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New Stock Coverage: Berry Plastics Looks Fantastic


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

MINYANVILLE ORIGINAL On Veterans' Day, Wall Street was indeed All Quiet on the Western Front, with Dow Industrials (^DJI) down 0.31, S&P 500 stocks (^GSPC) up 0.18, and Nasdaq (^IXIC) off all of 0.61. That would be points, not percent, making it the smallest cumulative move for the major averages since 1989, the year the Coldest War officially concluded with the fall of the wall.

The NYSE did its level best to enliven proceedings, with yet another trading glitch impacting 216 securities, but overall investors welcomed the boredom after last week's way too exciting action in equities. While the US was in semi-holiday mode, Europe remained open, alas. On "The Thinker's" birthday, the continent's finance ministers convened again in Brussels for their umpteenth discussion on their debt debacle. To judge by this morning's 14.14% fall in National Bank of Greece (NBG), what the EU needs is neither navel gazing nor more talk, but immediate action.

There's no top-tier economic data due this morning but quarterly earnings continue apace, with retailers increasingly coming to the fore. Aecom Technology (ACM), Cisco Systems (CSCO), Dick's Sporting Goods (DKS), E.ON (EONGY), Home Depot (HD), Michael Kors (KORS), Saks Inc. (SKS), TJX Companies (TJX), Vivendi (VIVHY), and Vodafone (VOD) are all due to release results today.

Anthera Pharmaceuticals (ANTH): Leerink Swann launches Outperform rated research, and a $3 price target, on the small cap stock.

Berry Plastics (NYSE:BERY): The stock is begun with a Buy at Bank of America-Merrill Lynch, Citigroup, Deutsche Bank, Goldman Sachs, and Lazard. Credit Suisse and Robert W. Baird roll out equally upbeat Outperforms, the latter with a $20 price target. Catalysts include an emphasis on balance sheet deleveraging and calibrated growth.

Biotechs: Credit Suisse assigns Outperforms on Regeneron (REGN), Seattle Genetics (SGEN), and Xoma Corp (XOMA).

Fairchild Semiconductor (FCS): Susquehanna has a fresh Positive on FCS.

Hittite Microwave (HITT): The name is assigned an Outperform with Wells Fargo.

Keryx Biopharmaceuticals (KERX): The small cap is covered at an Outperform by Burrill Institutional Research, which issues a $6 price objective. Key product Zerenex, an oral phosphate binder, has demonstrated efficacy across six Phase 2 trials.

New Gold (NGD): Credit Suisse covers the commodity company at Outperform.

Puma Biotechnology (PBYI): PBYI is picked up with an Outperform at Cowen & Co.

Regal-Beloit (RBC): Janney Montgomery Scott resumes Buy rated research, and an $85 price objective, on RBC.

Seadrill (SDRL): Shares are begun with a Buy at Deutsche Bank.

(See also: Stock Downgrades: Molycorp Can No Longer Be Mollycoddled and Stock Upgrades: Sherwin-Williams Set to Paint the Town Red.)
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