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New Stock Coverage: Time to Gamble on Chinese Casino Companies?

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

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MINYANVILLE ORIGINAL Wall Street, where recent losses have looked like something straight out of the apocalypse, today seeks unlikely salvation from one of the Four Horsemen. Cisco Systems (CSCO), just upgraded and surging some 7.12% before the bell, offers investors the best chance to lead stocks out of their slump. This after the Dow (^DJI) and S&P 500 Index (^GSPC) each sank for second straight day to touch three and a half month lows, while Nasdaq (^IXIC) briefly entered correction territory.

Home Depot (HD), up 3.63% to its highest level since April 2000, did its best to lift the gloom, with the Atlanta outfit attributing robust results to a healing housing market. (Something that may not be immediately apparent to Beazer Homes (BZH), also based in Georgia's biggest city, after it slid some 17.25% only 24-hours earlier.)

Congress, its timing impeccable as ever, came back from its seven week vacation just in time to see NYSE poster child Marriott Vacations (VAC) jump 2.33%. Treasury Secretary Tim Geither, an intermittent tax payer at best, said higher taxes are unavoidable. And Europe, yet again, delayed a decision on aid for Athens. The perpetually postponed state of affairs there reminds one of that Scottish bridge which took 120 years to paint. One reason, along with a ratings increase, why Sherwin-Williams (SHW) climbed another 2.01%.

Today in economics, September business inventories are out at 10:00 a.m. Eastern, and we get minutes to the Federal Open Market Committee's October 23 meeting at 2:00 p.m. In earnings action, Abercrombie & Fitch (ANF), Limited Brands (LTD), Mitsubishi UFJ Financial (MTU), NetApp (NTAP), PetSmart (PETM), Staples (SPLS), Tyco International (TYC), and Williams-Sonoma (WSM) are all due to report results.

Asian Gambling Stocks: Sands China (PINK:SCHYY) is started at an Outperform with Oppenheimer, which picks up Wynn Macau (PINK:WYNMF) at Perform.

AVEO Pharmaceuticals (AVEO): Shares are initiated with a Sell at Stifel Nicolaus, which says Tivozanib for renal cell carcinoma (RCC) is unlikely to get quick regulatory approval.

Baxter International (BAX): BAX gets begun with an Outperform by Sanford Bernstein.

Chinese Internet Stocks: Changyou.com (CYOU) is initiated with an Overweight at HSBC Securities, whose price objective is $31. Sohu.com (SOHU) is an Underweight with a $37 target price.

Oil Stocks: Marathon Petroleum (MPC) is a new Outperform at Imperial Capital, which rates Western Refining (WNR) an In-line.

Republic Airways (RJET): RJET is resumed with an Outperform at Imperial Capital.

SciQuest (SQI): Shares are initiated with an Outperform at Raymond James.

Standard Pacific (SPF): The name is a new Outperform at Credit Suisse.

Veolia Environnement (VE): The stock is up in London this morning after Société Générale began Buy rated research.

(See also: Stock Downgrades: Home Depot Has Hit a Ceiling and Stock Upgrades: Cisco on a Route to Riches.)
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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