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Closing Bell: DJIA 11,000 Yo-Yo (AA, COP, PALM, MIPI, INTC, JPM)

This was one of those market days that you could try to blame on earnings season starting out, but it may be nothing more than valuations catching up to stocks at DJIA 11,000 and after the huge stock gains in 2009 and 2010. Investors and traders alike are still using DJIA 11,000 as the battleground. Today's Treasury Budget Deficit came out at -$65.4 billion versus $62 billion expected.

Here were today's unofficial closing bell levels:

Dow 11,019.50 +13.53 (0.12%)
S&P 500 1,197.27 +0.79 (0.07%)
Nasdaq 2,465.99 +8.12 (0.33%)

Continue reading Closing Bell: DJIA 11,000 Yo-Yo (AA, COP, PALM, MIPI, INTC, JPM)

Analyst initiations: FSLR, JASO, ALU, NOK and ERIC

MOST NOTEWORTHY: First Solar, JA Solar, Alcatel-Lucent, Nokia and Ericsson were today's noteworthy initiations:
  • First Solar (NASDAQ: FSLR) and JA Solar Holdings (NASDAQ: JASO) were initiated with Buy ratings and targets of $160 and $61 at Collins Stewart. Collins Stewart sees room for margin expansion and is positive on First Solar after channel checks; the firm expects JA Solar to expand capacity given its long-term supply agreements with four wafer suppliers.
  • Merrill Lynch started shares of Alcatel-Lucent (NYSE: ALU) with a Sell rating, citing a lack of revenue growth prospects.
  • The firm also started shares of Nokia Corporation (NYSE: NOK) with a Buy rating, as they believe the company's share gains and margin expansion will continue.
  • Merrill also resumed coverage of Ericsson (NASDAQ: ERIC) with a Neutral rating, expecting high single digit earnings and share growth, but not enough for a Buy rating.
OTHER INITIATIONS:

Analyst initiations 3-14-07: Time Warner Cable & Tim Hortons initiated today

MOST NOTEWORTHY: Time Warner Cable (TWC) and Molecular Insight Pharmaceuticals (MIPI) were today's more notable initiations:
  • Time Warner Cable (NYSE: TWC) was initiated at Bernstein with an Outperform rating and $46 target, citing a compelling diversification alternative for cable/CMCS investors. Goldman started Time Warner Cable with a Neutral rating and $44 target.
  • Molecular Insight Pharmaceuticals Inc (NASDAQ: MIPI) was initiated at RBC with an Outperform rating and $18 target. RBC said Molecular Insight is a leader in developing and commercializing superior radiopharmaceuticals for the treatment and management of life-threatening diseases. Jefferies initiated shares of Molecular Insight with a Buy rating and $20 target, saying Zemiva has blockbuster potential.
OTHER INITIATIONS:
  • UBS started Amedisys, Inc (NASDAQ: AMED) with aBuy rating and $39 target.
  • Goldman Sachs initiated TransCanada (NYSE: TRP) with a Buy rating.
  • Credit Suisse initiated Tim Hortons Inc (NYSE: THI) with an Outperform rating.
  • Pacific Growth initiated Ormat Technologies, Inc (NYSE: ORA) with a Buy rating.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Symbol Lookup
IndexesChangePrice
DJIA-89.2312,801.23
NASDAQ-23.352,903.88
S&P 500-9.311,342.64

Last updated: February 12, 2012: 01:48 PM

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