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New Stock Coverage: Own, Don't Break, Pottery Barn Parent Williams-Sonoma


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

With Iraq again aflame, the "Pottery Barn rule" of "you break it, you own it" is once more in the news. Wall Street, however, appears incapable of breaking up with its corporate parent Williams-Sonoma (NYSE:WSM), whose stock has recently traded atop all-time peaks while breaking the bank. Shares, upgraded earlier this month, attract an upbeat analyst initiation this morning. Williams-Sonoma was also recently the subject of favorable commentary by Barron's.
On a day of seriously strange bedfellows, it definitely didn't pay to stuff money in mattresses. Equities were instead the only way to go, with Dow Industrials (INDEXDJX:.DJI) hitting their 15th historic high of 2014 as erstwhile enemies Apple (NASDAQ:AAPL) and IBM (NYSE:IBM) -- not to mention Ackman and Icahn -- suddenly buried the hatchet. (Alas, peace hasn't broken out everywhere, as Amazon (NASDAQ:AMZN) still appears intent on burying the Hachette.) Time Warner (NYSE:TWX) was the day's standout stock, surging 17.07% to top the NYSE by a mile amid an $80 billion acquisition offer by Rupert Murdoch. Shirley Temple's first film was The Runt Page from 1931, the year of the media mogul's birth. The tiny tot famously saved 20th Century Fox from bankruptcy during the Depression but, having sadly left us in February, she was unfortunately unable to do the same for Mr. Murdoch's 21st Century Fox (NASDAQ:FOXA) yesterday as it slumped an S&P 500 (INDEXSP:.INX)-worst 6.22% amid the failed bid for its fellow entertainment empire. Elsewhere a broker boost saw Intel (NASDAQ:INTC) jump 9.27% in shades of its heyday from 1997, the year Volcano warned us "The Coast Is Toast." Personal computers are now viewed as mere commodities akin to toasters, but someone forgot to tell the other member of the industry's "Wintel" duopoly Microsoft (NASDAQ:MSFT) after its own 3.84% advance. And General Electric (NYSE:GE) made some serious bread, gaining 1.54% on fresh speculation it may soon sell the household appliance unit that invented electric toasters way back in 1905.
Today in economics, the Philadelphia Fed Index for July is forecast to fall from the prior month's pace at 10:00 a.m. EDT. On the earnings front, expect announcements out of Google (NASDAQ:GOOG), International Business Machines (NYSE:IBM), Morgan Stanley (NYSE:MS), Novartis (NYSE:NVS), and UnitedHealth (NYSE:UNH).

Now let's turn to this morning's new stock coverage, a list that includes insurance and commodity companies in addition to Williams-Sonoma.

Aeterna Zentaris (NASDAQ:AEZS): The small-cap stock is begun with a Buy and $3 price objective at H.C. Wainwright, which has high hopes for Zoptarelin doxorubicin, currently in clinical trials to treat advanced endometrial cancer.
American International Group (NYSE:AIG): RBC Capital resumes the company at Outperform with a $64 target price amid a compelling current valuation.
Bed Bath & Beyond (NASDAQ:BBBY): Shares are a new Neutral at Nomura, whose objective is $65.
Kaiser Aluminium (NASDAQ:KALU): JPMorgan starts the stock at a Neutral.
Navistar (NYSE:NAV): The firm gets picked up at Overweight by Piper Jaffray.
PerkinElmer (NYSE:PKI): Citigroup covers the company at a Buy. Its price target is $55.
Restoration Hardware (RH): Shares are resumed with a Buy at Nomura.
Williams-Sonoma: Today's headline analyst initiation is assigned a bullish Buy by Nomura.
Also see:

Stock Downgrades: Flee PetSmart During Dog Days of Summer

Stock Upgrades: Shrugging Off Sanctions, Even Oligarchs Are Russian Into Time Warner
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No positions in stocks mentioned.
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