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New Stock Coverage: Cree Is About to Light It Up

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

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The Dow (^DJI) closed at its highest level since December 10, 2007, a date previously best known for Led Zeppelin reuniting to the strains of Stairway to Heaven. Highway to Hell has been more like it for Apple Inc. (AAPL) of late - even after belatedly agreeing an iTunes deal with AC/DC - and all will be revealed when the tech titan announces earnings after today's closing bell.

John Boehner actually managed to get through a news conference without blubbering but No More Tears didn't do Johnson & Johnson (JNJ) any good, as it slipped 0.74% after reporting results. The House Speaker's political rival, BlackBerry addicted President Obama, was just sworn in on a Sunday for the first time since Ronald Reagan, and for once his stock picks actually outperformed the "Teflon President."

DuPont (DD) gained 1.77% - impressive, but easily bested by Research In Motion's (RIMM) 13.01% surge to a 13-month high. The high school dropout rate fell to its lowest level since 1976 and, curiously, CliffsNotes owner John Wiley (JW.A) promptly fell 4.35%. No comment from noted high school dropout billionaire Richard Branson, whose Virgin Media (VMED) jumped 1.37% to the best level in its history.

No top-tier economic data due today, but Hump Day of peak earnings week is here. Abbott Laboratories (ABT), Amgen (AMGN), F5 Networks (FFIV), General Dynamics (GD), McDonald's (MCD), Netflix (NFLX), Novartis (NVS), SanDisk (SNDK), SAP AG (SAP) Siemens (SI), Unilever (UN), United Technologies (UTX), US Airways (LCC), and WellPoint (WLP) are all due to report results.

Allot Communications (ALLT): Barclays begins Overweight rated research on the stock.

Cree Inc. (NASDAQ:CREE): The lighting outfit, surging 14.01% before the bell, is picked up at Overweight by Piper Jaffray.

Fidelity National Information Services (FIS): UBS has a fresh Buy, and $42 price objective, on FIS.

Global Eagle Acquisition (EAGL): EAGL is assigned an Outperform recommendation and $13 objective at Imperial Capital, which says it can become the preeminent global distributor of in-flight Internet, movies, and other services.

Harbinger (HRG): Jefferies has a Buy on HRG.

Norwegian Cruise Line (NCLH): The company, a stellar performer since its Initial Public Offering on Friday, is a new Neutral at Nomura.

Starz (STRZA): The stock is started with a Neutral at ISI Group, which has a target price of $17.

Swift Energy (SFY): Canaccord assumes coverage with a Buy and sets a $27 price target.

Workday (WDAY): Shares are a new Neutral at Robert W. Baird, whose target is $55.

(See also: Stock Downgrades: Ford Hits a Pothole and Stock Upgrades: Stock Up on Costco.)
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No positions in stocks mentioned.
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