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New Stock Coverage: Garmin Finds Its Way

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

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MINYANVILLE ORIGINAL A day after the tossing of 132 tons of ripe tomatoes turned a Spanish city into a sea of red, Madrid did much the same to markets worldwide when it announced the postponement key request for economic aid. The Dow (^DJI) dropped for a seventh session in nine and all major averages are now on course for their worst week of the month. Equities were also unnerved by a sense that whatever Ben Bernanke says at the mountain resort of Jackson Hole, he is powerless to prevent the country plunging off a fiscal cliff. (Cliffs Natural Resources (CLF) clearly feels the pain, tumbling 2.96% to continue a swoon that has taken it down over 20% this summer.) At least the Fed head could console himself with his favorite newspaper gaining 1.43% on an otherwise down day. Birthday boy Warren Buffett has also long invested in the Washington Post (WPO), of course, but another 82-year old had a night to forget. Radio was big when both Buffett and Eastwood were boys and it evidently still is, with Pandora (P) riding an analyst upgrade to advance 14.29%. It's a busy morning in economics ahead of the three-day holiday weekend. The University of Michigan's final figure for consumer confidence in August is out at 9:55 a.m. Eastern, and July factory orders follow at 10:00 a.m.

Fresenius Medical (FMS): Société Générale starts the stock at a Buy and HSBC Securities assigns an Overweight. The company is seen as a defensive quality play paired with good growth characteristics.

Merrimack Pharmaceuticals (MACK): Bank of America-Merrill Lynch launches Buy rated research on MACK.

Medical/Scientific Stocks: BG Medicine (BGMD) and Fluidigm (FLDM) are each begun with Buys at Mizuho, whose respective price objectives are $6 and $17.

Satellite Navigation Stocks: Garmin (GRMN) is initiated with a Outperform at Wells Fargo, which has a Market Perform on rival Trimble Navigation (TRMB).

(See also: Stock Downgrades: Air France Losing Altitude and Stock Upgrades: Credit Suisse Owes Rival Debt of Gratitude.)
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No positions in stocks mentioned.
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