MARKETS

09:30 A.M

European markets are trading moderately higher this morning building on the recovery seen in late trading yesterday afternoon. However it is questionable if markets will be finally managing to break out of the rather tight trading range seen over the past few days as there is little new economic data scheduled for release. The markets seem to be fairly content at the moment with current levels, with more economic, corporate data or fresh developments concerning the European financial crisis needed in order to be able to move out of the current trading range. Because of this intraday moves to either sides are likely to be reversed are at least should see some profit taking with traders remaining hesitant to carry major positions overnight.

Overnight Moody’s downgraded Italy’s bond rating which doesn’t necessarily come as a surprise as yields have been staying at elevated levels for quite some time indicating concerns by investors that the European financial crisis might be spreading to Italy from other already heavily affected countries like Greece and Spain.

However rather questionable is the timing of Moody’s rating actions as today Italy is trying to raise money via several bond auctions potentially pushing yields demanded by investors still higher yet. A huge jump in Italian bond yields caused by weak demand could once again exert heavy pressure on stocks as it will bring the European financial crisis once again in the spotlight.

Furthermore Chinese GDP came in as expected however posting the lowest reading in about three years, combined with inflation having fallen to the lowest level in close to 30 months this should leave plenty of scope for further cut in interest and reserve rates and implementation of additional stimulus measures. Around lunchtime focus will be turning to the US with banking heavyweights JPMorgan and Wells Fargo reporting quarterly earnings.

Markus Huber - Head of German HNW Trading - ETX Capital - www.etxcapital.com

11:00 A.M

Alors sauvés ?

Lors du dernier Sommet des 28 et 29 juin, la crainte d'implosion de la zone euro affectant par ricochet le monde entier, a déclenché un sursaut de l'Union Européenne et plus seulement d'un Eurogroupe tétanisé car trop dominé par l'Allemagne et son approche rigoriste. D'où cette affirmation, probablement soufflée par l'Angleterre et les Etats-Unis, d'une « volonté de prendre toutes les mesures nécessaires pour calmer la tension sur les marchés, restaurer la confiance et ramener la croissance ».

Il était temps de s'affranchir de l'approche exclusivement technocratique et comptable de la résolution de la crise et, en ce sens, une étape importante a certainement été franchie.

L'impact des signaux positifs adressés aux marchés a d'ailleurs été immédiat : forte baisse des taux italiens et espagnols, hausse des marchés d'actions et notamment, des valeurs bancaires.

Pour autant, on peut regretter qu'un pas supplémentaire plus marqué n'ait pas été fait en direction de la BCE, donnant à cette dernière tous les pouvoirs associés traditionnellement à une banque centrale de plein exercice. Il est probable que, dans les prochains mois, les opérateurs de marchés resteront attentifs à l'évolution des prérogatives de cette institution comme ils le seront aux traductions concrètes des promesses qui ont été faites de recapitaliser les banques européennes les plus fragiles, espagnoles notamment, par le biais du fonds de soutien de la zone euro.

En effet, ne nous y trompons pas, les décisions prises fin juin - et dont l'application reste à venir - permettront peut-être d'éviter une spirale négative en Europe et dans le reste du monde et en ce sens elles peuvent contribuer à améliorer, pour les chefs d'entreprises et en Asie notamment, un climat qui devenait dangereusement attentiste. Elles ne permettent toutefois pas, à ce stade, d'envisager une réelle reprise de l'activité économique mondiale qui reste encore fragile, que ce soit en Chine, aux Etats-Unis et, naturellement, en Europe.

Alors, sauvés ? Sans doute pas, ou pas encore mais il est incontestable, pour reprendre l'aphorisme d'un chef d'Etat africain, que l'Europe qui était au bord du gouffre a fait, avec le sommet de fin juin, un grand pas…en arrière, afin d'éviter une chute irréversible.

KBL RICHELIEU GESTION
PARIS, July 12, 2012
www.kblrichelieu.fr

RATINGS by Thomson Reuters (http://www.analystratings.net)

10:00 A.M
Equity Briefing: Stock Analysts' Downgrades for July 12th (1)
A number of stocks were downgraded by equities research analysts today, as reported by Analyst Ratings Network:

