Daily Wrap

The markets started today with another gap down and twice tried to rally and failed.  he first rally started roughly around noon and continued until the Fed minutes were announced which then sent the S&P tumbling quickly to new lows for the day but that dip was bought and in a volatile hour was not only higher but positive on the day.  As soon as the gains were had they were lost and the final hour of trading again sent shares lower closing above but near the lows of the day.

In economic date we had existing home sales come in slightly better than expected and of course the Fed Meeting Minutes.  There was not a broad change in stance nor was there clarity regarding a tapering or when it might take place.  The volatile action we saw in the market was likely more due to continued uncertainty about what might happen than it was a disapproval of what was said.  Tomorrow we will get Unemployment claims and Manufacturing PMI before the open and it is Day 1 of Jackson Hole although with Ben not attending we should not expect much news.

Stock Stories:

Making news today included Target (TGT) which lost over 3% after reporting disappointing Q2 earnings and also cutting full year same-store-sales estimates in half.

Another loser on earnings was Staples (SPLS) which way back was a long trade idea posted here and on StockTwits (WSConsensus) which worked well.  Today was a different story as shares were sent tumbling over 15% on a Q2 miss and 2013 guidance that was well below the street.  Analyst firm B. Riley came out in defense of SPLS stating the sell off was over done and noting a Buy rating with $18 price target.

On the upside shares of Incyte (INCY) gained 33.48% on positive results from the Phase II trial of Ruxolitinib.Analysts were also active on this name, mainly positive comments but the top target I saw was $41 not leaving too much room to the upside on this already now extended name.

Instead of like normally where I highlight a few analyst notes that caught my eye, I am pasting some screen shots of the new Upgrades/Downgrades section where I provide all the analysts comments I find for the day that include price targets and then put those in context by noting how far from the target the stock is trading.  I look forward to continuing to provide this research and expanding if possible.