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Stock Upgrades: Credit Suisse Owes Rival Debt of Gratitude

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

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MINYANVILLE ORIGINAL The Slovak Prime Minister suggested there is a 50% chance of a euro breakup and the International Monetary Fund said Greece represents a "major challenge." Breaking up ain't apparently hard to do for the ex-IMF head, but for what it's worth, wedding-ring king Zale Corp. (ZLC), a.k.a. "America's diamond store since 1924," jumped 16.17%. German unemployment rose for a fifth straight month so Angela Merkel, a.k.a. the "iron chancellor," is on increasingly shaky ground, especially with iron ore prices plunging to their lowest level since 2009. Facebook (FB) fell yet again yesterday and is at a fresh all-time low this morning after selling pressure from Zuckerberg's roommate at Harvard, which has certainly had better days. 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.

Canadian Imperial Bank of Commerce (CM): Shares are upgraded to Outperform at BMO Capital after a strong Q3 report and dividend increase.

Corning (GLW): The stock is up sharply before the opening bell on an upgrade to Outperform from Perform at Oppenheimer, whose target price is $16. Optionality with new technologies are among the catalysts.

Credit Suisse (CS): The bank is hoisted to Hold from Sell by fellow European financial firm ING Groep.

Royal Bank of Canada (RY): Shares are raised to Outperform from Neutral at Credit Suisse.

TeleComm Systems (TSYS): The stock is surging ahead of the open after being moved to Overweight from Neutral at JPMorgan.

Thompson Creek Metals (TC): TC is taken to Buy from Hold with a $4 objective at Dahlman Rose.

(See also: Stock Downgrades: Air France Losing Altitude and New Stock Coverage: Garmin Finds Its Way.)
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No positions in stocks mentioned.
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