Archer Daniels Midland Company (NYSE: ADM) was downgraded by analysts at Morgan Stanley from an "overweight" rating to an "equalweight" rating.
ADTRAN, Inc. (NASDAQ: ADTN) was downgraded by analysts at Capstone from a "buy" rating to a "hold" rating. They now have a $26.00 price target on the stock, down previously from $38.00. It was also downgraded by analysts at MKM Partners from a "neutral" rating to a "sell" rating.
AMERIGROUP Co. (NYSE: AGP) was downgraded by analysts at JPMorgan Chase from a "neutral" rating to an "overweight" rating. They now have a $70.00 price target on the stock, down previously from $92.00. The stock was downgraded by analysts at Morgan Stanley from an "overweight" rating to an "equal weight" rating and was downgraded by analysts at Raymond James from an "outperform" rating to a "market perform" rating.
American States Water Company (NYSE: AWR) was downgraded by analysts at Brean Murray from a "buy" rating to a "hold" rating. They noted that the move was a valuation call.
Banco Bilbao Vizcaya Argentaria SA (NASDAQ: BBVA) was downgraded by analysts at Credit Suisse from an "outperform" rating to a "neutral" rating.
Dominion Resources, Inc. (NYSE: D) was downgraded by analysts at Atlantic Securities from an "overweight" rating to a "neutral" rating.
DragonWave Inc (NASDAQ: DRWI) was downgraded by analysts at Raymond James from an "outperform" rating to a "market perform" rating.
El Paso Electric (NYSE: EE) was downgraded by analysts at Jefferies Group from a "buy" rating to a "hold" rating.
Family Dollar Stores, Inc. (NYSE: FDO) was downgraded by analysts at Bank of America from a "neutral" rating to an "underperform" rating. They now have a $71.00 price target on the stock, up previously from $60.00.
Georgia Gulf (NYSE: GGC) was downgraded by analysts at JPMorgan Chase from an "overweight" rating to a "neutral" rating.
Hormel Foods Co. (NYSE: HRL) was downgraded by analysts at Janney Montgomery Scott from a "neutral" rating to a "sell" rating.
JA Solar (NASDAQ: JASO) was downgraded by analysts at Piper Jaffray from an "overweight" rating to a "neutral" rating.
LDK Solar (NYSE: LDK) was downgraded by analysts at Piper Jaffray from a "neutral" rating to an "underweight" rating. They now have a $2.50 price target on the stock, up previously from $1.00.
L'Oreal (NASDAQ: LRLCY) was downgraded by analysts at ING Group from a "hold" rating to a "sell" rating.
Lexmark International, Inc. (NYSE: LXK) was downgraded by analysts at Barclays Capital from an "equal weight" rating to an "underweight" rating.
Perrigo (NASDAQ: PRGO) was downgraded by analysts at Canaccord Genuity from a "buy" rating to a "hold" rating. They now have a $125.00 price target on the stock. They noted that the move was a valuation call.
Red Hat (NYSE: RHT) was downgraded by analysts at Oppenheimer from an "outperform" rating to a "market perform" rating. They now have a $56.00 price target on the stock.
Smithfield Foods, Inc. (NYSE: SFD) was downgraded by analysts at Bank of America from a "buy" rating to an "underperform" rating.
Statoil (NYSE: STO) was downgraded by analysts at Nomura from a "neutral" rating to a "reduce" rating.
Supervalu (NYSE: SVU) was downgraded by analysts at Longbow Research from a "buy" rating to a "neutral" rating.
Supervalu (NYSE: SVU) was downgraded by analysts at JPMorgan Chase from an "overweight" rating to a "neutral" rating.
Trina Solar (NYSE: TSL) was downgraded by analysts at Piper Jaffray from an "overweight" rating to a "neutral" rating. They now have a $6.60 price target on the stock, up previously from $6.00.
Tyson Foods, Inc. (NYSE: TSN) was downgraded by analysts at Bank of America from a "buy" rating to an "underperform" rating.
Tyson Foods, Inc. (NYSE: TSN) was downgraded by analysts at Morgan Stanley from an "equalweight" rating to an "underweight" rating.
Yingli Green Energy Hold. Co. Ltd. (NYSE: YGE) was downgraded by analysts at Piper Jaffray from an "overweight" rating to a "neutral" rating. They now have a $4.00 price target on the stock, up previously from $3.00.

