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New Stock Coverage: Abercrombie, Out of Detention, Rejoins the 'Cool Kids'

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

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Despite, or perhaps because of, the government shutdown, Wall Street witnessed the return of the bull. Which is just as well, for if you wanted to see panda bears in Washington, you were all out of luck. With the S&P 500 Index (INDEXSP:.INX) snapping its slump investors were only too happy to lose their minds as Apple Inc. (NASDAQ:AAPL) - called a "no brainer" by Carl Icahn and "The biggest no-brainer in the history of the Earth" by Bill Miller - advanced 2.35%. Meanwhile Netflix (NASDAQ:NFLX) jumped 4.98% despite Uncle Carl admitting that he "won't say it's a no-brainer" after a stellar recent run. His arch enemy Bill Ackman, he of the 1530 SAT score, is quite a clever clogs himself, although J.C. Penney (NYSE:JCP) made him look distinctly dumb. Yesterday the beleaguered retailer took its one-week tumble to over 30% on another rating reduction.

Elsewhere, brain food was quite literally off the menu at Diamond Foods (NASDAQ:DMND), which nosedived 9.72% after its CEO warned of walnuts, "We will have somewhat less supply to sell than last year." And Revolution Lighting (NASDAQ:RVLT) will have to start its revolution without Congress, whose bright idea was to award its government affordability prize to a $50 light bulb. It rose 50.98% to top the Nasdaq (INDEXNASDAQ:.IXIC).

No top-tier economic data due today, and even if there were, good luck hearing about it thanks to Uncle Sam's shutdown. Corporate earnings announcements are due to include Monsanto (NYSE:MON), Tesco (OTCMKTS:TSCDY), and Texas Industries (NYSE:TXI).

Apparel & Accessories: Abercrombie & Fitch Co. (NYSE:ANF), whose stock deservedly spent some time in the sin bin after a seriously stupid "cool kids" comment from its CEO earlier in the year, is assigned an Outperform at FBR Capital. Its still-strong brand and good margin potential are each cited. Urban Outfitters (NASDAQ:URBN) scores an identically upbeat recommendation, but both Aéropostale (NYSE:ARO) and American Eagle Outfitters (NYSE:AEO) only rate a Market Perform.

Cabela's (NYSE:CAB): William Blair covers the supplier of hunting and shooting equipment at Market Perform.

Hologic (NASDAQ:HOLX): Needham has a new Buy, and $26 target price, on HOLX.

IMAX Corporation (NYSE:IMAX): The Benchmark Company has a Hold opinion and $29.42 target on the cinema stock, for whom good international growth prospects are offset by overly optimistic consensus earnings estimates.

Pretium Resources (NYSE:PVG): PVG is picked up with a Buy at Roth Capital, whose price objective is $18.

Protective Life (NYSE:PL): Barclays begins the insurance equity at Overweight with a $52 target price.

Sanmina (NASDAQ:SANM): Goldman Sachs starts the electronics outfit at a Sell.

Signet Jewelers (NYSE:SIG): Shares are initiated with a Buy at Topeka.

(See also: Stock Upgrades: Plain Sailing for Seagate and Stock Downgrades: Wall Street, Why Did U-Turn on Tesla?)
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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