Midday Movers: CCL, JCP & More
Senior Editor, CNBC
Take a look at some of Monday's midday movers:
Stock momentum was to the downside following developments in Cyprus over the weekend. On the S&P 500, losers outpaced winners by about a 4:1 ratio.
Carnival was lower after Moody's cut its outlook on the cruise company to "negative" citing recent malfunctions onboard ships and its potential impact on demand, pricing and reputation.
JCPenney was higher following two upbeat notes from analysts. ISI Group says the worst is priced in and that the retailer could potentially unlock shareholder value by isolating its top 300 or so locations into a "REIT-like entity which could drastically change the way the market values JCP."
Another analyst, Oppenheimer wrote favorably about JCPenney's launch of its new Joe Fresh shop-in-shops.
Micron Technology was lower after Susquehanna downgraded its rating on the company to "negative" from "neutral" and cut its price target to $8 from $9 a share.
ValueClick was up sharply after Jefferies upgraded the digital marketing company to a "buy" from "hold" with a price target of $35. The Jefferies analyst was impressed by the company's new chief executive, John Giuliani and said that he is "very experienced" and "energetic" and is also "properly focused on a unified strategy to cross-sell clients."
Intuitive Surgical popped on an upgrade to "buy" from "hold" at Cannaccord Genuity, while price target was decreased to $527 from $590. The company has been under pressure following a report critical of aggressive marketing techniques claiming advantage for certain robotic surgeries.
—By CNBC's Lori Spechler
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