11:00 A.M
Stock Analysts' New Coverage for July 12th: AMZN, CMA, CUR, EMC, IBM, IMPV, JNPR, KIOR, LTM, MCO, VPHM, VSCI
Equities research analysts initiated coverage on a number of stocks today, as reported by Analyst Ratings Network:

Amazon.com, Inc. (NASDAQ: AMZN) is now covered by analysts at BMO Capital Markets. They set a "market perform" rating on the stock.
Comerica (NYSE: CMA) is now covered by analysts at Guggenheim. They set a "neutral" rating on the stock.
Neuralstem Inc. (NYSE: CUR) is now covered by analysts at Aegis. They set a "buy" rating on the stock.
EMC Corp. (NYSE: EMC) is now covered by analysts at UBS AG. They set a "buy" rating on the stock.
IBM (NYSE: IBM) is now covered by analysts at UBS AG. They set a "neutral" rating on the stock. They set a $205 price target on the stock.
Imperva Inc. (NASDAQ: IMPV) is now covered by analysts at Wedbush. They set a "neutral" rating and a $34.00 price target on the stock.
Juniper Networks (NASDAQ: JNPR) is now covered by analysts at JMP Securities. They set a "market perform" rating on the stock.
KiOR Inc (NASDAQ: KIOR) is now covered by analysts at Goldman Sachs. They set a "neutral" rating on the stock.
Life Time Fitness (NYSE: LTM) is now covered by analysts at Stifel Nicolaus. They set a "hold" rating on the stock.
Moodys Corporation (NYSE: MCO) is now covered by analysts at BTIG Research. They set a "sell" rating and a $28.00 price target on the stock.
ViroPharma Incorporated (NASDAQ: VPHM) is now covered by analysts at Wells Fargo & Co.. They set a "market perform" rating on the stock.
Vision-Sciences Inc. (NASDAQ: VSCI) is now covered by analysts at Lazard Capital. They set a "buy" rating on the stock.

06:00 P.M
Equity Briefing: Stock Analysts' Downgrades for July 12th: AEC, DRWI, EW, FIS, N, SKS
A number of stocks were downgraded by equities research analysts today, as reported by Analyst Ratings Network:

Associated Estates (NYSE: AEC) was downgraded by analysts at Robert W. Baird from an "outperform" rating to a "neutral" rating. They now have a $16.00 price target on the stock, down previously from $20.00.
Corus Entertainment Inc. (NYSE: CJR) was downgraded by analysts at Canaccord Genuity from a "buy" rating to a "hold" rating.
Dean Foods Co (NYSE: DF) was downgraded by analysts at Goldman Sachs from a "buy" rating to a "neutral" rating. They now have a $17.00 price target on the stock.
DragonWave Inc (NASDAQ: DRWI) was downgraded by analysts at TD Securities from a "hold" rating to a "reduce" rating.
Edwards Lifesciences (NYSE: EW) was downgraded by analysts at Credit Suisse from an "outperform" rating to a "neutral" rating. They now have a $110.00 price target on the stock. They noted that the move was a valuation call.
Fidelity National Information Services (NYSE: FIS) was downgraded by analysts at Robert W. Baird from an "outperform" rating to a "neutral" rating. They now have a $38.00 price target on the stock, down previously from $40.00. They noted that the move was a valuation call.
IDEXX Laboratories, Inc. (NASDAQ: IDXX) was downgraded by analysts at Stephens from an "equal weight" rating to an "underweight" rating.
Infosys Technologies Ltd (NASDAQ: INFY) was downgraded by analysts at Barclays Capital from an "overweight" rating to an "equal weight" rating.
NetSuite Inc. (NYSE: N) was downgraded by analysts at Credit Suisse from an "outperform" rating to a "neutral" rating.
Gazprom OAO (NASDAQ: OGZPY) was downgraded by analysts at ING Group from a "buy" rating to a "hold" rating.
PulteGroup, Inc. (NYSE: PHM) was downgraded by analysts at MKM Partners from a "buy" rating to a "neutral" rating.
Parkway Prop (NYSE: PKY) was downgraded by analysts at Stifel Nicolaus from a "buy" rating to a "hold" rating.
The Ryland Group, Inc. (NYSE: RYL) was downgraded by analysts at Credit Suisse from an "outperform" rating to a "neutral" rating. They now have a $25.50 price target on the stock. They noted that the move was a valuation call.
Sigma Designs Inc. (NASDAQ: SIGM) was downgraded by analysts at UBS AG from a "neutral" rating to a "sell" rating.
Saks Inc (NYSE: SKS) was downgraded by analysts at Credit Suisse from a "neutral" rating to an "underperform" rating. They now have a $120.00 price target on the stock, up previously from $9.00.
Saks Inc (NYSE: SKS) was downgraded by analysts at Bank of America from a "neutral" rating to an "underperform" rating.
Total System Services, Inc. (NYSE: TSS) was downgraded by analysts at Barclays Capital from an "overweight" rating to an "equal weight" rating

06:00 P.M
Equity Briefing: Stock Analysts' New Coverage for July 12th: CRM, FNSR, JDSU, PVH
Equities research analysts initiated coverage on a number of stocks today, as reported by Analyst Ratings Network:

