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New Stock Coverage: Texas Instruments Is Messing With Us


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

Contrarians will be concerned, but when one of Wall Street's most noted bears turns bullish, maybe stocks really are heading inexorably higher. (Given that David Rosenberg's first day working in finance was Monday, October 19, 1987, it is little wonder he has been wary for much of the past 26 years.) The S&P 500 Index (INDEXSP:.INX) eked out a third successive record, helped by Hasbro (NASDAQ:HAS) jumping 5.25% to hit a historic high. An impressive 29% increase, to $388.7 million, in girls' toys propelled its earnings, and girl power was once gain evident as Israel picked a female to head its central bank for the first time. Much like Janet Yellen, Karnit Flug was praised for her brains with nary a mention of her looks. This stands in stark contrast to male equivalents in England (likened to "George Clooney") and India (alternatively labeled a "sex symbol" and "rock star"). Elsewhere TurboTax titan Intuit Inc. (NASDAQ:INTU) gained 0.39% to a fresh all-time best and General Electric (NYSE:GE), whose record of paying taxes is somewhat patchy, gained 2.31% to top the Dow (INDEXDJX:.DJI). And JC Penney (NYSE:JCP) imploded another 8.29% after an analyst said shares could soon be worth only a dollar. If its shareholders are feeling low, just remember that in Uruguay, a buck can get you high.

Today in economics, August construction spending is expected to slip from the prior month's pace at 10:00 a.m. Eastern. In earnings action, expect announcements out of Amgen (NASDAQ:AMGN), Broadcom (NASDAQ:BRCM), Delta Air Lines (NYSE:DAL), DuPont (NYSE:DD), Harley-Davidson (NYSE:HOG), Kimberly-Clark (NYSE:KMB), Travelers (NYSE:TRV), United Technologies (NYSE:UTX), and India's Wipro (NYSE:WIT).

Applied Optoelectronics (NASDAQ:AAOI): Roth Capital resumes Buy-rated research.

Clean Harbors (NYSE:CLH): CLH is covered with a Buy at KeyBanc Capital.

Enzymotec (NASDAQ:ENZY): Canaccord Genuity has a Buy, and $24 price target, on the stock.

Glu Mobile (NASDAQ:GLUU): GLUU, up about 10% last week, gets initiated with an Outperform at Cowen.

Online Travel: Expedia (NASDAQ:EXPE) is a new Neutral at Credit Suisse, which assigns Outperforms on (NASDAQ:PCLN) and TripAdvisor (NASDAQ:TRIP).

RingCentral (NYSE:RNG): Shares are resumed at Overweight by JPMorgan.

Semiconductor Stocks: Drexel Hamilton has ho-hum Holds on both Broadcom (NASDAQ:BRCM) and Xilinx (NASDAQ:XLNX) but begins bullish Buys on Altera (NASDAQ:ALTR), Analog Devices (NASDAQ:ADI), Linear Technology (NASDAQ:LLTC), Micron (NASDAQ:MU), and Qualcomm (NASDAQ:QCOM).

Texas Instruments (NASDAQ:TXN): They say, "Don't mess with Texas," but TI is messing with our minds. Today the stock - upgraded elsewhere this morning - scores an upbeat Buy initiation at Drexel Hamilton, this after its third quarter earnings beat Street estimates. Yet the stock is currently slumping about 3% in pre-market activity.

Violin Memory (NYSE:VMEM): Shares are assigned a new Neutral at Robert W. Baird, whose price objective is $8. Issues include macroeconomic uncertainty, especially as relates to the Federal government.

(See also: Stock Upgrades: Netflix Stock Going to Outer Spacey and Stock Downgrades: Should Nokia Shareholders Jump Out of Windows?)
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