Even if the national headlines weren't already providing enough focus on the economy, plenty of economic data is due out as the month and the quarter wind down. U.S. economic data scheduled to be released this week include:
Oppenheimer upgraded Inter Parfums (NASDAQ: IPAR) to Outperform from Perform on valuation and increased comfort with the company's outlook after meeting with management.
Deutsche Bank raised Covidien (NYSE: COV) to Buy from Hold on the company's solid execution and ongoing restructuring, which they believe will drive EPS higher. The firm raised its target to $63 from $51.
Regions Financial (NYSE: RF) was upgraded to Outperform from Market Perform at Keefe Bruyette.
American Eagle (NYSE: AEO) was lifted to Buy from Neutral at Banc of America.
Goldman raised Healthways (NASDAQ: HWAY) to Neutral from Sell.
Resources Connection (NASDAQ: RECN) provides professional services to corporations, in support of client-led projects and initiatives. Areas of expertise include finance, accounting, risk management, internal auditing, information technology, human resources, supply chain management, and legal matters. The firm serves 2,400 companies from more than 80 offices around the world. The client list includes Southwest Airlines (NYSE: LUV) and Exelon Corporation (NYSE: EXC).
Resources Connection pleased investors last week, when it reported fiscal Q4 EPS of 35 cents and revenues of $236.7 million. Analysts had been expecting 28 cents and $228.0 million. During the quarter, the company repurchased about 1.1 million RECN shares. Deutsche Securities subsequently reiterated its "buy" rating on the issue.
The Pediatric Ethics Subcommittee of the Pediatric Advisory Committee will meet at 8:30 am to discuss the application of 21 CFR 50.52 (Clinical investigations involving greater than minimal risk but presenting the prospect of direct benefit to individual subjects) to FDA-regulated research. The discussion will be illustrated with hypothetical case examples of research involving HIV vaccines in adolescents and controlled trials of inhaled corticosteroids in children with asthma.
The Pediatric Ethics Subcommittee will meet at 8:00 am to discuss the application of 21 CFR 50.52 to FDA-regulated research illustrated with a hypothetical case example of research using stem cells for treating periventricular white matter injury in children.
Cisco Systems (NASDAQ: CSCO) to hold conference call at 11:00 am to discuss business video innovation.
Potash Corp. (NYSE: POT) was upgraded to Buy from Neutral at Goldman based on the company's unprecedented sustainable pricing power.
MOST NOTEWORTHY DOWNGRADES:
Resources Connection (NASDAQ: RECN) was downgraded to Equal Weight from Overweight at Morgan Stanley.
MOST NOTEWORTHY INITIATIONS:
Credit Suisse believes Willbros Group Inc. (NYSE: WG) is well-positioned to capitalize on increased pipeline construction. The firm started shares with an Outperform rating and $46 target.
CIBC, which said Rubicon Tech (NASDAQ: RBCN) is the leading sapphire supplier with the most advanced and highest quality substrate, views the company as uniquely positioned to leverage fast ramping LED volumes as new applications drive demand. CIBC initiated Rubicon with a Sector Outperformer rating and $23 target.
Citigroup initiated El Paso Pipeline (NYSE: EPB) with a Buy rating and $28 target.
Keefe Bruyette initiated Mercer Insurance (NASDAQ: MIGP) with a Market Perform rating and $19 target.
Internet Brands (NASDAQ: INET) was initiated with an Overweight rating and $14 target at Thomas Weisel.
MOST NOTEWORTHY: Sprint Nextel, Tesoro, VeriSign, Healthcare Property and Resources Connection were today's noteworthy downgrades:
Goldman downgraded shares of Sprint Nextel Corporation (NYSE: S) to Neutral from Buy to reflect continuing turnaround delays, macro headwinds and competition.
Tesoro Corporation (NYSE: TSO) was downgraded to Neutral from Outperform at Credit Suisse, citing increased concerns regarding West Coast margins.
The firm also lowered VeriSign Inc (NASDAQ: VRSN) to Neutral from Outperform, as they believe the company's reorganization could require more time than investors anticipate.
Friedman Billings downgraded Healthcare Property (NYSE: HCP) to Market Perform from Outperform on valuation. Shares were also downgraded to Neutral from Buy at UBS.
Resources Connection (NASDAQ: RECN) was downgraded to Hold from Buy at Stifel, to Market Perform from Outperform at JMP Securities and to Peer Perform from Outperform at Bear following its Q1 report.
OTHER DOWNGRADES:
Walgreen (NYSE: WAG) was downgraded to Neutral from Overweight at JMP Securities.
JP Morgan downgraded Staples Inc (NASDAQ: SPLS) to Underweight from Neutral.
MOST NOTEWORTHY: Rudolph Technologies, Inc (RTEC), DirecTV Group, Inc (DTV), EchoStar Communications (DISH) and Legacy Reserves LP (LGCY) were today's more noteworthy initiations:
AG Edwards started Rudolph Technologies, Inc (NASDAQ: RTEC) with a Buy rating, believing Rudolph's acquisition of August Technologies created additional market opportunities and recommends investors to build positions at these levels to participate in future growth.
Stifel initiated DirecTV Group, Inc (NYSE: DTV) with a Buy rating and $28 target and EchoStar Communications (NASDAQ: DISH) with a Hold rating and $45 target. The firm prefers DirectTV to EchoStar given DirectTV's faster growing Latin America division, coming HD advantage, and greater likelihood of buybacks and views a merger between DISH & DTV as possible longer-term.
Legacy Reserves (NASDAQ: LGCY) was started with a Buy rating at Oppenheimer, expecting Legacy to grow through acquisitions.
Even if the national headlines weren't already providing enough focus on the economy, plenty of economic data is due out as the month and the quarter wind down. U.S. economic data scheduled to be released this week include:.gif){kind=logo}
.gif){kind=logo}
.gif){kind=logo}
.gif){kind=logo}
Stock picks and pans for troubled times: RIMM, ED, ISRG, GLW, LEA, SLB, GOOG ...
Is Berkshire Hathaway better than S&P Index?
Closing Bell: Torch Passing on a Friday Rally
