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New Stock Coverage: Messing With Texas Instruments

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

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MINYANVILLE ORIGINAL Stocks scaled the peaks on Hump Day, helped by Green Mountain (GMCR) and a rapidly receding fiscal cliff. A 27.32% surge in the coffee company and political progress in Washington twinned to move markets sharply higher, even as Cliffs Natural Resources (CLF) cratered, falling 1.33% to fresh lows after last week's 12% tumble.

Dow Industrials (^DJI), down 113 points at the day's depths, rebounded to rise by 106, marking the first time blue chips had bounced back from a triple-digit decline to advance by a similar amount since October 2011. Hewlett-Packard (HPQ) is the unquestioned poster child for the current yo-yo in equities. It gained 2.99% on Wednesday to best all blue chips, this after being the worst of the Dirty Thirty on Tuesday, the best on Monday, and the worst last week. (As Jason Kidd memorably put it upon joining the Dallas Mavericks, "We're going to turn this team around 360 degrees.")

An optimistic analyst initiation sent Amazon (AMZN) up 1.52% and its Emerald City neighbor Nordstrom (JWN) also ended in the green to the tune of 2.43%. Investors in both now have no excuse for being Sleepless in Seattle, especially after caffeine king Starbucks (SBUX) itself added on another 2.31%. As the saying goes, that and 50 cents should just about buy you a seven buck cup of coffee.

Today in economics, analysts expect October pending home sales to tick up at 10:00 a.m. Eastern. In earnings action, Barnes & Noble (BKS), Cracker Barrel Old Country Store (CBRL), Kroger (KR), Pacific Sunwear Of California (PSUN), Splunk (SPLK), Tiffany (TIF), Ulta Salon (ULTA), and Zumiez (ZUMZ) are all due to reveal results.

Archer Daniels Midland (ADM): Stephens starts coverage at Equal Weight and assigns a $28 price target.

Ares Commercial Real Estate (ACRE): Shares are begun with a Buy at MLV & Co, which issues a price objective of $19. The brokerage believes ARCE is well placed to take advantage of favorable lending market dynamics.

EMC Corp. (EMC): Buckingham begins Buy rated research with a $31 target.

Jazz Pharmaceuticals (JAZZ): The name is a new UBS, whose objective is $64.

Kansas City Southern (KSU): Barclays begins the railroad stock at an Equal Weight.

Linn Energy (LINE): Citigroup launches Buy rated research on LINE.

RDA Microelectronics (RDA): The tech name is resumed with a Neutral at HSBC Securities, whose objective is $11.50.

Semiconductor Stocks: SunTrust starts Maxim Integrated Products (NASDAQ:MXIM) with a Buy ($33 target), has new Neutrals on Altera (NASDAQ:ALTR) ($33) and Xilinx (NASDAQ:XLNX) ($33), and resumes Texas Instruments (NASDAQ:TXN) with a Reduce ($26.)

Shipping Stocks: Box Ships (TEU) and Diana Containerships (DCIX) are both begun with Equal Weights at Barclays.

Tech Stocks: Crédit Agricole covers NetApp (NTAP) at Underperform and begins VMware (VMW) with a Buy. Its respective price objectives are $32 and $109.

WuXi PharmaTech (WX): The stock is a new Overweight at Barclays.

(See also: Stock Downgrades: Taser Suffers Stunning Setback and Stock Upgrades: Bulls Run on Nike.)
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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