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New Stock Coverage: Adobe a Flash in the Pan?


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

Diamonds may be a gunman's best friend, but the stock market enjoyed a Ruby Tuesday of its own, as investors again went long the market to start a short week. Wall Street took Monday off, but that turned out to be far from just another day at the office for Office Depot (ODP) and OfficeMax (OMX). The stocks rose a respective 9.37% and 20.93% yesterday after merger speculation started to stir 24 hours earlier, and the companies officially consummated their deal this morning.

Elsewhere the Pope can retire secure in the knowledge that Goldman Sachs (GS), up 2.36% at a fresh-52 week peak, continues to "do God's work" quite effectively, and on a day Church & Dwight (CHD) hit the highest level in its entire history. Boston Beer (SAM) jumped 6.91%, which will at least give citizens of America's most Irish city something to drown their sorrows over with analysts predicting $4.00 per gallon gasoline by St. Patrick's Day.

Danone (PINK:DANOY), the world's largest yogurt maker, surged 7.45% for its best single-session showing since May 2010. (Even Jamie Lee Curtis, peddler of dubious claims about its Activia, must admit such trading activity is highly irregular.) And new research showed it simply doesn't pay to study "soft subjects" in college. A penny for the thoughts of Jamie Dimon on that, especially after the multi-millionaire CEO of JPMorgan (JPM) saw his stock add on another 1.17%. He graduated with a degree in the touchy-feely field of psychology at Tufts.

Today at 2:00 p.m. Eastern, the Federal Open Market Committee will release the minutes to its January 29-30 meeting. Corporate earnings activity sees announcements out of Akzo Nobel (PINK:AKZOY), BHP Billiton (BHP), Cheesecake Factory (CAKE), Crédit Agricole (PINK:CRARY), Devon Energy (DVN), Dish Network (DISH), Fluor (FLR), Garmin (GRMN), KBR, Inc. (KBR), MGM Resorts (MGM), and Toll Brothers (TOL).

ABB Ltd. (ABB): Shares are initiated with an Outperform at Credit Suisse, which also adds the engineering giant to its Europe Focus List of favored equities.

Adobe Systems (NASDAQ:ADBE): The tech firm, whose offerings include Flash and Acrobat, is a new Neutral at Lazard Capital.

Cytori Therapeutics (CYTX): Ascendiant Capital covers the small cap company at a Buy, assigning it a price objective of $3.25. The Celution System, its flagship offering, offers a promising combination of stem cells to treat cardiovascular disease.

Hospitality Properties (HPT): JMP Securities has a Market Perform on HPT.

Linn Energy (LINE): LINE is assigned an Overweight at JPMorgan.

Memorial Production Partners (MEMP): The limited partnership is launched at a Buy with Wunderlich, whose target price is $22. Catalysts include a high relative yield, total return potential, and limited exposure to commodity prices.

PVH Corp. (PVH): The clothing company formerly called Phillips-Van Heusen is begun with a Buy at Citigroup

Roadrunner Transportation Systems (RRTS): Deutsche Bank resumes Buy-rated research, and a $30 objective, on RRTS.

Symantec (SYMC): SYMC is started with a Buy at B. Riley Caris.

(See also: Stock Upgrades: Staples Set for More Paper Profits and Stock Downgrades: Sirona Dental Braces Itself for Bad News.)
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