Dividend.com: Morning Playbook

The markets are fairly flat this morning following some high-profile earnings results and guidance. Let's take a look at what's on the radar.

Story Stocks:

Johnson & Johnson ( JNJ): Shares are higher after the drug company topped estimates.

Goldman Sachs ( GS): Stock is slightly lower following an easy earnings beat for the investment broker.

Novellus ( NVLS): Stock is down slightly on wider second-quarter loss.

CSX ( CSX): Management sees profits stabilizing, lifting shares early on.

Dell ( DELL): Company trimmed its guidance and shares are lower.

Take-Two Interactive ( TTWO): Video game play is lower after profit warning.

Upgrades to Watch:

Northern Trust ( NTRS): Raised to a buy at Bank of America ( BAC)/Merrill Lynch; $65 price target.

Prudential Financial ( PRU): JPMorgan Chase ( JPM)raises rating to overweight; $43 price target.

Yahoo ( YHOO): Started as a buy at Canaccord.

Broadcom ( BRCM): Morgan Stanley ( MS) raises target price to $31.

Occidental Petroleum ( OXY): Barclays Capital raises estimates; $68 price target.

Anadarko Petroleum ( APC): Barclays Capital raises price target to $43.

Blue Nile ( NILE): Citigroup ( C) raises stock to a buy.

Mohawk Industries ( MHK): JPMorgan raises stock to a neutral; $27 price target.

Ebay ( EBAY): Goldman Sachs raises estimates; $18 price target.

Cognizant Technologies ( CTSH): Deutsche Bank ( DB) starts stock as a buy; $32 price target. L-3 Communications ( LLL): JPMorgan upgrades stock to overweight; $80 price target.

Downgrades to Watch:

Harley Davidson ( HOG): Goldman Sachs cuts estimates but maintains sell rating and $11 price target.

Burger King ( BKC): Bank of America/Merrill Lynch cuts stock to a neutral.

Potash ( POT): UBS ( UBS) cuts price target to $100.

Masco ( MAS): JPMorgan cuts rating to underweight; $6.50 price target.

Vodafone Group ( VOD): UBS cuts stock to a neutral.

Expeditors International ( EXPD): Credit Suisse ( CS) cuts stock to a neutral; $31 price target.

Humana ( HUM): Barclays Capital cuts estimates; $31 price target.

Themes/Plays:

Ultrashort Plays: Potential long play if market fails to follow-through this morning. I would look at ProShares UltraShort Financials ( SKF) and ProShares UltraShort Real Estate ( SRS).

Gold ( GLD): Prices are higher in the early going.

Oil ( USO): An up day is long overdue but action has been unimpressive for those that are sitting long.

Treasuries ( TLT): Pulling back for a second day in a row.

The keys to today's action will be Goldman and CSX. Dell is not as important as many are saying. The move in USO should be closely watched as well. If oil cannot rally at these levels, oil-related shares will likely break down, trapping many who are long from early June. There are lots of traders in these names right now from a perceived value standpoint.

Be sure to visit our complete recommended list of the Best Dividend Stocks as well as a detailed explanation of our ratings system.

At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.

Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.

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