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New Stock Coverage: Apple, With Apologies to IBM, Parties Like It's 1984


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

Apple Inc. (NASDAQ:AAPL) stock is currently up 2.07% ahead of this morning's opening bell after announcing an unlikely iOS device partnership with its infamous 1984 enemy International Business Machines (NYSE:IBM).
Will you still need me, will you still feed me, when I'm 64? opined a youthful Paul McCartney in 1967′s Sgt. Pepper. The senior Beatle, having just been fed an ice cream buffet by Warren, need have no concerns on the latter score. The stock market, however, suddenly doesn't look so well-nourished. This bull market, now in its 64th month, hit an air pocket yesterday after Dow Industrials (INDEXDJX:.DJI) -- up 64 points at session highs -- were subsequently spooked by Janet Yellen. The Fed's head has historically been famous for "jawboning," or trying to talk her way out of trouble, but suddenly the written, rather than spoken, word appears to hold more sway with our central bank. On Monday it was a New Yorker article that sent equities up, while Tuesday saw social media names tumble after a published report to Congress made ominous mention of "stretched" valuations. Wall Street was also unnerved as an investor sentiment survey in Germany fell for a seventh straight month. (And on the day Portugal's Banco Espírito (ELI:BES) plunged 14.61% to fall for a seventh straight session. It thus seems that not even Europe's strongest economy can free itself from the PIIGS. Or pigs.) The City of Angels' own Rubicon Project (NYSE:RUBI) imploded 4.74%, its stock getting hosed even as a scorched downtown L.A. considers fines for wasteful outdoor watering amid its driest spell since at least 1877. By contrast, it isn't actually Always Sunny in Philadelphia. This, as Mayor Michael Nutter said sorry for a foul-mouthed July 4 concert and a customer service employee of Comcast Corp (NASDAQ:CMCSA), based in the City of Brotherly Love, drove a client nuts. Moving from Mr. Block to a chip off the old block, at least the Philly Semiconductor Index (INDEXNASDAQ:SOX) is set to surge after chip giant Intel (NASDAQ:INTC) handily beat Q2 Street estimates.
Today in economics, the Fed releases its Beige Book detailing regional financial conditions in a dozen districts at 2:00 p.m. EDT. On the earnings front, Hump Day of a peak week for quarterly announcements is already upon us. Abbott Labs (NYSE:ABT), Bank of America (NYSE:BAC), Charles Schwab (NYSE:SCHW), eBay Inc. (NASDAQ:EBAY), and Yum Brands (NYSE:YUM) all release results.

Now let's turn to this morning's new stock coverage, a list that includes an agribusiness outfit in addition to Apple Inc.

American Airlines (NYSE:AAL): Atlantic Equities rolls out Overweight coverage, with a $51 price target.
Apple: Today's headline analyst initiation is begun with a Buy at Citigroup, whose price objective is $110.
Brookdale Senior Living (NYSE:BKD): Goldman Sachs gives the stock a Buy recommendation.
FireEye (NASDAQ:FEYE): Tech stock FEYE is a fresh Buy at Goldman, whose target price is $42.
LifeLock (NYSE:LOCK): A busy Goldman Sachs has a new Neutral on the identity protection name Goldman.
Monsanto (NYSE:MON) Berenberg begins the seed stock at a Buy, with an objective of $141.
Palo Alto Networks (NYSE:PANW): Shares get established with a Conviction Buy at Goldman Sachs, whose price target is $97.
Radius Health (NASDAQ:RDUS): Jefferies resumes Buy-rated research on RDUS.
Tandem Diabetes Care (NASDAQ:TNDM): The stock is picked up at Outperform by William Blair.
Trecora Resources (NYSE:TREC): Shares are a new Buy at B. Riley, whose target is $17.
United Natural Foods (NASDAQ:UNFI): Saying that a recent share price retrenchment has created a compelling buying opportunity, Oppenheimer assigns an Outperform and $75 target on the equity.
Also see:

Stock Downgrades: Yahoo Definitely Not Partying Like It's 1999

Stock Upgrades: Intel Parties Like It's 1997
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