Facebook Gets an Upgrade

The S&P 500 is down this morning but we’re still above the key 1,400 level. Here’s an interesting fact I noticed this morning: When the S&P 500 first got to where we are today, Barack Obama was 37 years old.

Speaking of President Obama, the White House issued a report this morning saying that if Congress doesn’t act on the “Fiscal Cliff” (a registered trademark of CNBC), all sorts of awful terrible things are going to happen. The financial media says that this is why the markets are down. I can’t say if that’s true (who knows why the market does what it does?) but I wouldn’t think a report like that would scare traders for long.

According to the AP, Americans spent $59 billion over the Black Friday weekend. That’s up 13% from last year and an all-time record. I should add Barry Ritholtz’s advice to be very wary of any claims of robust Black Friday sales.

Facebook ($FB) is up this morning to $25.72 as an analyst at Bernstein raised his price target to $33. Sorry, but I still think that’s way too high.

Ethan Allen ($ETH) has had a very strong year. The company just announced a 41-cent special dividend. I love seeing that. Most companies would be tempted to waste it on a poor acquisition. Why not give it back to the owners? Good for ETH.

I sent out the latest CWS Market Review last night (a bit delayed due to Thanksgiving). In it, I mentioned the upcoming earnings report from Jos. A Bank ($JOSB) but noted that the company hadn’t yet set an earnings date. This morning, the company said it will hold its conference call on Thursday morning so I assume the earnings will come out earlier that morning. Wall Street expects earnings of 55 cents per share which would be a one penny increase over last year.

Seth Jayson at the Motley Fool has a nice write-up on Moog ($MOG-A).

Posted by on November 26th, 2012 at 10:38 am

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