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Stock Upgrades: Spirit Airlines Is About to Levitate

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

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MINYANVILLE ORIGINAL On the same day Nasdaq (^IXIC) officially entered a correctional facility, Facebook (FB) stock jumped 12.59% to top the entire index even as 804 million of its previously locked up prisoners broke free. The Human Network performed almost as well as The Social Network, with an analyst-inspired Cisco Systems (CSCO) climbing 4.81% to easily best all blue chips Dow (^DJI). And in an otherwise awful session for shares, Saks Inc. (SKS) scored an advance of 0.10%. Investors are apparently reassessing that unfortunate blonde's elevator experience at the store after a businessman in Britain just made her look a lot better.

Today in economics, Philadelphia Fed Index for November is out at 10:00 a.m. Eastern. In earnings action, Ahold (AHONY) Autodesk (ADSK), Buckle Inc. (BKE), Dollar Tree (DLTR), Dell Inc. (DELL), Gap Inc. (GPS), GameStop (GME), Intuit (INTU), Ross Stores (ROST), Sears Holdings (SHLD), Target (TGT), Viacom (VIA), and Wal-Mart (WMT) are all due to report results.

Abercrombie & Fitch (NYSE:ANF): The cult teen clothing company, up 34.45% yesterday, is today taken to Neutral from Underperform at Credit Suisse.

Cognizant Technology (CTSH): Shares are higher ahead of today's opening bell after an upgrade to Outperform from Neutral at Credit Suisse.

Express Scripts (ESRX): The recently slumping equity is boosted to Buy from Neutral at Citigroup.

First Cash Financial Services (FCFS): Shares are now Buy from Neutral at Sterne Agee, whose target price is $50. Catalysts include improving and sustainable growth.

Hot Topic (HOTT): Piper Jaffray hoists HOTT to Overweight from Equal Weight.

IAMGOLD (IAG): The stock, which slumped 19.45% yesterday and has been downgraded elsewhere today, is moved to Outperform from Market Perform by BMO Capital Markets.

NetApp (NTAP): NTAP is now Outperform from Market Perform at Raymond James, which is encouraged by an improving outlook and product refreshes. Its price objective is $35.

Oil Services: Citing improvement in the Gulf of Mexico, Crédit Agricole boosts Baker Hughes (BHI) to Buy from Outperform and increases Halliburton (HAL) to Buy from Underperform.

Prudential Financial (PRU): Impressed by both relative valuation and strong fundamentals, RBC Capital raises its rating to Top Pick from Outperform. Its $91 objective is intact.

Spirit Airlines (NASDAQ:SAVE): Shares, which slumped 3.86% yesterday, are today taken to Outperform from Perform at Raymond James.

Subsea 7 (SUBCY): The name is now Buy from Neutral at Nomura.

Technip (TKPPY): Nomura raises its recommendation to Neutral from Reduce.

Time Warner Cable (NYSE:TWC): The stock is taken to Overweight from Equal Weight with JPMorgan.

(See also: Stock Downgrades: Cutting the Cord on Cablevision and New Stock Coverage: Analyst Puts AT&T on Hold.)
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No positions in stocks mentioned.
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