Stock Picks: Chevron, NYSE Euronext, J. Crew, Analogic

Chevron Corp.: Bank of America Merrill Lynch analyst Doug Leggate lowered his rating on shares of Chevron Corp. (CVX) to neutral from buy on Mar. 10. In a note, Leggate said that in the near term, production for the second-largest U.S. energy company looks “flat”; the improving margin trend vs. the company’s peers is “largely done”, while “elevated” capital spending over the next few years would “challenge” relative returns.

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“Oil leverage differentiates CVX,” the analyst wrote, “but only the conviction that prices move higher drives upside vs. peers and is reflected in [the stock’s] relative performance within the [oil majors] group”.

Regarding Chevron’s refining and marketing business, Leggate said reducing refining exposure “is likely welcomed … [c]urrent downstream weakness is probably priced in [to the stock] while any reward for paring exposure at the low of the cycle may be limited”. [Read the full article]

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Chicago, IL ” March 11, 2010 ” announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Procter & Gamble (PG), McCormick (MKC), TiVo Inc. (TIVO), Comcast (CMCSA) and Best Buy (BBY).

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Recently, The Procter & Gamble Company (PG) voluntarily recalled two flavors of Pringles Chips in response to the recommendation from the Food & Drug Administration (FDA) to protect consumers from potential salmonella exposure. The flavors were Pringles Restaurant Cravers Cheeseburger potato crisps and Pringles Family Faves Taco Night potato crisps. However, the company confirmed that there have been no reports of salmonella-related illness in relation to these products. [Read the full article]

Read the balance of my morning comments, including the Metals, Softs, Energies and Grains, at my website. For my complete coverage, visit my commentary page at

The information in this Report and the opinions expressed are subject to change without notice. Neither the information nor any opinion expressed constitutes a solicitation by Rick Alexander or the Zaner Group of the purchase or sale of any futures or options. Futures and options trading is speculative in nature and involves risks. Spread trading is not necessarily less risky than outright positions. Futures and options trading is not suitable for all investors.

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