Fed Fears Rock World Markets. World markets are lower after two Fed policy makers,
including Charles Evans, said the U.S. central bank could start tapering as
early as next month. The remarks sent the dollar lower against the yen, which in
turn caused the Nikkei to fall -4%. This comes much sooner than Wall Street had
expected and many feel that the economy which is still on shaky ground could start
to lose steam.
Upgrades:
Louisiana Pacific
(LPX): TD
Securities raised their rating from Reduce to Hold.
Maximus (MMS): First Analysis raised their rating from
Equal Weight to Overweight and placed a target price of $45.00 on the
company.
Yum! Brands (YUM): BofA Merrill Lynch raised their
rating from Underperform to Neutral and raised their target price from
$60.00 to $75.00.
Downgrades:
CVS Caremark (CVS):
Cantor lowered
their rating from Buy to Hold and lowered their target price from $65.00
to $62.00.
Fossil Group (FOSL): Citigroup lowered their rating
from Buy to Neutral.
McDermott Intl (MDR): Stifel lowered their rating from
Buy to Hold.
Coverage Initiated:
Baxter Intl (BAX): Goldman Sachs initiated coverage
with a Conviction Buy rating and target price of $86.00.
Earning Reports:
AOL (AOL): Reported EPS of $0.35 beating
estimates by +$0.02.
Carlyle (CG):
Reported EPS of $0.39 missing estimates by -$0.17.
Clean Harbors (CLH): Reported
EPS of $0.38 missing estimates by -$0.19.
Duke Energy (DUK): Reported
EPS of $0.87 missing estimates by -$0.07.
Huntington Ingalls (HII):
Reported EPS of $1.12 beating estimates
by +$0.17.
Kelly Services (KELYA): Reported EPS of $0.33
beating estimates by +$0.08.
Walt Disney (DIS): Reported EPS of $1.03 beating
estimates by +$0.02.
Markets:
Futures at 8:20: Dow -0.45%. S&P -0.45%. Nasdaq -0.31%. Crude +0.15% to $105.46. Gold -0.5% to $1275.40. U.S. 10 Year 3/32 2.634%.
Futures at 8:20: Dow -0.45%. S&P -0.45%. Nasdaq -0.31%. Crude +0.15% to $105.46. Gold -0.5% to $1275.40. U.S. 10 Year 3/32 2.634%.
Europe:
London -0.89%.
Paris +0.05%.
Frankfurt -0.39%.
Asia: Japan -4.00% to
13825. Hong Kong -1.53% to 21589. China -0.67% to 2047.
India -0.36% to 18665.
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