Stock watch- More rough action in the early Tuesday
Actuant Corporation (NYSE: ATU) posts a forward PE of just under 14 and its market cap is rather small for this group at about $1.8 billion. Avery Dennison Corporation (NYSE: AVY) boasts a forward PE of 10.9 and a return on equity (ROE) of 19.69%. Dover Corp. (NYSE: DOV) has a 13.8 forward price to earnings multiple, second richest of this lot. Eaton Corporation (NYSE: ETN) posts a forward PE of 11.3, second best among these companies. The company’s $18 billion market cap makes it second largest in this lot. ITT Corporation (NYSE: ITT) Analysts estimate next-year earnings growth at less than 8%, ranking it seventh of these seven companies. Illinois Tool Works Inc. (NYSE: ITW) posts a $29.5 billion market cap, largest of these companies. Parker Hannifin Corporation (NYSE: PH) posts one of the better ROE numbers with a return on equity of 19.4%.
Enel SpA (OTC: ENLAY) is joining forces with STMicroelectronics N.V. (NYSE: STM) and Sharp Corp. (OTC: SHCAY) to build a 160-megawatt capacity thin-film plant in Sicily. Daqo New Energy Corp. (NYSE: DQ) is building a new plant to produce 3,000 metric tons in addition to the 4,300 metric tons it already produces. JA Solar Holdings Co., Ltd. (NASDAQ: JASO), Suntech Power Holdings Co., Ltd. (NYSE: STP) and Trina Solar Ltd. (NYSE: TSL) are expanding module manufacturing capacity and JA Solar is also boosting its output of polysilicon this year in an effort to grab market share.
- Telecom Italia SpA (NYSE: TI) is down 7.7% at $11.61 and the 52-week range is $10.46 to $16.04
- iShares MSCI Italy Index (NYSE: EWI) is down 6.2% at $15.40 and its 52-week range is $13.21 to $20.15.
- Portugal Telecom SGPS SA (NYSE: PT) is down 6.2% at $8.81 and the 52-week range is $8.80 to $15.24. That low was hit today.
- The New Ireland Fund, Inc. (NYSE: IRL) is actually holding up better than its peers so far this year. The share price today is down 3.8% at $8.02 and the 52-week range is $5.55 to $8.77.
- Allied Irish Banks plc (NYSE: AIB) is down 5% at $1.69 and the 52-week range is $1.61 to $13.65.
- Bank of Ireland (NYSE: IRE) is down 4.7% at $1.01 and the 52-week range is $1.00 to $4.86. That new low was hit today.
- National Bank of Greece SA (NYSE: NBG) is down 6.1% at $1.22 and the 52-week range is $1.17 to $3.23.
- iShares MSCI Spain Index (NYSE: EWP) is down 5% at $37.86 and the 52-week range is $33.82 to $45.99.
- Telefonica, S.A. (NYSE: TEF) is down 5.1% and the 52-week range is $20.07 to $27.61.
- Banco Santander, S.A. (NYSE: STD) is down 5.75% at $10.16 and the 52-week range is $9.43 to $13.75.
- Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) is down 7% at $9.98 and the 52-week range is $8.94 to $14.28.
Top Analyst Upgrades & Downgrades
Arcelor Mittal (NYSE: MT) Raised to Buy at BofA/ML.
Archer Daniels Midland Inc. (NYSE: ADM) maintained Outperform but cut target to $35 at Credit Suisse.
Ariba Inc. (NASDAQ: ARBA) Started as Overweight at Barclays.
Boston Scientific Corporation (NYSE: BSX) Reiterated Hold but cut estimates at Argus.
CEMEX, S.A.B. de C.V. (NYSE: CX) Cut to Underperform at Credit Suisse.
Cisco Systems Inc. (NASDAQ: CSCO) Reiterated Buy with $24 target at Argus.
Fossil, Inc. (NASDAQ: FOSL) Raised to Overweight at JPMorgan.
Government Properties Income Trust (NYSE: GOV) Cut to Underperform at Wells Fargo.
Honeywell International Inc. (NYSE: HON) Reiterated Buy at BofA/ML.
KLA-Tencor Corporation (NASDAQ: KLAC) Raised to Hold at Citigroup.
Lam Research Corporation (NASDAQ: LRCX) Raised to Buy at Citigroup.
Macy’s, Inc. (NYSE: M) Reiterated Buy as Value at Zacks.
PetMed Express, Inc. (NASDAQ: PETS) Maintained Underperform as Bear of the Day at Zacks.
Teekay Tankers Limited (NYSE: TNK) Cut to Neutral at BofA/ML.
The TJX Companies, Inc. (NYSE: TJX) Raised to Overweight at Barclays.
Whole Foods Market, Inc. (NASDAQ: WFM) Raised to Buy at Goldman Sachs.
SIRIUS XM Radio Inc. (NASDAQ: SIRI) is going back into the NASDAQ-100 Index. PowerShares QQQ Trust (NASDAQ: QQQ) is listed as having a market cap of over $24 billion but it trades an average of about 50 million shares per day. Level 3 Communications (NASDAQ: LVLT) is down nearly 3% before market open to $2.52, relative to a 52-week range of $0.83-$2.67. Micromet Inc. (NASDAQ: MITI) is up nearly 5% premarket to $6.04, relative to a 52-week range of $4.75-$8.63. Sirius XM Radio (NASDAQ: SIRI) is up 3% premarket to $2.28, relative to a 52-week range of $0.91-$2.44.
Top ETFs to Watch for the Week we are watching now-
iShares Dow Jones US Financial Services ETF (NYSE: IYG), Financial Select Sector SPDR (NYSE: XLF), Vanguard Financials ETF (NYSE: VFH), SPDR KBW Bank (NYSE: KBE), First Trust Dow Jones Internet Index (NYSE: FDN), iShares Dow Jones US Technology ETF (NYSE: IYW), Technology Select Sector SPDR (NYSE: XLK), PowerShares QQQ (NYSE: QQQ), PowerShares Dynamic Food & Beverage ETF (NYSE: PBJ), Consumer Discretionary Select Sector SPDR (NYSE: XLY), Market Vectors Gold Miners ETF (NYSE: GDX), Market Vectors Junior Gold Miners ETF (NYSE: GDXJ), and iShares S&P SmallCap 600 Index (NYSE: IJR).