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New Stock Coverage: Michael Kors Is Absolutely Fabulous for Fashion Week


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

That 1929 chart is currently all the rage on Wall Street, but it suddenly seems more like 1987, which gave us a one-day drop in the Dow (INDEXDJX:.DJI) that made the crash 58 years earlier look like a cakewalk. Only twenty-four hours after Janet Yellen, the first Democrat to head the Fed since 1987, testified before Congress, Robocop opened to further relive that awful annum. As it was, stocks snapped a four-session winning streak amid listless trading activity. Botox owner Allergan (NYSE:AGN), up 0.41% to a historic high, did buck a bad day; no wonder a perfectly preserved 55-year-old finds herself on the most coveted front cover in "Sports". Staples (NASDAQ:SPLS) slumped 1.93%, but read its terrible tape fast enough and you might not notice. DaVita HealthCare (NYSE:DVA), a leader in treating kidney ailments, jumped 3.14% to a fresh best, and Jeff Bezos, who knows all about those, watched with horror as his stock slid 3.47% on a rating reduction. Facebook (NASDAQ:FB) hit a fresh best, and on the day Yankee legend Derek Jeter took to the medium in announcing his retirement. His first World Series ring came in 1996, when The Cable Guy Bronx bombed at the box office. Life imitates art, and all that.

It's a frenzied day for corporate earnings announcements, with Agnico-Eagle Mines (NYSE:AEM), Cliffs Natural Resources (NYSE:CLF), and PepsiCo (NYSE:PEP) among a plethora of companies releasing results.

Alcohol Stocks: Citigroup begins Buy-rated research on Brown-Forman (NYSE:BF.B) but has new Neutrals on both Constellation Brands (NYSE:STZ) and Craft Brew Alliance (NASDAQ:BREW).

Gartner (NYSE:IT): IT is assigned an Outperform with Wells Fargo.

lululemon athletica (NASDAQ:LULU): LULU gets launched with a Buy at Nomura.

Michael Kors (NYSE:KORS): (Hat tip to the always dressed-to-the-nines duo of Patsy and Edina for today's title.) Michael Kors gets a Gotham Fashion Week boost from Cantor Fitzgerald, which starts the stock at a bullish Buy. Shares, up 54.85% in the past 12 months, hit the highest level in their history yesterday.

Nike (NYSE:NKE): Nomura has a new Buy on the Dow member.

Ratings Agencies: McGraw Hill Financial (NYSE:MHFI) and Moody's (NYSE:MCO) are each Market Perform with Wells.

Sempra Energy (NYSE:SRE): Shares, downgraded elsewhere this morning, are a new Outperform at Wells Fargo.

Tiffany (NYSE:TIF): Just in time for Valentine's Day, Nomura has a new Buy on the wedding ring king.

Wal-Mart (NYSE:WMT): The Dow member is a fresh Buy, also at Nomura.

See also:

Stock Upgrades: Flights May Be Grounded but Children's Place Isn't

Stock Downgrades: Lorillard Goes Up in Smoke
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