Mixed Open As Manufacturing Activity Falls
The markets opened mixed with the Dow slipping 9 points to 13,015 while Nasdaq gained 7 points to 3017 as November manufacturing activity fell to 49.5.
On the upside
Goldman Sachs upgraded Dell (Nasdaq: DELL) to a Buy rating and raised its price target from $9 to $13.
Sterne Agee upgraded Deckers Outdoor (Nasdaq: DECK) to a Buy rating and set a price target of $65.
The Wall Street Journal reported that Cerberus Capital Management will consider several options in a possible acquisition of Supervalu (NYSE: SVU).
On the downside
McMoRan Exploration (NYSE: MMR) reported limited success in its efforts to increase flow rate at its Davy Jones No. 1 well.
A Seeking Alpha contributor cautioned against buying shares of Peregrine Pharmaceuticals (Nasdaq: PPHM) whose stock price climbed last week on no apparent news.
Newsmagazine 60 Minutes reported allegations by doctors that Health Management Associates (NYSE: HMA) admitted patients regardless of medical necessity.
In the broad market, advancing issues outpaced decliners by a margin of more than 10 to 9 on the NYSE and by nearly 10 to 9 on Nasdaq. The Russell 2000 which tracks small cap stocks held steady at 822.
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