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New Stock Coverage: Fast Money Flees Sprint Nextel Corporation


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

Wall Street gave its regards to Broadway yesterday, as a 4.37% earnings-related advance in Morgan Stanley (MS), headquartered in the heart of the theater district, sent stocks to historic highs. In a cruel irony, car companies rose 2.3% to top all ten S&P 500 (^GSPC) industries on the very day our automotive epicenter declared itself insolvent. Johnson Controls (JCI) jumped 8.28% to a fresh 52-week peak after selling its line of automatic garage-door openers for some $700 million. This inspired a new wave of nostalgia over the iconic American companies founded in garages, from Mattel (MAT) to Google (GOOG). (Actually, given the punk performance of those two over the past 24-hours, better examples probably exist.) The mysterious aliment Malibu Barbie caught this week may have arisen from an ill-advised fling with JAKKS (JAKK), also based in the upscale California coastal community. It just nose-dived a Nasdaq (^IXIC)-worst 39.07%. And Russian equities imploded as the seriously sinister Vlad the Impaler just put one of his critics in prison for half a decade. The country was officially rated the most corrupt of all G20 nations. So naturally enough, G20 ministers are meeting this morning…in Moscow.

No top-tier economic data due today, but the first full week of Q2 reporting season concludes with earnings expected out of Baker Hughes (BHI), General Electric (GE), Honeywell (HON), Ingersoll-Rand (IR), Rockwell Collins (COL), Schlumberger (SLB), Vodafone (VOD), and Whirlpool (WHR).

Astex Pharmaceuticals (ASTX): Brean Capital begins the small cap stock at a Buy.

Big Lots (BIG): BIG is begun with a Market Perform at FBR Capital, whose target price is $35 on a company it says is still in transitional mode.

Dick's Sporting Goods (DKS): RBC Capital resumes the retailer at Sector Perform.

DISH Network (DISH): Goldman Sachs has a new Neutral on the broadcasting name.

Family Dollar Stores (FDO): Shares are a fresh Market Perform at FBR Capital, whose price objective is $64. Although the discount shopping demographic appears to be rebounding, share buybacks are set to slow and valuation is somewhat stretched.

Oil Stocks: Mizuho begins Buys on both Anadarko Petroleum (APC) and Hess Corp. (HES), assigning respective price objectives of $110 and $80. It says APC has significant exploration opportunities, while HES should benefit from an improving Bakken performance.

Sprint Nextel Corporation (S): The telecom titan, which slumped 3.20% even as stocks hit historic highs yesterday, is started with a Sell at Goldman Sachs.

TripAdvisor (TRIP): Ascendiant Capital Markets covers the online travel company at a Buy amid international potential and a growth rate in excess of many peers. Its price objective is $76.

Retailers: SunTrust Robinson Humphrey begins Buy-rated research on Chico's FAS (CHS), Francesca's (FRAN), lululemon athletica (LULU), Ross Stores (ROST), Tilly's (TLYS), Under Armour (UA), and Urban Outfitters (URBN). It has new Neutrals on Abercrombie & Fitch (ANF), Aéropostale (ARO), American Eagle Outfitters (AEO), and Gap Inc. (GPS).

(See also: Stock Upgrades: Don't Expect Netflix, Inc.'s House of Cards to Come Crashing Down Anytime Soon and Stock Downgrades: Microsoft Corporation's Woes Extend Way Beyond the Surface.)
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