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  Archived JAGNotes For Friday, September 21, 2018
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Notes Posted On -- Friday September 21,2018

1)  06:13 am ET  The Wall Street Journal
Global Stocks Rise After Wall Street Hits New Highs - Global stocks extended their gains, capping a week where investors looked
past international trade tensions and bet that a strengthening U.S. economy could keep the rally intact.

Wells Fargo to Cut Jobs Over Next Three Years - Wells Fargo plans to cut as many as 26,500 jobs over the next three years as it
adjusts to changing consumer behavior and works to recover from a series of scandals that have gripped the bank for the past two
years.

Denmark Reopens Probe into Russia-Linked Money Laundering Case - Danish authorities reopened an investigation into a massive
Russia-linked money laundering scandal at Danske Bank, as investors looked to assess the impact the scandal will have on
Denmark's largest bank.

OPEC, Russia to Discuss Output as Iran Sanctions Bite - OPEC and its Russia-led counterparts meet this weekend to gauge
whether they need to boost output amid U.S. sanctions on Iran as international oil prices flirt with multiyear highs near $80 a
barrel.

Goldman's Top Stock-Trading Executive to Depart - Goldman Sachs's stock-trading chief is leaving the firm, the first senior
departure as incoming Chief Executive David Solomon sets priorities and puts his own team in place.

Nike Leads Rebound for Athletic Apparel Retailers - Nike's shares are up 36% this year, leading a resurgence in shares of
companies that sell athletic apparel, after worries about the rise of e-commerce hurt the group in previous years.

There Have Never Been So Many Bonds That Are Almost Junk - CFOs have been borrowing as much as they can get away with
without being classed as junk. That means a bigger slice of bonds face a downgrade from investment grades.
2)  06:23 am ET  J.P. Morgan Securities Inc.
(BZH)  Downgraded  JP Morgan lowered shares from Overweight to Neutral with a price target of $13. Beazer Homes closed at $12.06 
(CCS)  Downgraded  The firm lowered shares from Overweight to Neutral with a price target of $31.50. Century Communities closed at $28.25 
(MDC)  Downgraded  The firm lowered shares from Neutral to Underweight with a price target of $32. M.D.C. Holdings closed at $31.74 
3)  06:25 am ET  Guggenheim
(IAC)  Downgraded  The firm lowered shares from Buy to Neutral with a price target of $212. IAC/InterActiveCorp closed at $215.08 
(PAG)  Downgraded  The firm lowered shares from Buy to Neutral. Penske Automotive Group closed at $52.46 
4)  06:27 am ET  HSBC
(RDC)  Downgraded  The firm lowered shares from Buy to Hold with a price target of $17.40. Rowan Companies closed at $17.48 
5)  06:40 am ET  J.P. Morgan Securities Inc.
(JBT)  Downgraded  The firm lowered shares from Neutral to Underweight with a price target of $98. John Bean Technologies 123.55 
(JCI)  Downgraded  The firm lowered shares from Neutral to Underweight with a price target of $35. Johnson Controls closed at $36.60 
(ROP)  Downgraded  The firm lowered shares from Overweight to Neutral with a price target of $317. Roper Industries closed at $309.78 
(WSO)  Downgraded  The firm lowered shares from Neutral to Underweight with a price target of $176. Watsco closed at $179.21 
6)  06:42 am ET  Goldman Sachs
(BLUE)  Downgraded  The firm lowered shares from Conviction Buy to Buy with a price target of $288. bluebird bio closed at $141.90  
(NI)  Downgraded  Goldman Sachs lowered shares from Conviction Buy to Buy with a price target of $29. NiSource closed at $25.23 
7)  06:45 am ET  BMO Capital Markets
(AR)  Downgraded  The firm lowered shares from Outperform to Market Perform with a price target of $21. Antero Resources closed at $19.79 
8)  06:50 am ET  Morgan Stanley
(XEL)  Downgraded  Morgan Stanley lowered shares from Overweight to Equal Weight with a price target of $50. Xcel Energy closed at $47.35  
9)  06:56 am ET  J.P. Morgan Securities Inc.
(MTH)  Downgraded  The firm lowered shares from Overweight to Neutral with a price target of $46. Meritage Homes closed at $44.05 
(PHM)  Downgraded  The firm lowered shares from Overweight to Underweight with a price target of $28. PulteGroup closed at $26.39 
(VNTR)  Downgraded  The firm lowered shares from Overweight to Neutral with a price target of $10. Venator Materials closed at $9.99 
10)  07:31 am ET  Berenberg
(AA)  Initiated  The firm started coverage with a Buy rating and price target of $54. Alcoa closed at $42.93 
(CENX)  Initiated  The firm started coverage with a Sell rating and price target of $10. Century Aluminum closed at $13.00 
(FDX)  Initiated  The firm started coverage with a Buy rating and price target of $300. FedEx closed at $246.81  
(UPS)  Initiated  The firm started coverage with a Hold rating and price target of $125. UPS closed at $119.12 

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