Stocks quoted in this article:
H.J. Heinz (HNZ - 41-13/16) continues to rally following its earnings report last Thursday (see last week’s Market Observation
for further details). Today, the shares closed modestly higher after being upgraded before the market open at Merrill Lynch (MER - 118). The brokerage giant boosted its rating on the consumer name from “accumulate” to “buy.” Today’s rally in the shares took the stock briefly above short-term double-top resistance at the 42 mark, although the shares did not manage to close above this level. Option activity was sparse today, with no strikes seeing over 70 contracts change hands.