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New Stock Coverage: Emerald Oil a Sea of Green


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

With petroleum prices at nine-month peaks on the Iraq crisis, energy outfit Emerald Oil (NYSEMKT:EOX) may be poised to benefit. The stock jumped 3.13% on Friday and is this morning assigned an upbeat analyst initiation. Catalysts include its 91,000 net acres in the lucrative Bakken Shale, a solid cash footing, and good execution prospects.
Last week witnessed the debut of a show called I Love the 2000s. One wonders why -- between September 11, two wars, and the Great Recession, it was an utterly dire decade. But the S&P 500 (INDEXSP:.INX) is certainly getting that 2000 feeling after it and Dow Industrials (INDEXDJX:.DJI) each rose to records. For its part, Nasdaq (INDEXNASDAQ:.IXIC) hit its highest since, yes, 2000. This as the VIX (INDEXCBOE:VIX) volatility index imploded 11% on the week en route to touching troughs last seen in early 2007. (That was back when the Iraq surge started and The Dixie Chicks dominated the Grammy Awards with their anti-war anthem Not Ready to Make Nice -- truly, a long time ago in a galaxy far, far away.) These days Iran is apparently our new best friend, even as it prepares to execute a child bride. Wedding season love was in the air at Spark Networks (NYSEMKT:LOV), with the owner of ChristianMingle and JDate jumping 10.33%. Alas such sites are evidently far too tame for the SEC, which spent much of the financial crisis perusing porn but, you will be pleased to know, has now just about caught up with its work. Elsewhere Argentina incurred an ominous Supreme Court defeat, although it likely couldn't read the link. And Exxon Mobil (NYSE:XOM), which has recovered rather better than Alaska's Prince William Sound, finished Friday at a historic high. Sadly, the mayor of Valdez did not live to see it.
Today in economics, May existing home sales are expected to improve from the prior month's pace at 10:00 a.m. EDT. On the earnings front, Micron Technology (NYSE:MU) and Sonic Corp (NASDAQ:SONC) each release results.
Now let's turn to this morning's new stock coverage, a list that includes a medical appliance outfit in addition to Emerald Oil.

Diamond Foods (NASDAQ:DMND): Credit Suisse covers the snack food company at Outperform.

Emerald Oil: Shares are assigned a bullish Buy rating at Brean Capital, whose target price is $10.
Kennedy Wilson (NYSE:KW): Deutsche Bank begins Buy-rated research.
LDR Holding (NASDAQ:LDRH): The maker of medical appliances gets initiated with an Outperform and $34 price objective at RBC Capital, which notes that Vertebridge enjoys patent protection until 2028.
Movado Group (NYSE:MOV): Barrington Research rolls out an Outperform on the watch maker.
Pattern Energy Group (NASDAQ:PEGI): KeyBanc Capital covers the company at a Buy.
Rayonier Advanced Materials (NYSE:RYAM): The stock is resumed with an Outperform at RBC Capital, which expects good growth in EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). Its target is $46.
ServisFirst Bancshares (NASDAQ:SFBS): Raymond James starts shares at Outperform.

Also see:

Stock Upgrades: BlackBerry Gets Its Groove Back

Stock Downgrades: Red Lobster Owner Darden Restaurants Can't Claw Its Way Back
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No positions in stocks mentioned.
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