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New Stock Coverage: Garmin Suddenly Finds Itself Back in Favor


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

Route 6-6 turned out to be a rocky road for stocks but, by the time June 6 was done and dusted, shares rebounded from a midday slump to post solid increases. Among equities in the news, language learning company Rosetta Stone (RST) tumbled 12%. Maybe, much like JFK who told his bemused Cold War audience in Berlin, "I am a jelly doughnut," something was lost in translation. (Incidentally, any investors fearing the imminent end of the Fed's sugar rush can snag the sweet treat for free today.)

Henkel (OTCMKTS:HENOY), a world leader in adhesives, jumped 2.17% on a broker boost but where smart money goes, dumb antics often follow. Verizon (VZ) gained 3.46% to top the Dow (^DJI), its best day since August of 2011 being of scant consolation for the company's countless spied-on customers.

And The Internship opens today. It features a couple of dinosaur watchmakers leaving a dying industry to find fortune in tech. Yet with Fossil (FOSL) having just jumped 2.20% to take its 12-month surge to 41.92%, and Google (GOOG) still more than 50 bucks below its high, Hollywood might want to rewrite the script.

Today in economics, analysts expect an expansion in April consumer credit at 3:00 p.m. Eastern. On the earnings front, look for results from Daqo New Energy (DQ) and Mobile TeleSystems (MBT).

American Software (AMSWA): Shares are begun with a Buy at B. Riley & Co

Consolidated Water (CWCO): Roth Capital covers the utility at a Buy.

Crosstex Energy (XTEX): The limited partnership is launched with a Buy at Citigroup.

Financials: Dow (^DJI) member Bank of America (BAC) is only an Underperform at Macquarie but the broker is more upbeat on Outperform-rated Citigroup (C) and Morgan Stanley (MS). Splitting the difference, Goldman Sachs (GS) is a new Neutral.

Garmin (NASDAQ:GRMN): Raymond James assigns a new Outperform on the navigation name, which has lost 18.07% of its value over the past year.

Myriad Genetics (MYGN): Shares are begun with a Buy recommendation and $40 price objective at Cantor Fitzgerald, which says the company's key BRACAnalysis product is among the best-in-breed molecular diagnostic franchises.

Piedmont Natural Gas (PNY): BB&T Capital Markets has a Hold on the energy outfit.

Qualcomm (QCOM): The tech stock is set a Hold at Topeka.

Shoe Stocks: Piper Jaffray picks up Steven Madden (SHOO) at Overweight, based on both its strong brand and good sales growth, but the broker is less bullish on Neutral-rated Hush Puppies owner Wolverine World Wide (WWW).

Take-Two Interactive Software (TTWO): Shares are started with a Buy and $21 target price at Stifel, which cites catalysts including the September 17 launch of GTA V, an extremely popular video game.

(See also: Stock Upgrades: France Likes What It Sees in Lululemon and Stock Downgrades: Calgon About to Take a Bath?)
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