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New Stock Coverage: American Airlines Still Something Special in the Air


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

There is nothing more annoying than a writer who quotes himself, so I won't make a habit of this, but that cautionary December 31, 2013 column looked almost clairvoyant come January 31. Starting a story with a shout-out to the Crash of 1929 before doing a Debbie Downer ("The party, although it may appear otherwise tonight, always ends eventually, and the headache that follows is often horrendous.") wasn't the most obvious angle only six hours and 40 minutes before the Dow (INDEXDJX:.DJI) hit its 52nd record of the year as stocks partied like it was 1997. Yet a mere one month on, it has become all too clear it is indeed 1997 all over again -- and that is precisely the problem. Amid an ongoing crisis in emerging economies, US stock markets made an awful start to 2014, with equities enduring their worst January since 2009. Yahoo (NASDAQ:YHOO) has more cause than most to curse 1997, having preposterously passed up the chance to buy Google (NASDAQ:GOOG) for peanuts that year. Last week the former fell 5% even as the latter finished at an all-time high on Friday. Elsewhere a rotten Apple (NASDAQ:AAPL) was turned over and imploded 8.3%. And Marcellus was on the money in warning, "Something is rotten in the state of Denmark" as the Socialist People's Party and Goldman Sachs (NYSE:GS) made for the strangest of bedfellows in Copenhagen.

Today in economics, January's Institute for Supply Management manufacturing index and December 2013 construction spending data are each released at 10:00 a.m. Eastern. On the earnings front, expect quarterly announcements out of American Capital Agency (NASDAQ:AGNC), Anadarko Petroleum (NYSE:APC), Hartford Financial (NYSE:HIG), Sysco (NYSE:SYY), and Yum Brands (NYSE:YUM).

American Airlines (NASDAQ:AAL): Morgan Stanley starts the stock, famous for its "something special in the air" advertising slogan, at an upbeat Overweight. Its price objective is $43.

British Sky Broadcasting (OTCMKTS:BSYBY): Blue skies also across the Atlantic, as Societe Generale begins Buy-rated research on this English equity.

Forest Oil (NYSE:FST): Small-cap stock FST is a fresh Underweight at Barclays.

FuelCell Energy (NASDAQ:FCEL): Shares are initiated with an Outperform at Cowen.

Heron Therapeutics (NASDAQ:HRTX): Leerink Swann launches coverage at Outperform.

Seadrill Partners (NYSE:SDLP): Shares are an Outperform at RBC Capital, whose target price is $37. Catalysts include long-term contracts and additional drilling rig acquisition.

See also:

Stock Upgrades: Goldman Sachs Gets a Blankfein Check

Stock Downgrades: Mattel's Misery Is Beyond Even Barbie's Ken

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No positions in stocks mentioned.
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