Upgrades & Downgrades: Hain Celestial Is the Market's Cup of Tea

The Dow recovered from the day’s worst levels but still snapped its strongest three-session winning streak since 2009 after Germany, prematurely anointed the best of a bad bunch in Europe, posted paltry Q2 growth of 0.1%. NYSE Euronext (NYX), which has its own Teutonic troubles, tumbled 8.39% for the biggest loss in the S&P 500 Index. Our porn perusing enforcers at the SEC recently proved they really do read Playboy (PLA) for the articles, accusing Hugh Hefner’s son-in-law of insider trading. Rival Penthouse publisher FriendFinder Networks (FFN) was however, to use a $10 German word, in no position to express any Schadenfreude after its own fall of 15.75%. Winners on a down day included Brown-Forman (BF-B), a 1.50% increase posted by the maker of Jack Daniels, the drink which doubles as toothpaste for singer Ke$ha. (Fellow warbler Jessica Simpson, who prefers not to brush at all, may also have partaking of a JD or two if recent appearances are anything to go on.)

Housing starts slipped 1.5% in July but investors bet big on cognitive dissonance by sending Home Depot (HD) shares up 5.28% to pace all blue chips. Weight Watchers International (WTW) advanced 1.67% after the Earth denied our genes are making it look fat. And a 4.4% increase in the U.K.’s consumer price index prompted the Bank of England’s governor, seemingly on a single handed campaign to save Britain’s beleaguered post offices, to write a seventh letter about inflation. It has awoken from a long slumber, but you won’t find the nation’s schoolchildren complaining. Today’s earnings announcements are expected to include Abercrombie & Fitch (ANF), BJ’s Wholesale (BJ), Carlsberg, Deere (DE), Limited Brands (LTD), Staples (SPLS), Target (TGT), and Vestas Wind Systems.

Initiations

Alcoa (AA): Dow member Alcoa is initiated with a Buy at CRT Capital.

Software Stocks: Salesforce.com (CRM) is begun at an Underperform at Bernstein, which assigns Outperforms on Adobe (ADBE), Citrix Systems (CTXS) and Dow component Microsoft (MSFT).

TiVo (TIVO): TIVO shares are up ahead of the open after being initiated with a Buy at Merriman.

Micromet (MITI): The stock is a new Buy at ThinkEquity.

National Financial Partners (NFP): NFP is a new Outperform at Keefe Bruyette.

LivePerson (LPSN): The stock gets launched with a Buy rating and $16 price target at Ladenburg Thalmann, which cites the growth of the Pay-for-Performance business.

YM BioSciences (YM): YM is initiated with a Buy at Collins Stewart, whose target price on the small cap name is $4.

Healthspring (HS): HS is a fresh Outperform with Wells Fargo.