Stocks quoted in this article:
Credit Suisse First Boston (CSFB) is among the largest brokerage firms in the world. Its size is poised to increase dramatically in the near future, as it is acquiring Donaldson, Lufkin and Jenrette.
This morning well ahead of the open, the brokerage firm initiated coverage on a number of retailers. Electronics retailers Circuit City Stores (CC – 19-13/16) and Best Buy (BBY – 43-1/8) were initiated with a "buy" and "strong buy" rating, respectively. Office-supply names Office Depot (ODP – 6-7/16) and OfficeMax (OMX – 3) each debuted with "hold" ratings, while competitor Staples (SPLS – 11-1/4) was named a "buy." Toys "R" Us (TOY – 15-7/16) was also named a "hold" in new coverage at CSFB. Home-improvement retailers Home Depot (HD – 35-15/16) and Lowe's (LOW – 38-1/4) were each listed as "buys," and AutoZone (AZO – 24-11/16) was named a new "buy" as well. Finally, CSFB started booksellers Barnes & Noble (BKS – 17-5/8) and Borders Group (BGP – 13-3/8) with a "buy" and a "hold" rating, respectively.
The return on all of these retailing names today is primarily slanted to the negative. All of the aforementioned equities are lower on the day, except for SPLS, which is modestly higher and BGP, which is flat. BBY and HD are the steepest laggards today, pulling back 6.4 percent and 4.3 percent, respectively.<