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New Stock Coverage: Do Cry for Argentina's MercadoLibre


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

A cartoon in the New Yorker late last year poked playful fun at the sheer enormity of Russia, but no one is laughing now. The Crimean land-grab by a country that's already quite large enough caused especially big trouble among small caps, with the Russell 2000 (INDEXRUSSELL:RUT) imploding 3.5% in enduring its worst week since 2012. The S&P 500 Index (INDEXSP:.INX) also ended lower, although its damage was mitigated by a 1.1% advance in telecom stocks. The CEO of SFX Entertainment (NASDAQ:SFXE) certainly did his level best to enliven the normally deadly, dull business of analyst conference calls, causing his stock to temporarily tumble 20% after loudly opining on "shi**y deals." He likely shouldn't fret, however, for chief executives who suffer from foot-in-mouth disease appear to have been quickly forgotten. Witness last week's 8.94% advance in Lululemon (NASDAQ:LULU), long home to a thigh-slapping head honcho, and a 6.00% surge in Signet Jewelers (SIG), whose leader once called the company's products "total crap." Elsewhere, Facebook (NASDAQ:FB) sent a stock surging after spending $2 billion to buy Oculus. Unfortunately for Mark Zuckerberg, it was the wrong stock, as his social-networking name nosedived 10.8%.
Today in economics, a slight slippage is seen in the Chicago Purchasing Managers Index at 9:45 a.m. EDT. On the earnings front, Cal-Maine (NASDAQ:CALM) and UTi Worldwide (NASDAQ:UTIW) each released results earlier this morning.
American Eagle Energy (NYSEMKT:AMZG): Canaccord Genuity covers the company at a Buy and assigns a target price of $10.
KapStone Paper and Packaging (NYSE:KS): Shares are begun with an Overweight by Barclays, whose price objective is $35.
MercadoLibre (NASDAQ:MELI): Sorry, Evita. It is indeed time to shed some tears for this Buenos Aires-based online outfit, often called the "eBay Inc. (NASDAQ:EBAY) of Latin America." Today Citigroup starts the stock at a Sell.
ONEOK, Inc. (NYSE:OKE): UBS has a new Neutral, and $61 target, on the energy name.
Targa Resources Partners (NYSE:NGLS): The stock is picked up with a Buy at UBS, whose objective is $59.
TriplePoint Venture Growth (NYSE:TPVG): Credit Suisse covers the company at a Neutral, establishing a $17 price target.

Also see:

Stock Upgrades: Flash Boys Flock to Men's Wearhouse

Stock Downgrades: Raspberries for BlackBerry
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