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China's decision to invest nearly $200 billion into the building and renovation of 10 million low-cost homes is the latest in a series of measures designed to cool down China's housing market.China Housing posts
FeedTrading China's $200 Billion Home Building Plan
China's decision to invest nearly $200 billion into the building and renovation of 10 million low-cost homes is the latest in a series of measures designed to cool down China's housing market.Continue reading Trading China's $200 Billion Home Building Plan
Analyst upgrades, downgrades and initiations: JCP, NVLS, CAG, RJF, PCG, STP, AMZN, MS, MSFT
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Analyst upgrades:- JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
- Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
- Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
- ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
- China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.
Analyst initiations: CSCO, NYX, NDAQ and COGI
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MOST NOTEWORTHY: Cisco Systems, NYSE Euronext, Nasdaq and Cognicase were today's noteworthy initiations:- Friedman Billings believes Cisco Systems (NASDAQ: CSCO) is well-positioned to take advantage of "Business 2.0" applications and to gain share in a slower economic environment. The firm initiated shares with an Outperform rating and $31 target.
- NYSE Euronext (NYSE: NYX) and Nasdaq (NASDAQ: NDAQ) were assumed with a Neutral rating and $72 target and $44 target, respectively, at UBS. The firm cited increasing competition and moderating volumes.
- Deutsche Bank believes Cognicase (COGI) is one of the few carriers offering high-capacity commercial Internet access to enterprise customers at a discount to nearly all of its competitors. Shares were initiated with a Buy rating and $23 target.
E-House China Holdings (EJ) rises 40.8% in IPO
E-House priced 14.6 million American depositary shares at $13.80 a share, above expectations of a $11.50-$13.50 range, for its New York Stock Exchange IPO. Shares shot nearly 41% higher, rising $5.63 to close at $19.43. E-House raised nearly $202 million.
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