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New Stock Coverage: CIT Group's John Thain Just Had the $87,784 Rug Pulled Out From Under Him


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

Stock markets always anticipate, so, with the president now talking pot and America excitedly awaiting the "Stoner Bowl," it stands to reason that US equities - which spent last year getting high as a kite - should be experiencing serious withdrawal symptoms. The Dow (INDEXDJX:.DJI) dropped again in continuing its sluggish start to 2014, and the angst wasn't confined to this side of the Atlantic. An ex-Deutsche Bank (NYSE:DB) executive tried to keep his use of the synthetic stimulant known as "bath salts" out of court. His former firm still gave shareholders a bath, however, with stock in the German giant tumbling 2.28% after announcing an unexpected loss. Some shares did enjoy a better time of it. GameStop (NYSE:GME), where a thief kindly phoned in ahead of time to have the objects of his pilfering all ready to be picked up, arrested - as it were - a recent slide to gain 1.49%. (See, it really does pay to be polite.) And can anyone spare an heir? Pimco CEO Mohamed El-Erian, whom his boss Bill Gross called "my heir apparent" as recently as 2012, abruptly called it quits. As the Egyptian boasts fine follicle formations on both his face and head, maybe Mr. Gross meant "hair apparent." Hair today, gone tomorrow, as they say…

It's another day bereft of any top-tier economic data, but Hump Day of a busy earnings week is here. Expect quarterly results out of Abbott Labs (NYSE:ABT), Coach (NYSE:COH), eBay Inc. (NASDAQ:EBAY), Freeport-McMoRan (NYSE:FCX), Motorola Solutions (NYSE:MSI), Netflix (NASDAQ:NFLX), Raymond James (NYSE:RJF), SanDisk (NASDAQ:SNDK), United Technologies (NYSE:UTX), and Western Digital (NASDAQ:WDC).

Callidus Software (NASDAQ:CALD): Credit Suisse covers the company at Outperform. Its price objective is $20.

CIT Group (NYSE:CIT): Five years on from the "Furnituregate" fiasco that blighted his tenure at Bank of America-Merrill Lynch (NYSE:BAC), John Thain has done an impressive job while largely shunning the spotlight at small business lender CIT Group. Indeed its stock hit an all-time high on January 9. Today, however, it receives only a lukewarm new Neutral rating at Goldman Sachs, where Mr. Thain was himself once a key executive. The target price is $55.

Corning (NYSE:GLW): JPMorgan has a new Neutral on the glass maker.

Electronics For Imaging (NASDAQ:EFII): Electronics For Imaging stock is begun with an Overweight by Barclays, whose objective is $47.

Glencore International (OTCMKTS:GLNCY): HSBC Securities has an Overweight on the stock.

ISIS Pharmaceuticals (NASDAQ:ISIS): ISIS Pharmaceuticals is a new Buy at Deutsche Bank, whose stock price target is $60.

Rockwell Collins (NYSE:COL): JPMorgan covers COL at Overweight, assigning it an $88 objective.

Sallie Mae (NASDAQ:SLM): The student lender, formally known as SLM Corporation, gets begun with a Buy at Goldman.

See also:

Stock Upgrades: Green Ink for Red Hat

Stock Downgrades: Oracle's Larry Ellison Lacks His Daughter's Knack for Hollywood Endings
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