New Stock Coverage: Tiffany & Co. Is a Rhinestone Cowboy

By Justin Sharon  AUG 12, 2013 9:32 AM

Wall Street ratings agencies set the tone for today's stock market.

 


Stocks sank, with the Dow (^DJI) snapping a six-week winning streak, as Ben Bernanke’s good ship QE joined the Love Boat on a list of ocean liners heading for the scrapheap. Telecoms tumbled 2.08% in posting the poorest performance of all 10 industries, despite the best efforts AOL Inc.’s (AOL) Tim Armstrong, who fired someone via the phone. This as two similarly-dismissed employees of a big bank may now be looking at prison time, although at least any penitentiary calls will now cost considerably less. Elsewhere analysts at Barclays (BCS) may want to phone a friend for a lifeline. Its perennially top-notch research team endured a torrid week, downgrading Fossil (FOSL) one day before it surged an S&P 500 (^GSPC)-best 17.81% and cutting Tesla (TSLA) hours before it hit the highest level in company history. (In each case, they may not be wrong, only early. Time alone, as it always does, will tell.)

Today in economics, the Treasury releases its July budget at 2:00 p.m. Eastern. On the quarterly earnings front, Ceragon Networks (CRNT), Sysco Corporation (SYY), Icahn Enterprises (IEP), and WuXi PharmaTech (WX) are all expected to announce results.
 
Agilent (A): Oppenheimer establishes the stock at Perform.
 
Alliance Data Systems (ADS): The stock gets begun with a Buy at Goldman Sachs.
 
Clothing Companies: Goldman resumes Polo Ralph Lauren (RL) at a Neutral and begins Buy-rated research on PVH Corp. (PVH), the former Phillips-Van Heusen.
 
CEMEX S.A. (CX): BNP Paribas begins covering the Mexican cement stock at an Outperform.
 
NRG Yield (NYLD): Deutsche Bank has a Hold on the stock.
 
OncoMed Pharmaceuticals (OMED): OMED is assigned an Overweight at Piper Jaffray.
 
PMFG Inc (PMFG): Needham has a Hold on the diversified machinery name, as solid demand prospects are balanced out by a relatively rich valuation.
 
Taylor Morrison (TMHC): Shares are started at Outperform by JMP Securities.
 
Tiffany & Co. (TIF): Goldman Sachs starts the bling king at a lukewarm Neutral.
 
UCP, Inc. (UCP): The property manager is picked up with a Buy at Citigroup.
 
WhiteWave Foods (WWAV): Shares are covered at Outperform by Credit Suisse.

(See also: Stock Upgrades: There’s Dollars In Krispy Kreme Doughnuts and Stock Downgrades: Royal Dutch Shell plc Is All at Sea)
No positions in stocks mentioned.

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