The shares traded today unlike the normal way they do. Of course at these levels they may succumb to profit-taking at any moment. Of course that can change just check your screen just after midnight for some firm upgrading BBY's target. On that note I have been following ARIA for awhile now and the shares have plunged from above $17 to under $3 in less than two weeks because of it's cancer drug study being terminated by the FDA and ARIA. Well we saw Oppenheimer come out and bump BBY's target from $36 to $50 a near 39% increase in their price target a few days ago and Stifel did the same kind of upgrade days earlier. Now it is possible BBY may get their by year end who knows but what angers me about almost every analyst making bullish calls at market all-time highs is that Oppenheimer and William Blair & Co. came out today and downgraded ARIA from outperform to market perform. Stifel also cut their estimates on ARIA's cancer drug. Now I know biotech is different from retail but it took these firms two weeks to cut their ratings and estimates on ARIA when the shares closed at $2.67 on Friday. This is what we see everyday these analysts pile on and create bubbles in stocks and when something goes wrong they all do a 360 with their calls. What good are these overpaid pumpers? You and I could do a better job throwing darts at a list of stocks.
One more on the tape this morning if FB. This morning Needham upgrades FB to buy and raises their target to $65 from $37. Now FB is at a 52 week high, has more than doubled on one good report, and the piling on their each time it goes up is amazing. Suppose the next earnings report is weak then what do these analysts do? Also where was Needham between the $30's and $54 now? I guess the light went on today.
Here we go again look at TXN last night their profit was down 20% and guidance was below estimates the stock was down over a buck last night off the 52 week high. Last Friday WFC downgraded the semis after a great run for most of them and this morning a firm named Drexel upgrades a bunch of semis to Buy including TXN. This is exactly what I'm talking about.