Mds ZAR) en mai, grâce à une hausse des exportations – +20,4% – (notamment de pierres précieuses, de produits miniers, d'appareils électriques et de machines). Les importations ont augmenté moins rapidement (+15,6%), mais restent à un niveau élevé (8,8 Mds USD). Au T2, le déficit commercial s'annonce au moins aussi mauvais qu'au T1 (5,5 Mds USD, 42,1 Mds ZAR).
CANADA (Office stats Canada)
Enquête mensuelle sur les industries manufacturières, mai 2012
Les ventes des fabricants ont régressé de 0,4 % en mai pour s'établir à 48,7 milliards de dollars. Il s'agissait d'une quatrième baisse en cinq mois. Les ventes dans l'industrie des produits du pétrole et du charbon ont diminué de 9,6 %, reflétant des fermetures temporaires dans certaines raffineries de pétrole. Cette diminution a été largement compensée par les hausses enregistrées dans l'industrie des pièces et des produits aérospatiaux. Si on exclut l'industrie des produits du pétrole et du charbon, les ventes totales des fabricants ont progressé de 1,2 %.
Les ventes ont diminué dans 13 des 21 industries, ce qui représente environ les deux tiers du secteur de la fabrication. Les ventes de biens non durables ont diminué de 3,2 %, alors que celles de biens durables ont augmenté de 2,4 %.
En dollars constants, les ventes se sont accrues de 0,2 % en mai, reflétant la hausse du volume des biens durables vendus.
Malgré quatre mois de recul des ventes globales des fabricants en 2012, l'emploi dans le secteur de la fabrication a continué d'augmenter. L'emploi a connu une hausse de 2,0 % en mai selon l'Enquête sur la population active. Depuis janvier 2012, il a progressé de 4,5 % dans le secteur de la fabrication pour y atteindre 1,8 million de travailleurs.
Chine : inflation (CRÉDIT AGRICOLE)
Le PIB a augmenté de 7,6% a/a au cours de la période allant d'avril à juin. Son rythme de progression avait déjà marqué le pas à 8,1% au trimestre précédent. C'est un plus bas depuis les trois premiers mois de 2009. La croissance a ainsi ralenti à un peu moins de 7,9% au cours de la première moitié de 2012.
Italia: prévisioni di crescita (CRÉDIT AGRICOLE)
Il principale rischio associato alla nostra previsione di crescita (-1,9% nel 2012 e +0,1% nel 2013) è al ribasso e deriva da una cattiva gestione della crisi del debito a livello europeo con conseguente panico e contagio dei mercati incapaci di discriminare e di riconoscere gli sforzi prodotti dall'Italia.
Afrique du Sud : solde de la balance commerciale (CRÉDIT AGRICOLE)
Le déficit commercial est passé de 1,3 Md USD (9,9 Mds ZAR), en avril, à 1,1 Md USD (8,9 Mds ZAR) en mai, grâce à une hausse des exportations – +20,4% – (notamment de pierres précieuses, de produits miniers, d'appareils électriques et de machines). Les importations ont augmenté moins rapidement (+15,6%), mais restent à un niveau élevé (8,8 Mds USD). Au T2, le déficit commercial s'annonce au moins aussi mauvais qu'au T1 (5,5 Mds USD, 42,1 Mds ZAR).
CANADA (Office stats Canada)
Enquête mensuelle sur les industries manufacturières, mai 2012
Les ventes des fabricants ont régressé de 0,4 % en mai pour s'établir à 48,7 milliards de dollars. Il s'agissait d'une quatrième baisse en cinq mois. Les ventes dans l'industrie des produits du pétrole et du charbon ont diminué de 9,6 %, reflétant des fermetures temporaires dans certaines raffineries de pétrole. Cette diminution a été largement compensée par les hausses enregistrées dans l'industrie des pièces et des produits aérospatiaux. Si on exclut l'industrie des produits du pétrole et du charbon, les ventes totales des fabricants ont progressé de 1,2 %.
Les ventes ont diminué dans 13 des 21 industries, ce qui représente environ les deux tiers du secteur de la fabrication. Les ventes de biens non durables ont diminué de 3,2 %, alors que celles de biens durables ont augmenté de 2,4 %.
En dollars constants, les ventes se sont accrues de 0,2 % en mai, reflétant la hausse du volume des biens durables vendus.
Malgré quatre mois de recul des ventes globales des fabricants en 2012, l'emploi dans le secteur de la fabrication a continué d'augmenter. L'emploi a connu une hausse de 2,0 % en mai selon l'Enquête sur la population active. Depuis janvier 2012, il a progressé de 4,5 % dans le secteur de la fabrication pour y atteindre 1,8 million de travailleurs.
RATES
Tableau de bord financier - Financial Dashboard
Cotations, indices et taux. Mise à jour quotidienne par Finyear.
Quotations, indices and rates. Updated daily by Finyear.
Link : http://www.finyear.com/Tableau-de-bord-financier-Financial-Dashboard_a15066.html
Tableau de bord financier - Financial Dashboard
Cotations, indices et taux. Mise à jour quotidienne par Finyear.
Quotations, indices and rates. Updated daily by Finyear.
Link : http://www.finyear.com/Tableau-de-bord-financier-Financial-Dashboard_a15066.html