Arris Group, Inc. (NASDAQ: ARRS) is now covered by analysts at Maxim Group. They set a "buy" rating and a $17.00 price target on the stock.
Callidus Software Inc. (NASDAQ: CALD) is now covered by analysts at ThinkEquity. They set a "buy" rating on the stock.
Corcept Therapeutics Incorporated (NASDAQ: CORT) is now covered by analysts at Bank of America. They set an "underperform" rating on the stock.
Salesforce.com (NYSE: CRM) is now covered by analysts at ThinkEquity. They set a "buy" rating and a $155.00 price target on the stock.
Cornerstone OnDemand (NASDAQ: CSOD) is now covered by analysts at ThinkEquity. They set a "buy" rating on the stock.
Echo Therapeutics (NASDAQ: ECTE) is now covered by analysts at Wunderlich. They set a "hold" rating and a $1.75 price target on the stock.
Ellie Ma (NASDAQ: ELLI) is now covered by analysts at ThinkEquity. They set a "buy" rating on the stock.
Emcore Corporation (NASDAQ: EMKR) is now covered by analysts at FBR Capital. They set an "outperform" rating and a $6.50 price target on the stock.
Emcore Corporation (NASDAQ: EMKR) is now covered by analysts at Needham & Company. They set a "buy" rating on the stock.
FLIR Systems, Inc. (NASDAQ: FLIR) is now covered by analysts at Drexel Hamilton. They set a "buy" rating and a $22.00 price target on the stock.
Fabrinet Ordinary (NYSE: FN) is now covered by analysts at Needham & Company. They set a "hold" rating on the stock.
Finisar (NASDAQ: FNSR) is now covered by analysts at Needham & Company. They set a "hold" rating on the stock.
First Industrial Realty Trust Inc (NYSE: FR) is now covered by analysts at Stifel Nicolaus. They set a "hold" rating and a $50.00 price target on the stock.
Great Plains Engy (NYSE: GXP) is now covered by analysts at Ladenburg Thalmann. They set a "buy" rating on the stock.
Harmonic (NASDAQ: HLIT) is now covered by analysts at Maxim Group. They set a "hold" rating on the stock.
HeartWare (NASDAQ: HTWR) is now covered by analysts at Goldman Sachs. They set a "neutral" rating on the stock.
JDS Uniphase Co. (NASDAQ: JDSU) is now covered by analysts at Needham & Company. They set a "hold" rating on the stock. They noted that the move was a valuation call.
Micros Systems Inc (NASDAQ: MCRS) is now covered by analysts at Compass Point. They set a "neutral" rating and a $50.00 price target on the stock.
Melco Crown Entertainment Limited (NASDAQ: MPEL) is now covered by analysts at Janney Montgomery Scott. They set a "buy" rating on the stock.
NetSuite Inc. (NYSE: N) is now covered by analysts at ThinkEquity. They set a "hold" rating on the stock.
Neophotonics Corp. (NASDAQ: NPTN) is now covered by analysts at Needham & Company. They set a "hold" rating on the stock.
Novadaq Technologies Inc. (NASDAQ: NVDQ) is now covered by analysts at Wunderlich. They set a "hold" rating and a $8.00 price target on the stock.
Oclaro, Inc. (NASDAQ: OCLR) is now covered by analysts at Needham & Company. They set a "hold" rating on the stock.
Pacific Drilling S (NASDAQ: PACD) is now covered by analysts at Global Hunter Securities. They set a "buy" rating and a $12.00 price target on the stock.
Verifone (NYSE: PAY) is now covered by analysts at Compass Point. They set a "neutral" rating and a $38.00 price target on the stock.
Pharmacyclics, Inc. (NASDAQ: PCYC) is now covered by analysts at Sanford C. Bernstein. They set a "market perform" rating and a $51.00 price target on the stock. They noted that the move was a valuation call.
Phillips-Van Heusen (NYSE: PVH) is now covered by analysts at Lazard Capital. They set a "buy" rating on the stock.
Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) is now covered by analysts at Bank of America. They set a "buy" rating and a $60.00 price target on the stock.
Ubiquiti Networks (NASDAQ: UBNT) is now covered by analysts at Capstone. They set a "buy" rating and a $18.00 price target on the stock.
Valeant Pharmaceuticals (NYSE: VRX) is now covered by analysts at Goldman Sachs. They set a "neutral" rating on the stock.
Wabash National Co. (NYSE: WNC) is now covered by analysts at FBR Capital. They set an "outperform" rating and a $9.00 price target on the stock.

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