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New Stock Coverage: Tesla a 21st Century DeLorean?


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

Even on a day investors awoke to a Journal headline saying "NYSE's New York City Footprint May Shrink," Wall Street was predictably all about the Big Apple. Stocks ended mixed after a surprising slowdown in the Empire State Manufacturing Index was mitigated by an S&P 500 Index (INDEXSP:.INX)-best 27.52% surge in shares of Forest Labs (NYSE:FRX), pride of midtown Manhattan. Elsewhere, a key measure of homebuilder confidence endured its most precipitous monthly plunge since the index was established in 1985. That truly was an antediluvian age when, as the song says, there was "music still on MTV." It was an awesome year in Hollywood, however, as Back to the Future spectacularly debuted in a DeLorean. Tesla Motors (NASDAQ:TSLA), up 2.76% at a historic high, now looks like its worthy heir, even if Musk must remember that the cult Irish car went bankrupt in the blink of an eye. (St. Elmo's Fire also did boffo box office business in '85, and Tesla knows even better than Icarus the danger of flying too close to the sun.) Meanwhile, Nike(NYSE:NKE) is all set to make Marty McFly's fantasy a reality after 29 years. Its fellow blue chip Coca-Cola (NYSE:KO) led the Dow (INDEXDJX:.DJI) lower, dropping 3.75% amid a widening wall of woe in emerging markets. This, even as its bottles were ironically flying off the shelves in the emerging market of Ukraine as Molotov cocktails rained down in the latest uprising. In post-Valentine's Day plays, Anglo American (OTCMKTS:AAUKY) brushed off a rating reduction to advance an impressive 3.70%. It owns 85% of diamond giant De Beers although, alas, another Diamond was equally on the money with his elegiac ode, "You don't bring me flowers anymore." 1-800-Flowers(NASDAQ:FLWS) went for a song, sliding 6.02% after finding itself in the doghouse on February 14 for failing to furnish roses on time.

Today at 2:00 p.m. Eastern, the Federal Open Market Committee releases minutes to its January 29 meeting. In earnings action, Avis Budget (NASDAQ:CAR), Marriott (NYSE:MAR), Six Flags (NYSE:SIX), and Tesla Motors all release results.

American Eagle Energy (NYSEMKT:AMZG): The microcap stock is assigned a Buy rating and $3 price objective at SunTrust.

First Solar (NASDAQ:FSLR): FBR Capital covers the alternative energy outfit at a Market Perform. Its target price is $55.

Genesco (NYSE:GCO): Shares get started with a Sell at Goldman Sachs, whose objective is $63.

Regal Entertainment Group (NYSE:RGC): Topeka has a Hold on the cinema stock.

Retailers: Citigroup establishes new Neutrals on Dillard's (NYSE:DDS), J.C. Penney (NYSE:JCP) ($6.50 target), Kohl's Corp (NYSE:KSS) ($55), and Nordstrom (NYSE:JWN) ($65.) It begins Buy-rated research, and a $63 price objective, on Macy's (NYSE:M).

Roundy's (NYSE:RNDY): The company is covered with a Neutral at Credit Suisse, whose target is $8.

Salvatore Ferragamo (OTCMKTS:SFRGY): BNP Paribas has a fresh Neutral on the Italian bling king.

Tesla Motors: The cult electric car company rates merely a Market Perform ($150 objective) at FBR Capital this morning, with valuation issues looming predictably large after the stock yesterday broke out to a new all-time high. Shares are trading lower today as a result of the analyst's iffy assessment.

United Rentals (NYSE:URI): Stifel starts the stock with a Buy opinion and $99 price objective.

See also:

Stock Upgrades: Swatch Has Time on Its Side (MV Pro)

Stock Downgrades: The Sun'll Come Out Tomorrow for SolarCity, but Today Its Stock Isn't for Orphans (MV Pro)
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