Click here for an interactive calendar of ex-dividend dates.The market is now doing exactly what it should be doing on the key analyst upgrades we saw this morning. Lots of attention to the usual big names are helping lift the markets despite some poor earnings results to kick off the first of several big earnings weeks.
BullishAnalyst Upgrades: Every upgrade we reported this morning is trading higher. The list includes Best Buy ( BBY), Goldman Sachs ( GS), Rockwell Automation ( ROK), W.W. Grainger ( GWW), Discover Financial ( DFS), Marriott International ( MAR), Everest Re Group ( RE), Sandisk ( SNDK), TD Ameritrade ( AMTD), Computer Sciences ( CSC), CSX Corp ( CSX), Google ( GOOG), Johnson & Johnson ( JNJ), PNC Bank ( PNC), Charles Schwab ( SCHW) and Wells Fargo ( WFC). Even some analyst downgrades are higher, such as CME Group ( CME) and Intercontinental Exchange ( ICE). Financials: This morning's numerous upgrades are spurring buying throughout the sector. Transports: We are seeing traders shake off the terrible earnings outlook for Expeditors this morning. Railroad plays like Union Pacific ( UNP) and Burlington Northern ( BNI) are trying to do the lifting. Philips Electronics ( PHG): Earnings from this company are boosting shares of other big conglomerates like General Electric ( GE). Large-cap rally: Apple ( AAPL) and Amazon ( AMZN) are performing well so far. Commodity plays: We are seeing what I would describe as an oversold bounce. Shares like U.S. Steel ( X), BHP Billiton ( BHP) and Monsanto ( MON) had been hit hard for weeks and were overdue for a bounce.
BearishUltrashort Plays: I mentioned that the register ringing was fine late last week in the SRS, SKF and DUG plays. Apparently some traders got a bit complacent this morning on the market drop and may be scrambling to cover as the market shoots higher. Oil ( USO): Trading slightly lower this morning as bottom-fishers hope to see a bounce. Fastenal ( FAST): Down 1% after second quarter profit fell 43%.
Expeditors International ( EXPD): Shares down 5% after transports play issues earnings warning. Central European Distribution ( CEDC): Shares are down nearly 9% on news the company is selling 5.5 million shares.