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Sanderson Farms-SAFM initiated with a Buy, target $58@BBNT
Soros Fund raises stake in Lehman-LEH to 9.47M shares from 10k shares.
Very interesting development here….mental note. Soros was super bearish about the market and economy, this could be the first sign that his view is changing, albeit possibly slowly.
National Oilwell Varco-NOV upgraded to Buy from Add@LYON
Calyon upgraded NOV on valuation. Target to $96 from $108.
SunPower-SPWR upgraded to Buy from Neutral@MLCO
DNA downgraded to Hold from Buy@SBSH
Citigroup would not chase shares at these levels, but does expect Roche to increased their $89 offer. Target to $108 from $91.
Red Robin Gourmet-RRGB: Believe stock has compelling long-term risk/reward@JEFF
After Red Robin reduced its 2008 EPS guidance, Jefferies believes the stock’s “dirt cheap” valuation already accounts for this announcement. The firm maintained their Buy rating.
Priceline.com-PCLN upgraded to Buy from Hold@SBSH
Citigroup upgraded PCLN based on valuation. Target $130.
Nice premarket pop here.
Bill & Melinda Gates raises stake in American International-AIG to 2.5M shares
Bill & Melinda Gates previously reported holding 1M shares of American International.
Bill & Melinda Gates Foundation reports a 1M share stake in Crocs-CROX
Nasdaq Composite-$COMP: Pivot Points
The following are the pivot points for the Nasdaq Composite ($COMP). Pivot High: 2480.780, Pivot Low: 2434.040. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
Dow Jones Industrials Index-DJX: Pivot Points
The following are the pivot points for the Dow Jones Industrials Index (DJX). Pivot High: 11800.800, Pivot Low: 11533.410. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
S&P 500-SPX: Pivot Points
The following are the pivot points for the S&P 500 (SPX). Pivot High: 1307.215, Pivot Low: 1285.005. These were calculated using the DeMark method. It is generally believed to be bullish when price breaks out above the pivot high or bearish when price breaks down below the pivot low.
(Important note on how to use this upgrade/downgrade list with analyst comments and news….you must parse out the factual data (Factual data is the most important) from the opinionated data and always take all analyst comments with a grain of salt. Do not follow blindly with their recommendations. Remember that technicals are the most powerful force in short term direction for stock prices due to the law of supply and demand.)
Fast Money Position recap- First Moves: Guy likes DE long, Karen likes NOK, Pete likes JNPR. Macke Owns (COST), (DIS), (MSFT), (WMT), (UUP); Adami Owns (C), (GS), (INTC), (BTU), (AGU), (MSFT), (NUE); Najarian Owns (AAPL), (NOK), (TSO), (XTO); Najarian Owns (WPI) Calls, (ONXX) Calls, (MRVL) Calls, (CSCO) Calls; Najarian Owns (BGG) Puts; Finerman Owns (GS); Finerman’s Firm And Finerman Own (C) Leaps; Finerman’s Firm Owns (JCP), (MSFT), (NOK), (SUN), (TSO), (VLO), (MO); Finerman’s Firm Is Short (IYR), (IWM), (SPY), (IJR), (XLF), (BBT), (COF); Finerman’s Firm Owns (ANF) Call Spreads; Finerman’s Firm Is Short British Pound.
Looks like the market is getting another boost this morning from the drop in oil prices and dollar stabilization. Here we are at 1290 again. Bears are looking for reasons why the market should go lower and finance stocks to plunge lower like they have some sort of knowledge the market doesn’t know about. Cherry picking the data in which your bias resides continues to work for both sides. Where are the regional banks trading at? Where are the big center money banks trading at? Is the market wrong? Why is Soros buying 10 million shares of LEH here? Has age overtaken his common sense? LOL Yeah right. We have a closet full of “dead bodies”, and the bears think there will be more. Clearly they aren’t going against the grain and the market loves to do the opposite of what the majority think. If Greenspan is right and a recovery for housing sits in the first 6 months of 2009, the market should start pricing in a recovery in the next couple months since the market looks 6 months ahead.
Greenspan called the “recession” in january of 2007 and the market reacted violently and in the end Greenspan was right. He foresaw a big economic pullback when Ben’s Fed was still raising rates. Ben’s Fed was waaaay behind the curve and when they were raising they should have been cutting as I suspect Greenspan would have done. Option expiration today and I expect the Optiondragon LIB will tell me where the market will go.
Optiondragon Leading Indicator Basket Formula: LIB= UUP (dollar) + USO (oil price inverse related) + XLF + IWM + (AAPL+GOOG+RIMM).
Patterns in Nature : Think Fractally, patterns emerge in nature as they do in the market both are represnted by formulas.
Striated sandstone lines the slopes of Coyote Buttes in Vermillion Cliffs National Monument, Arizona
