U.S. stocks retreated on Monday morning ahead of tensions in Europe´s budget. The Dow Jones Industrial Average declined 0.35% to 26,354, the S&P 500 index slid 0.49% to 2,872, while the Nasdaq Composite Index fell by 1.26% to 7,690.
Shares of Conagra Brands Inc. (CAG, Financial) jumped more than 3% on Monday morning after analysts at UBS upgraded the company to a “Buy” rating from “Neutral.” They see growth tracks for the ConAgra and Pinnacle Foods businesses. The price target is $40, more than 14% from the current market price.
Shares of General Electric Company (GE, Financial) also jumped on Monday, after Barclays upgraded the stock to “Overweight” from “Equalweight.”
Last week, the company announced that former CEO John Flannery would step down and the chair will be occupied by Larry Culp Jr. "Even the most hardened skeptic might want to reconsider following the CEO change," wrote analyst Julian Mitchell.
Gainers
· H & R Block Inc. (HRB, Financial)
· Newell Brands Inc. (NWL, Financial)
· General Electric Co. (GE, Financial)
· Mattel Inc. (MAT, Financial)
Losers
· Salesforce.com Inc. (CRM, Financial)
· Align Technology Inc. (ALGN, Financial)
· Adobe Systems Inc. (ADBE, Financial)
· Advanced Micro Devices Inc. (AMD, Financial)
· Wynn Resorts Ltd. (WYNN, Financial)
Markets
The main European stock markets traded lower. The U.K.'s FTSE 100 lost 1.16%, France's CAC 40 fell 1.10%, Germany's Dax slid 1.10% and Spain's Ibex 35 swelled 0.59%.
In Asia, Japan's Nikkei 225 fell 0.80%, India’s BSE Sensex gained 0.28%, Hong Kong's Hang Seng retreated 1.39% and China's Shanghai Composite plummeted 3.72%.
Disclosure: The author holds no positions in any stocks mentioned.
