The markets were positive to start the new year though they mostly closed off their highs of the session. The Dow 30 was up 53, the S&P 500 was up 11, and the Nasdaq 100 added 25. Tomorrow the focus will be on the FOMC minutes which will be released in the afternoon.
Abercrombie & Fitch (NYSE: ANF) shot down to new lows today as the retailer was downgraded by two big analyst firms to start off the new year. Oppenheimer cut its rating on the stock to under perform while Jefferies lowered its rating to hold from buy. Shares were able to recover from the downgrades and finish up 0.50% for the day but still remain at 52 week lows.
Groupon (NASDAQ: GRPN) popped 4.52% today on news that RBC upgraded Groupon to market perform from under perform and reiterated its price target of $4. RBC's Mark Mahaney said "the stock's drop of more than 40% in the last five months has brought it back to a reasonable valuation." Shares of the stock are down over 40% from the highs set back in August.
Walt Disney (NYSE: DIS) added 1.52% today as Evercore ISI upgraded Walt Disney to buy from hold and raised its price target to $120 per share. According to their notes the firm thinks Disney is positioned to benefit from an improving economic environment. That news sent shares to new 52 week highs on average volume.
Nike (NYSE: NKE) added 2.20% today as Jefferies named the stock its best new idea for 2017. The investment firm reiterated a buy rating on the stock with a price target of $75 per share. Shares under performed through the holiday season with only a modest 2% gain since Thanksgiving.