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New Stock Coverage: BlackRock Is on a Roll

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

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alluded to Stan O'Neal's catastrophic tenure at Merrill Lynch only yesterday, but before almost bankrupting the Wall Street icon, he did do a $1 trillion deal in a diner that was well received. The agreement, involving BlackRock (NYSE:BLK), has since been unwound by Bank of America (NYSE:BAC), yet BlackRock itself continues to thrive. It's the world's largest money manager, with approximately $4.401 trillion in assets under management. The company's CEO, Laurence D. Fink, is highly regarded and was once touted as a potential Treasury secretary. BlackRock is especially strong in exchange-traded funds such as iShares.

With news that Wall Street Week is about to be revived, Louis Rukeyser's memorably calming words after the Crash of 1987 are especially apropos with the Dow (INDEXDJX:.DJI) having just dropped by triple digits in successive sessions. Namely, "It's just your money, not your life...the robins will sing, the crocuses will bloom, babies will gurgle, and puppies will curl up in your lap and drift happily to sleep, even when the stock market goes temporarily insane." GlaxoSmithKline (NYSE:GSK), whose Paxil treats anxiety disorder and panic attacks, was a rare gainer, ending up 0.54% on a broker boost. That still failed to prevent David Tepper from fretting that "I am nervous. I think it's nervous time." Eli Lilly (NYSE:LLY), whose Prozac was appropriately approved at the end of '87 when Mr. Market was at his most depressed, was therefore a fitting ringer of the closing bell.
 
Today in economics, the preliminary Michigan Consumer Sentiment survey for May is expected to tick up from April's final figure at 9:55 a.m. EDT. On the corporate front, Canadian Solar (NASDAQ:CSIQ) and Constellium (NYSE:CSTM) each announced quarterly earnings earlier this morning.
 
Now let's turn to this morning's new stock coverage, a list that includes a money transfer titan in addition to BlackRock.

Alkermes (NASDAQ:ALKS): Shares are assumed with a Buy at Jefferies, whose price objective is $53.
 
BlackRock (NYSE:BLK): Deutsche Bank begins today's headline analyst initiation at an upbeat Buy. Its target price is $358.

City Office REIT (NYSE:CIO): Shares are begun with a Buy and $16 target with Wunderlich, which cites its occupancy gains.
 
Financial StocksAffiliated Managers (NYSE:AMG) and T. Rowe Price (NASDAQ:TROW) are both begun with Buys at Deutsche Bank.
 
TheStreet (NASDAQ:TST): B. Riley resumes Jim Cramer's company at a Buy, assigning it a $4.15 objective.
 
Top Image Systems (NASDAQ:TISA): The stock gets begun with a Buy at Roth Capital, sending it up ahead of the open.
 
Western Union (NYSE:WU): Shares are started with a Sell rating and $12.50 target by Berenberg.
 
Whiting Petroleum (NYSE:WLL): Brean Capital covers the company at a Buy amid its dramatically increased production rates.

Also see:

Stock Upgrades: Nordstrom Racks Up Riches

Stock Downgrades: World Wrestling Entertainment Is Out for the Count
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No positions in stocks mentioned.
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