The S&P 500 (^GSPC) suffered its steepest slide since mid-November amid signs the Fed is finally growing uneasy about its policy of easy money. Homebuilders slumped, so Elvis was shrewd to have left the building, but Mr. Costello may want to rethink his aversion to going to Chelsea after Chelsea Therapeutics (CHTP) surged 153.90% to top the Nasdaq (^IXIC).
The world waited on every word from a blonde with a raspy voice. But enough about Scarlett Johansson, for it was Marissa Mayer who unveiled a new homepage for Yahoo (YHOO). It still wasn't enough to stop the stock falling 1.74%, but the Silicon Valley CEO has undeniably shattered glass ceilings, which Kellogg (K) appropriately honored by including some seriously sharp shards in its Special K cereal. (Its shares hit an all time high on the news.)
Sun newspaper owner News Corp (NWSA), whose naked Page Three girls are in jeopardy, also reached a record, but Office Depot (ODP) slumped 16.73% after burying a $1.19 billion merger announcement on page four.
We get a trifecta of economic data today at 10:00 a.m. Eastern, with January leading indicators and existing home sales, plus the Philadelphia Fed Index for February, all due at that time. In earnings action, Allianz (AZSEY), American International Group (AIG), AXA Group (AXAHY), BAE Systems (BAESY), Chesapeake Energy (CHK), Hewlett-Packard (HPQ), Nordstrom (JWN), Safeway (SWY), Swiss Re (SSREY), and Wal-Mart (WMT) are all expected to release results.
AMR Corp. (AAMRQ): The airline is established at an Overweight with JPMorgan, whose price target is $6.50.
ARM Holdings (ARMHF): Canaccord begins Buy rated research on the company, a key Apple Inc. (AAPL) supplier whose shares have surged 54.59% in the past year. Its price objective is $50 amid the company's overwhelming market share in smartphones and tablet and steady stream of recurring royalties.
Cerner (CERN): The stock is assigned a Neutral at B. Riley Caris, whose target price is $91.
Magellan Petroleum (MPET): C.K. Cooper covers the microcap with a Buy rating and $1.50 price objective. Catalysts include CO2 development and potential monetization of its international assets.
Proto Labs (PRLB): The stock is picked up with an Equal-Weight at Morgan Stanley.
SABMiller (SBMRY): The brewing behemoth is a new Neutral at JPMorgan.
(See also: Stock Upgrades: Groupon Is Today's Deal of the Day and Stock Downgrades: Cutting the Cord on VeriFone.)
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