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New Stock Coverage: Signature Bank Is on the Oscar Envelope


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

Man Group (OTCMKTS:MNGPY), which rose a remarkable 14.81%, was the top stock in all of Europe yesterday. Here in America, however, it was all about a wonder woman. New Fed head Janet Yellen sent shares to a record high with her market-friendly testimony. On a dreadful day for her male predecessor, Ms. Yellen showed that "sisters are doin' it for themselves," to quote an '80s ode of Aretha Franklin and the Eurythmics. (They are certainly far preferable to an Orwellian Big Brother in Britain, as Yahoo's (NASDAQ:YHOO) Marissa Mayer can freshly attest.) On a day the S&P 500 (INDEXSP:.INX) hit a historic high, a penny for the thoughts of J.C. Penney (NYSE:JCP). Its suddenly beloved stock, unceremoniously booted from the index late last year, surged 25.34% for its best showing in 40-odd years. Faring far less well was the Chinese yuan. The currency continued its freefall, plunging by the most ever recorded. Hong Kong lawmaker Mr. Ho, caught on his Apple Inc. (NASDAQ:AAPL) iPad perusing barely dressed models during a key budget address by the colony's Financial Secretary, is evidently not unduly concerned, however.

Today's economic data includes the Chicago Purchasing Managers Index at 9:45 a.m. Eastern, the final University of Michigan figure for February consumer confidence at 9:55 a.m., and January pending-home sales at 10:00 a.m. In earnings action, Bayer (OTCMKTS:BAYRY), Berkshire Hathaway (NYSE:BRK.B), Iron Mountain (NYSE:IRM), and 3D Systems (NYSE:DDD) all release results.

Dyax (NASDAQ:DYAX): Shares are initiated with an Outperform at Oppenheimer, whose price objective is $14. The bank has high hopes for DX-2930, a subcutaneous (SC) prophylactic treatment Dyax is developing for hereditary angioedema (HAE).

EP Energy (NYSE:EPE): Morgan Stanley starts the stock at Equal Weight.

Magellan Health (NASDAQ:MGLN): Shares are launched with a Perform, and $65 target, at Leerink Swann.

NCI Building Systems (NYSE:NCS): UBS has a new Buy on NCS. Its objective is $21.

Nimble Storage (NYSE:NMBL): Shares, which rose 4.87% yesterday, are begun with a Buy and $62 target at Needham. The broker highlights Nimble's cloud-based storage management software.

Signature Bank (NASDAQ:SBNY): Goldman Sachs gives the regional financial firm a fresh Buy rating.

Virtus Investment Partners (NASDAQ:VRTS): The stock is a new Neutral at Bank of America-Merrill Lynch.

See also:

Stock Upgrades: The Gap, Outfitter of Sharon Stone at Academy Awards, Gets Its Groove Back (MVPRO article)

Stock Downgrades: The Wolf of Wall Street? Deckers Outdoor Slumps in Sheep's Clothing (MVPRO article)
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