It was a buy the f&^&^ dip yesterday, right down to the closing bell as the market squeezed out a gain, after being down .5%+ early in the morning. The higher we go, the more folks will be calling a top. Time will tell, but i still think we are a few months off from that. The Bank of England Governor in waiting was doing some testimony today that helped prop the pound and boost futures. There are also notes and comments out from the ECB so may move markets a little. Same store sales numbers come out for january on retailers, so keep an eye on Macy's, JCP, Kohls, and others. Once again, I think the path of least resistance is up, and the VIX will be under $10 very soon.
We have earnings tonight with LNKD and CSTR being the headliners. Those will be the ones on the watchlist. DDD was great yesterday and looks good this morning making up for the PCLN and GMCR calls.
Here are some analyst changes this morning:
Green Mountain margins offset slower sales growth, says Lazard Capital
Lazard Capital says Green Mountain's better than expected margins in Q1 more than offset the company's slightly lower sales growth. The firm raised its price target for shares to $58 from $56 and keeps a Buy rating on the stock
Yelp price target raised to $27 from $24 at Cantor
Cantor increased its price target on Yelp after the company reported Q4 results that the firm views as strong. The firm sees several upcoming positive catalysts for the stock and maintains a Buy rating.
Goldman Sachs well-positioned, says Bernstein
After meeting with Goldman Sachs' CFO, Bernstein reports that the CFO is "cautiously optimistic about the 2013 operating environment." Bernstein is more optimistic about Goldman's outlook, as the firm thinks that the company is leveraged to an early stage rebound. Bernstein maintains a $170 price target and Outperform rating on the stock.
Visa downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo downgraded Visa citing valuation following the company's Q1 results. The firm raised its price target range for shares to $160-$165 from $150-$155.
BlackBerry upgraded to Outperform from Market Perform at Wells Fargo
Wells Fargo upgraded BlackBerry after transferring analyst coverage on expectations the company's gross margin will improve as BB10 device sales ramp. Wells says BlackBerry shares have generally trended in the direction of gross margin. The firm raised its price target range for shares to $19-$20 from $11-$13.
I plan on looking for some FEB 16th calls for LNKD as well as some FEB 16th from CSTR. I may play NFLX calls as well betting on a move higher if CSTR smashes.
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Lets have a great day!!