Author: FX_Trdr

The Obama administration and House of Representatives Speaker John Boehner continue to ridicule the negotiating stances of the other side with Boehner saying the White House’s plan couldn’t pass either chamber of Congress.

Stocks traded mostly flat today over lingering worries over the fiscal cliff. Big Lots (BIG) raised its full-year adjusted earnings loss after posting a smaller-than-expected quarterly loss, sending shares higher today.

Royal Bank of Canada (RY) was initiated with a buy rating by Citigroup (C) as the firm believes that the bank is better positioned than the market believes. A $67 price target was issued.

Apple (AAPL) had its estimates and price target increased by Sterne Agee as lead times for the new iPhone are improving. An $840 price target was set with a buy rating.

IAC/InterActiveCorp (IACI) was downgraded by Goldman Sachs (GS) to sell with a price target of $42 due to increasing competition in the search business. Shares are lower by about 8.3 percent.

Francesca’s Holdings (FRAN) was upgraded by Jefferies (JEF) from hold to buy with a price target of $38, as the firm expects a strong holiday season for the company. Shares are higher by about 2.8 percent.

In trading on Tuesday, airlines shares were relative leaders, up on the day by about 1.4%. Leading the group were shares of Pacer International (PACR), up about 8.9% and shares of Copa Holdings SA (CPA) up about 3.5% on the day.

Toll Brothers (TOL) announced that it earned $411.4 million or $2.35 per share, in the fiscal fourth quarter, versus $15 million, or 9 cents per share, in the same period last year, mainly due to a $350.7 million tax benefit. Revenue was higher by 48 percent to $632.8 million, beating expectations of $565.1 million.

EU finance ministers fail to reach agreement on a new ECB-led system of banking supervision in Europe – more talks are now planned. Ivor Bennett reports

Stocks remained in negative territory for most of the day as investors worried about the looming fiscal cliff, even as House Republicans submitted a deal to the President. The GOP today unveiled a plan that reportedly includes tax and healthcare reforms, but keeping so called Bush tax cuts in place.