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Stock Upgrades: Cisco on a Route to Riches


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

MINYANVILLE ORIGINAL A new study showed Samsung (SSNLF) handily beat Apple Inc. (AAPL) in smartphone sales so have no fear, for dummies can continue to text away while missing out on world class art. Ah, art, the ultimate recession-proof industry. The very day Lehman went to the dogs auction records were shattered, and last night Sotheby's (BID) sold a record-breaking $375 million worth of paintings. Andy Warhol was typically well represented, his silkscreen "Suicide" going for $16.32 million. He was, of course, well acquainted with Campbell's (CPB), thus would have enjoyed that stock gaining 2.26% to a fresh 52-week peak as the EU and IMF went to war over Greek debt. (Sales of Alphabet Soup, you see, continue to go gangbusters.)

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.

Cimarex (XEC): Shares are upgraded to Buy from Overweight at U.S. Capital Advisors.

Cisco Systems (NASDAQ:CSCO): The provider of Internet routers and switches, a key Dow (^DJI) component, is upgraded to Outperform from Sector Perform at Pacific Crest. Catalysts include improving margins, relative stability, cash position, and valuation.

Credicorp (BAP): HSBC Securities hoists the company to Neutral from Underweight.

Hub Group (HUBG): Shares are upgraded to Outperform from Neutral at Robert W. Baird, whose price objective is $38.

Oasis Petroleum (OAS): OAS is upgraded to Buy from Neutral at SunTrust.

PacWest Bancorp (PACW): Shares are upgraded to Buy from Hold with Wunderlich, which cites its accretive acquisition of First California Financial Group.

Response Genetics (RGDX): Ladenburg moves the microcap to Buy from Neutral based on cost reductions.

Royal Caribbean (RCL): The cruise company gets a Buy-from-Hold hoist at Argus, which is impressed by both higher yields and new ship profitability.

Weatherford International (WFI): The oil services outfit is up 2.2% before the bell on an upgrade to Hold from Underperform at Jefferies and to Hold from Sell at Société Générale.

(See also: New Stock Coverage: Time to Gamble on Chinese Casino Companies? and Stock Downgrades: Home Depot Has Hit a Ceiling.)
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