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New Stock Coverage: Frozen Smiles All Around at Allergan


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

When Michael J. Fox, that perpetually youthful money-making teen from Family Ties, finds himself on the front cover of AARP Magazine, maybe it's a sign that the record run in equities has finally become old. Thus did the S&P 500 (^GSPC) fall after setting five straight historic highs.

Among standout stocks Groupon (GRPN) - clearly doing better than baseball's richest team - surged, but there was more woe for the "Yankees of soccer." Manchester United (MANU) took its two-day tumble to 4.04% following the retirement of its manager. Supporters of Liverpool, the English team's bitterest rivals, can't afford to be too cocky, however. They literally lost their shirts in Standard Chartered (OTCMKTS:SCBFF), which slid 2.67% on a hat-trick of downgrades.

Today sees the eagerly anticipated opening of The Great Gatsby in movie theaters. F. Scott Fitzgerald once memorably remarked that "there are no second acts in American lives," so rest assured that there is absolutely no danger of margin debt - a key cause of the Crash of '29 - returning to haunt us ever again. A quiet week in economic data concludes with no top-tier data due on today's docket. In earnings action, ArcelorMittal (MT), BT Group (BT), GoldFields (GFI), Nissan Motor (PINK:NSANY), Panasonic (OTCMKTS:PCRFY), Student Transportation (STB), and UniCredit (OTCMKTS:UNCFF) are all expected to announce results.

Allergan (NYSE:AGN): BMO Capital Markets begins Outperform rated research on the maker of Botox.

Drug Stocks: Forest Laboratories (FRX) and Mylan, Inc. (MYL) are each only Underperform at BMO Capital but the broker rates Teva Pharmaceutical (TEVA) a bullish Outperform.

Long-Term Care Facilities: Wells Fargo has an Outperform on Emeritus Corporation (ESC) but is less upbeat on Market Perform rated Ensign Group (ENSG).

Software & Services: Interactive Intelligence (ININ) is a new Neutral with Wedbush, which rates j2 Global (JCOM) an Outperform.

Splunk (SPLK): Shares are begun with a Perform and $45 price objective at FBR Capital, which advises waiting until its valuation becomes more compelling.

3D Systems (DDD): The stock is a new Buy at Janney.

Workday (WDAY): Shares are an Outperform at Oppenheimer, whose target is $80. Catalysts include an impressive management team.

(See also: Stock Upgrades: American Water Works Will Make You Liquid and Stock Downgrades: Dean Foods Cries Over Spilled Milk.)
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No positions in stocks mentioned.
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