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TheStreet Open House

[video] Quick Take: Stocks Shake Losing Streak; Downgrade Nails Netflix

NEW YORK (TheStreet) -- After starting off 2014 with a three-day losing streak, investors are trying to snap the drought. Currently, all three major U.S. indices are solidly in the green. Possibly helping is a decent trading session overseas in Europe. 

However, TheStreet's Gregg Greenberg suggested that investors should be cautious, because a couple of Federal Reserve officials are scheduled to address the public today. 

Boston Fed President Eric Rosengren is scheduled to discuss the economic outlook, while San Francisco Fed President John Williams is scheduled to speak about the economy and monetary policy at 2:00 p.m. EST.

Janet Yellen was confirmed as the new head of the Federal Reserve on Monday evening, Greenberg noted.

Turning to individual stocks, Convergys (CVG) is higher by roughly 7%, on news that it will acquire Stream Global Services for $820 million.

He added that Splunk (SPLK) is up nearly 6% on an upgrade from UBS. The investment bank also upgraded shares of WorkDay (WDAY) to buy from neutral with a $100 price target. WorkDay shares are higher by roughly 4%.

Finally, Greenberg said that Morgan Stanley downgraded shares of Netflix (NFLX) based on increased competition in the video streaming space. 

Shares were lower by almost 5%. 

-- Written by Bret Kenwell in Petoskey, Mich.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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