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New Stock Coverage: Royal Mail Isn't Fit for a King, Even as Stamp Shatters Auction Record


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

Yesterday the British Guiana One-Cent Magenta, such a priceless stamp that is missing even from the Queen's royal collection, broke the bank at auction. Alas, Britain's Royal Mail (OTCMKTS:ROYMF) isn't enjoying any halo effect this morning. The company went public last October with a 38% first-day pop, but its shares have recently been soft after the national postal powerhouse issued a profit warning.
Call it the Energizer (NYSE:ENR) rally, especially on a day that the battery behemoth rose 1.26% to a record high. Much like the indefatigable bunny, this bull run just keeps on going and going and going. Thus did the Dow (INDEXDJX:.DJI) advance for a third straight session even with Iraq aflame, Ukraine in crisis, and Argentina an economic basket case. Here at home, airfares increased by the most in a decade and a half as the CPI took a notable jump. (By contrast, merrie olde England just announced its lowest inflation rate for almost five years, with its prices much lower than ours in everything except central bank salaries.) Investors went long on Delta Air Lines (NYSE:DAL), as its stock -- heavily shorted last week -- jumped 1.67% despite tall tales and a giraffe gaffe in Ghana. With its geographical knowledge so spotty, the company should clearly stick to home. Which is where charity -- suddenly stronger than ever in the USA -- begins. Unless you are an Ebenezer Scrooge-like Bank of America (NYSE:BAC), which frankly won't much care after its 2.03% advance on a fantastic day for financials.
This afternoon in economics, the Federal Open Market Committee concludes its two-day policy meeting at 2:00 p.m. EDT, and Janet Yellen's press conference commences at 2:30 p.m. On the corporate front, expect earnings announcements from FedEx (NYSE:FDX) Hennes & Mauritz (OTCMKTS:HNNMY), Jabil Circuit (NYSE:JBL), and Red Hat (NYSE:RHT).
Now let's turn to this morning's new stock coverage, a list that includes a key Dow component in addition to Royal Mail.

Cisco Systems (NASDAQ:CSCO): Stock in the Dow component is currently up 1.55% after being established at Overweight by Morgan Stanley, whose price forecast is $30.
Compugen (NASDAQ:CGEN): JMP Securities starts the stock at Outperform.
Garmin (NASDAQ:GRMN): GRMN gets initiated at an Underweight by Morgan Stanley.
Intrepid Potash (NYSE:IPI): Piper Jaffray picks up the fertilizer firm with an Overweight.
MeetMe (NASDAQ:MEET): Shares are begun with a Buy and $4.50 target price with Wunderlich, which says mobile apps represent an opportunity.
Qualcomm (NASDAQ:QCOM): Morgan Stanley has a new Equal Weight on the tech name.
Royal Mail: Today's headline analyst initiation is assigned a pessimistic Underperform at Jefferies.

Also see:

Stock Downgrades: Sell SunPower Ahead of Summer Solstice

Stock Upgrades: Gap Back to Its Lewinsky Glory Days?
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No positions in stocks mentioned.
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