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New Stock Coverage: Not Yet Time to Skinny Dip in Aruba Networks


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

MINYANVILLE ORIGINAL All in all, not a bad birthday for Charlie Dow (^DJI). His eponymous index enjoyed one of its strongest sessions since September, jumping by triple-digits as stocks gained for a second straight day. Yesterday was exactly 28 years since Ronald Reagan was reelected amid a 7-point-something unemployment rate, and on that day the Dow added 1.2%. Yesterday's increase was 1.02%, though there the similarities end. The Gipper carried 49 states in a landslide but last night's vanquished candidate still managed to amass 49% of the popular vote. Indeed it was the tightest election outcome since Bush-Gore in 2000.

To give you a sense of how much the world has changed in the intervening dozen years, clunky old AOL Inc. (AOL) was at its zenith back then. (Yesterday the Internet outfit advanced 22.03% to an all-time high; the more things change…) Other good gainers included Computer Sciences (CSC), a Virginia firm which is heavily tied to Uncle Sam. It surged 16.97% to a fresh best, and that's certainly good enough for government work.

Equities jumped early on in the day on a report, erroneous as it turned out, that Romney was in pole position in Ohio. Alas in this instance the Cincinnati Inquirer proved less reliable than the Pulitzer Prize nominated National version. At least the Buckeye State could bask in Cedar Fair (FUN) climbing 3.32% to the highest point in its history. The company is based in Sandusky, a name that hasn't exactly covered itself in glory this year.

Today in economics, analysts expect to see a contraction in September consumer credit at 3:00 p.m. Eastern. In earnings action, Activision Blizzard (ATVI), BNP Paribas (BNPQY), Burberry (BURBY), Carlsberg (CABGY), CBS Corp (CBS), ING Groep (ING), J.C. Penney (JCP), Kraft Foods (KRFT), Macy's (M), Telefónica (TEF), Time Warner (TWX), and Whole Foods Market (WFM) are all due to report results.

Aruba Networks (NASDAQ:ARUN) Shares are initiated with an Equal-Weight at Morgan Stanley.

AuRico Gold (AUQ): RBC Capital covers the company at Sector Perform.

Brigus Gold (BRD): The microcap gets begun with a Buy at Canaccord Genuity.

Joy Global (JOY): Raymond James resumes Outperform rated research on JOY.

Synergy Pharmaceuticals (SGYP): Canaccord starts the stock at a Buy.

Westport Innovations (WPRT): Goldman Sachs starts Sell rated research on WPRT.

Workday (WDAY): The name is a new Outperform at William Blair, which highlights its strong competitive position, best-in-class technology, and large barriers to entry.

(See also: Stock Upgrades: Fossil Still Has Time on Its Side and Stock Downgrades: Time to Take Profits in AOL?)

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No positions in stocks mentioned.
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