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New Stock Coverage: Forest Labs Looks Like a Money Tree

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

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The S&P 500 Index (^GSPC) endured its steepest slide of the year after GDP unexpectedly contracted in the final quarter of 2012, even if the data was revealed too late to harm President Obama at the polls. (This time Jack Welch didn't say the delay was the work of those "Chicago guys" but, with his alma mater General Electric (GE) ending off 1.20% in posting the Dow's (^DJI) poorest performance, his mind may have been elsewhere.)

Research In Motion (RIMM), which will change its symbol to BBRY, tumbled 12.01% yesterday, and Banco Santander (SAN), which recently had rather greater justification for changing its symbol from STD, is tumbling 3.35% in today's London trading after announcing iffy earnings. RIM's CEO, proud Teuton Thorsten Heins, would have been driven to drink with its performance, even as his homeland the epicenter of Oktoberfest sees an astonishing decline in ale consumption.

On this side of the Atlantic, beer behemoth Anheuser-Busch (BUD) added on another 0.97% to hit the highest level in its history, and a ratings reduction from analyst David Lipschitz - whose last name you definitely don't want to try to say while drunk - sent coal company Peabody Energy (BTU) cratering 6.36%. And an iconic wartime singer who once warbled "Don't Sit Under the Apple (AAPL) Tree" sadly passed away. Given the stock's action September, her advice remains as timeless as ever.

It's another frenzied session for corporate earnings announcements, with Aetna (AET), Colgate-Palmolive (CL), Deutsche Bank (DB), Eastman Chemical (EMN), LVMH Moët Hennessy-Louis Vuitton (PINK:LVMUY), MasterCard (MA), Nasdaq OMX (NDAQ), PulteGroup (PHM), Royal Dutch Shell (RDS-A), United Parcel Service (UPS), Viacom (VIAB), and Whirlpool (WHR) all due to report results.

Drug Stocks: Janney Capital assigns a new Neutral and $14 price objective on Ironwood Pharmaceuticals (NASDAQ:IRWD). It begins Buys on Cubist Pharmaceuticals (NASDAQ:CBST) ($50 target price), DepoMed (NASDAQ:DEPO) ($12), Forest Laboratories (NYSE:FRX) ($45), and NPS Pharmaceuticals (NASDAQ:NPSP) ($20.)

Infinity Pharmaceutical (INFI): JPMorgan establishes an Overweight on INFI.

Joe's Jeans (JOEZ): Roth Capital resumes Buy rated research on the small cap company, assigning it a $2 target.

Santarus (SNTS): Leerink launches Outperform rated research on the biotech.

Tribune Co. (TRBAA): Shares are begun with a Buy at BWS Financial, whose target is $65.

(See also: Stock Upgrades: Rolls Royce Living Large and Stock Downgrades: Facebook Defriended All Over Wall Street.)
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No positions in stocks mentioned.
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