New Stock Coverage: Bill Still to Come Due for JC Penney

By Justin Sharon  SEP 04, 2013 9:26 AM

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

 


Markets rose to begin September although equities ended well off their highs, unable to maintain a fabulous Finnish-inspired start. This as praiseworthy pride of Helsinki Nokia (NYSE:NOK) jumped 31.28%, with an honorable mention to an upgrade-inspired 2.53% advance in Finish Line (NASDAQ:FINL). Shares pared an earlier rally after John Boehner, no stranger to tears, went with the White House in agreeing to oust the ophthalmologist dictator of Damascus. (For what it was worth, all-seeing CBS Corporation (NYSE:CBS) added on 4.70% and Eylea vision drug owner Regeneron (NASDAQ:REGN) gained an S&P 500 Index (INDEXSP:.INX)-best 6.95%.) With conflict looming, Lord Nathan Rothschild’s iconic advice from 1810 — “Buy to the sound of cannons, sell to the sound of trumpets” — proved pretty prescient as Canon (NYSE:CAJ) advanced 4.85%. War is hell but how about those pennies from Heaven? Well, J.C. Penney (NYSE:JCP) jumped 1.92% after Bill Ackman’s exit even as his arch enemy Carl Icahn sent Hain Celestial (NASDAQ:HAIN) tumbling 2.74% in extended trading.

Today in economic data, the Federal Reserve’s beige book detailing regional financial conditions in a dozen districts is released at 2:00 p.m. Eastern. On the quarterly earnings front, Ciena Corporation (NASDAQ:CIEN), Dollar General (NYSE:DG), FuelCell Energy (NASDAQ:FCEL), Navistar International (NYSE:NAV), and SAIC, Inc. (NYSE:SAI) are all due to report results.

Apple Inc. (NASDAQ:AAPL): Cantor Fitzgerald covers the company with a Buy rating and assigns an awfully symmetrical $777 price objective. The tech titan is now “in the midst of a recovery,” analysts wrote in a note.

Archer Daniels Midland (NYSE:ADM): Goldman Sachs starts the agribusiness giant at a Buy.

Associated Estates Realty (NYSE:AEC): The residential Real Estate Investment Trust is begun with a Buy recommendation and $18 price objective at MLV & Co, which lauds its operational execution, improving portfolio, and 5.5% dividend yield.

CONMED Corporation (NASDAQ:CNMD): Needham has a new Buy and $37 target price on a medical appliance outfit it says should benefit from healthcare reform.

Energy Limited Partnerships: Oppenheimer picks up Crosstex Energy (NASDAQ:XTEX) at Perform and assigns Outperforms on EQT Midstream Partners (NYSE:EQM), Seadrill Partners (NYSE:SDLP), and Tesoro Logistics (NYSE:TLLP).

Halliburton (NYSE:HAL): Credit Suisse has an Outperform on the oil services stock.

Insurance: Property & Casualty CNA Financial (NYSE:CNA) and Loews Corporation (NYSE:L) are each begun with Buys at Deutsche Bank.

Mueller Water Products (NYSE:MWA): Shares are initiated at an Outperform with Wedbush.

Norwegian Cruise Line (NASDAQ:NCLH): Susquehanna picks up the company with a Positive rating.

Regal Entertainment Group (NYSE:RGC): Benchmark Company has a Hold and $17.72 objective on the cinema stock. An impressive management team is offset by box office volatility, in the broker’s estimation.

Restoration Hardware (NYSE:RH): Janney resumes Buy-rated research on RH.

Retailers: Something for everyone at Goldman Sachs. Its starts Kohl’s Corporation (NYSE:KSS) at a Sell but begins Buys on both Nordstrom (NYSE:JWN) and Ross Stores (NASDAQ:ROST). The bank has new Neutrals on J.C. Penney (NYSE:JCP), still reeling from the acrimonious tenure of activist investor Bill Ackman, Macy’s (NYSE:M), and TJX Companies (NYSE:TJX).

Spansion (NYSE:CODE): The semiconductor stock is started at an Outperform with Wells Fargo.

(See also: Stock Upgrades: World Wrestling Entertainment Is Boxing Clever and Stock Downgrades: Ryanair Is About to Crash.)
No positions in stocks mentioned.

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