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New Stock Coverage: Canadian Solar Inc. Is a Light in the North


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

Equities experienced The Joy of Six - and Saks (SKS) - as Dow Industrials (^DJI) advanced for a sixth straight week amid a fresh bout of merger mania that included the iconic retailer being bought for $2.4 billion. Nasdaq (^IXIC), up 2.12%, outperformed all major indices, although superstitious sorts will find it ominous that Swedish fashion firm H&M (STO:HM-B) belatedly embraced the Internet age last week. (It was the company's March 2000 opening of a Fifth Avenue flagship that marked the very month stocks made a top.)

Facebook (FB), up 11.9%, revisited the market's millennial madness. It unveiled a new feature showing what you were posting on its pages one year ago, but for the company itself, nostalgia clearly ain't what it used to be. Shares, barely $20 in August 2012, suddenly find themselves flirting with $40. And The New York Times (NYT) espied a glimmer of economic revival in Greece. Although, having just sold one of its flagship properties at a 93% loss, it may not be the best place to comment on financial matters around the globe.

Today in economics, analysts expect an uptick in July's Institute for Supply Management non-manufacturing index at 10:00 a.m. Eastern. On the earnings front, HSBC Holdings (HBC), Macerich Company (MAC), Rockwood Holding (ROC), Tyson Foods (TSN), Veolia Environnement (VE), and Vornado Realty (VNO) are all due to release results.

Canadian Solar Inc. (CSIQ): Roth Capital covers the alternative energy company at a Buy.

Level 3 Communications (LVLT): LVLT is launched with a Neutral at Macquarie.

NRG Yield (NYLD): UBS has a new Neutral on NYLD.

Pentair (PNR): JPMorgan picks up the industrial outfit at Overweight.

Perficient (PRFT): Shares are a new Buy at Needham, whose target price is $20. Catalysts include an improvement in spending on Information Technology services and better organic growth trends.

(See also: Stock Upgrades: Steven Madden, Ltd. Gets Out of Jail and Stock Downgrades: Brinker International, Inc. Gets a Chili Reception.)
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