#$dgly

[jamielissettehammerstone]

Demark 13 first time in forever? SPY heading for a fall

As seen on Hammerstone Feed earlier : 

jamie_lissette (10:50:37 AM):  xxxxxxxxx not that this means anything, but was flipping thru charts last night and i think the spx is hitting a monthly demark 13 this month - i don't think that's ever happened - it's rare because the month timeframe is so long xxxxxxxx  i put little faith in the immediacy of his stuff but when you look longer term, it does usually pan out 

[jamielissettehammerstone]

Early Look at the Hammerstone Report (Street Rec's Roundup)

Street Recommendations

Wednesday, September 3, 14

BANK AMERICA:

ABB upgraded neutral to buy

  BARCLAYS:

WMS init OW and $22 tgt

Luxury Goods - downgrade Prada to Underweight and reduce our price target to HKD 46 implying 17% downside. We see a risk to earnings as increasing competition impacts retail performance and causes deleverage…upgrade Hugo Boss to Equal Weight

  BERNSTEIN:

TTM downgraded OP to MP

CANACCORD:

CONN - price target moves to $40 from $71 amid persistent volatility in the credit business

P - August ad load expands slightly; old and young listeners still lag

  COWEN:

PMC upgraded MP to OP

  CREDIT SUISSE:

ALXN assuming neutral and $179 tgt

BMRN assuming OP and $74 tgt

MDVN assumed OP and $98 tgt

NCT reinstated OP and $16.50 tgt

ARNA assuming UP and $3.50 tgt

OREX assumed OP and $10 tgt

VVUS assumed neutral and $5 tgt

DNDN assumed neutral and $1.50 tgt

SI - reiterate Outperform and tgt Eu115 and remains our top pick in European Capital Goods

QCOM – lower estimates to further account for the impact of non-paying Chinese vendors continuing through 2015

  DEUTSCHE BANK:

WMS init buy and $24 tgt

SFG init hold and $67 tgt

CENX init buy and $30 tgt

  DREXEL:

ALLY init buy and $28 tgt

  FBR CAPITAL:

KEX - believe shares could see continued upside from here (our $145 price target implies 20% potential upside, but cycle peak potentially much higher) given robust strength across Kirby's business segments

Mortgage REITs – defending group (TWO) on yesterday's weakness following FHFA proposal of a draft rule that would eliminate mortgage REITs from having access to FHLB funding.

  GOLDMAN SACHS:

DGX upgraded to conviction buy list

ALR downgraded neutral to sell – says while growth and margins should improve modestly in 2015, we take a below-consensus view on revenue/EPS for the next few years

SRCL downgraded buy to neutral on valuation

EXAS  tgt raised to $26 from $19

  JEFFERIES:

Dry Bulk shipping - believe the dry bulk shipping market is poised to strengthen through at least 2015 - SALT init buy and $13 tgt, SBLK init buy and $21 tgt, VLCCF init buy and $15 tgt, GSKNF init buy and $29 tgt

RCL tgt raised to $73 and maintain buy - expect the relative outperformance against CCL (where we maintain our Underperform recommendation) to continue

  JMP SECURITIES:

ARMH – reit OP due to the upcoming iPhone 6 unveiling, the development of fresh internet and credit card security concerns, and recent industry checks that we see increasing the adoption of ARM® TrustZone® technology

EPZM – reit OP and $40 price target after the company announced the resignation of President and CFO, Jason Rhodes

TTPH tgt raised to $20 from $16 - Eravacycline comes in strong in first look at pivotal program, boding well for potential superiority

  JP MORGAN:

ASMI downgraded OW to neutral

KERX - believe most investors at this point expect the FDA to approve Zerenex for the treatment of hyperphosphatemia in patients with ESRD, which is likely contributing to the strong recent run in the share price

  KEYBANC:

OEC init buy and $22 tgt

  LONGBOW:

BDBD upgraded neutral to buy

  MAXIM:

KSS upgraded hold to buy and raise tgt to $68 from $48

CYS downgraded buy to hold

  MORGAN STANLEY:

Telecom industry downgraded to cautious; FTR downgraded EW to UW and AMT downgraded OW to EW due to fair valuation, and overhangs related to international expansion

  NEEDHAM:

AVNW upgraded hold to buy

  NOMURA:

JPM upgraded neutral to buy

BAC downgraded buy to neutral

  OPPENHEIMER:

LOXO init OP and $20 tgt

  PACIFIC CREST:

AAPL - recommend taking profits in AAPL. Unless next week's event details massive incremental profit opportunities, we are likely to downgrade AAPL's rating

Comm Tech - are buyers of EQIX and CCOI as each should benefit from an accelerating trend of enterprises moving to the cloud. EQIX benefits from the growing optionality demand for cloud providers, while CCOI benefits as a result of increased connectivity demands to the cloud

  RW BAIRD:

CNQR downgraded OP to neutral

  STERNE AGEE:

FITB - reiterate our Buy rating and $25 price target as it remains one of the most profitable regional banks in the U.S.

TOL - reiterate our Underperform rating on TOL. F3Q14 EPS exceeded our estimate, but F3Q14 order growth was below our assumptions. We view the shares as fully valued at current levels

Memory/DRAM - believe despite much press commentary out there, our checks indicate NAND-DRAM demand continues to be stable; believe unlike the past history, any pricing softness in NAND-DRAM will be more modest given tight supply control, low inventory implying balanced 2H14-1H15 supply-demand

  STIFEL:

CHRW downgraded buy to hold

ECHO downgraded hold to sell

CNK upgraded hold to buy

CORR upgraded hold to buy

  UBS:

ATHL; notes strong well results update; more catalysts ahead

PCG - Despite the lower estimates, we are raising our PT $3 to $46 on a higher utility multiple and removing the previous -7.5% discount vs peers. We continue to see the current 3% premium PCG trades as unwarranted given the high likelihood of 1-2 years of legal uncertainty

  WEDBUSH:

LL upgraded neutral to OP

  WILLIAM BLAIR:

EXAS - Meetings w/ CEO were informative and mgmt. remains quite confident on their outlook

HMSY - Recent court documents suggest CMS is set to award the Medicare RAC contracts on Oct. 22…continue to view the Medicare RAC awards as a key catalyst for the stock

        Rating abbreviations…

***OP = outperform

***SP = sector perform

***UP = Underperform

***OW = Overweight

***EW = Equal-weight

***UW = Underweight