There is not much of an indication yet regarding which way things are going to go for the bulk of the trading day. Buyers stepped up a bit late in the day yesterday, but the names that led were defensive in nature. A bit more of a run there and those stocks (PEP, PG, GIS) are going to be quite a bit overdone to the upside short-term. Let's take a look at what is jumping out in the early going.
Discover Financial Services ( DFS): Shares are lower after the company announces share and note offering. Goldman Sachs ( GS): A touch lower after news the company's proprietary trading code may have been cracked. Fluor Corp ( FLR): Stock is edging higher on news of recent contract wins. Weyerhaeuser Company ( WY): Shares are lower after company cuts dividend payout 80%.
Upgrades to Watch:
3M ( MMM): Jefferies initiates stock as a buy. KeyCorp ( KEY): Keefe Bruyette & Woods raises rating to outperform. Annaly Mortgage ( NLY): Barclays Capital starts stock as an outperform. Anadarko Petroleum ( APC): Merrill Lynch/Bank of America raises stock to a buy. $57 price target. CenturyTel ( CTL): UBS raises stock to a buy. $35 price target. Intel Corp ( INTC): Merrill Lynch upgrades stock to a buy. Marvell Technology ( MRVL): Merrill Lynch upgrades stock to a buy. Steel Dynamics ( STLD): Merrill Lynch/Bank of America upgrades stock to a buy. $17 price target. Dicks Sporting Goods ( DKS): Goldman Sachs upgrades stock to a buy. $20 price target. XL Capital ( XL): FBR Capital Markets raises target price to $17. Nucor ( NUE): Goldman Sachs raises estimates. $50 price target. Kohls ( KSS): Goldman Sachs upgrades stock to a buy. $50 price target.