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New Stock Coverage: Buy Workday on Jobs Friday?


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

Eight decades to the day after Prohibition's repeal, the hangover in US stock markets extended into a fifth straight session. The Dow's (INDEXDJX:.DJI) steady drop from recent records is enough to turn even the most abstemious sort to drink. Perhaps a vintage Burgundy from Costco, although I couldn't swear on the Bible that they have it in stock. Its stock slumped 1.64% in a terrible tape for retailers. Some equities did buck the red ink. There was love in the air for Southwest Airlines (NYSE:LUV), up 0.56% after buying takeoff slots at La Guardia Airport. That firm was famously founded on a cocktail napkin by Wild Turkey bourbon-drinking Herb Kelleher, who won't care that the market has ended down in every single session since Thanksgiving. Netflix (NASDAQ:NFLX), already the top S&P 500 (INDEXSP:.INX) stock in 2013, advanced another 0.50% after announcing its House of Cards will come back on February 14. Matrimonial titan Tiffany (NYSE:TIF), where every day is Valentine's Day, gained 1.26% to an all-time high on a broker boost. Firearms firm Smith & Wesson (NASDAQ:SWHC), another fan of shotgun weddings, rode similarly upbeat analyst action to surge some 3.28%. And Nelson Mandela, who was born 1918 - four months before "the guns of August" finally fell silent - bid us goodbye.

In terms of economic events that may move US markets today, analysts expect an increase in the preliminary Reuters/University of Michigan consumer confidence figure for December at 9:55 a.m. Eastern. Regarding specific stocks, American Eagle Outfitters (NYSE:AEO), Bank of Nova Scotia (NYSE:BNS), Big Lots (NYSE:BIG), Ferrellgas Partners (NYSE:FGP), and Sears Hometown and Outlet Stores (NASDAQ:SHOS) are all due to release results.

Allergan (NYSE:AGN): BTIG Research resumes Buy-rated research on the maker of Botox.

Broadsoft (NASDAQ:BSFT): Shares are a new Market Perform at Northland Capital, whose price objective is $32.

Diamondback Energy (NASDAQ:FANG): Brean Capital covers the company at a Buy.

Diamond Offshore (NYSE:DO): The stock is assigned an Underperform at FBR Capital.

Dril-Quip (NYSE:DRQ): Calling it a top pick, FBR Capital establishes an Outperform on the oilfield services outfit.

Home Depot (NYSE:HD): Home Depot stock is a new Neutral with Wedbush. Home Depot is a key member of the Dow.

Intuitive Surgical (NASDAQ:ISRG): The maker of da Vinci surgical robots gets resumed with a Buy at Jefferies. (Please see here for more on robots and drones.)

Lowe's (NYSE:LOW): Wedbush launches an Outperform on LOW.

Nokia (NYSE:NOK): The telecom stock is a fresh Overweight at JP Morgan, whose target price is $10.80.

Progressive Waste (NYSE:BIN): Progressive Waste stock is initiated with an Outperform at Imperial Capital. Its objective on Progressive Waste is $31.

Oil Stocks - Europe: Shares of oil majors BP Plc (NYSE:BP), Royal Dutch Shell (NYSE:RDS.A) and Total (NYSE:TOT) are all showing strength overseas today after being assigned an Overweight at HSBC Securities. Strong inherent industry cash flow is cited.

Oil Stocks - US: HSBC Securities starts coverage on dual Dow components Chevron (NYSE:CVX) (Overweight) and Exxon Mobil (NYSE:XOM) (Underweight). Yesterday, Exxon Mobil incurred a rare rating reduction. (NYSE:CRM): Pivotal Research picks the stock up at a Buy. Its target is $66.

Sonus Networks (NASDAQ:SONS): The small cap is resumed with a Outperform at Northland Capital, whose price objective is $4.40.

Twitter (NYSE:TWTR): Twitter stock, which went public last month, is begun with a Market Perform by Sanford Bernstein. Its price target on Twitter is $40.

Workday Inc (NYSE:WDAY): With the November employment report released only an hour ago, Workday - which provides human resource management software - is assigned a new Neutral at Macquarie. While the broker hails Workday's innovation and 'disruptive' capabilities, it also sees the stock as fairly valued. Indeed, yesterday shares in Workday rose another 3.20%.

(See also: Stock Upgrades: Bang for Your Buck? Dollar General Blows Bitcoin to Bits and Stock Downgrades: Casual Friday Doesn't Suit the Gap)
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