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New Stock Coverage: Going Gaga Over Gogo Inc

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

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The Wall Street Journal enjoyed a good day, with its owner News Corp. (NWSA) jumping 4.16% to top the entire S&P 500 Index (^GSPC). Wall Street itself? Not so much. Shares fell for the first time in nine sessions amid iffy quarterly earnings. Honey Boo Boo unveiled scratch 'n' sniff programming in the latest sign of the Apocalypse, and Mr. Musk, who had hitherto given investors the sweet smell of success, saw his Tesla (TSLA) tumble 14.31%. Moving from the Model S to Model T, Ford Motor (F) fell 3.04% on a ratings reduction. This as iconic musician named after the company's most famous car sadly shuffled off his mortal coil. And humble pen maker A.T. Cross (ATX) continued trading like a tech stock, gaining another 3.03% to take its 12-month return to 76.15% as it hit another historic high. Must be all those Eliot Spitzer signatures.

Today Federal Reserve head Ben Bernanke begins his semiannual testimony on Capitol Hill at 10:00 Eastern. The Fed will also release its Beige Book detailing regional economic conditions in a dozen districts, at 2:00 p.m. Hump Day of peak earnings week is here, with announcements expected out of Abbott Labs (ABT), American Express (AXP), Bank of America (BAC), eBay Inc (EBAY), Intel (INTC), International Business Machines (IBM), Mattel (MAT), and Novartis (NVS) among a multitude of others.

Approach Resources (AREX): The stock is begun with a Buy at Miller Tabak, whose target price is $30 on a company it says has more than 2,000 horizontal drilling locations in inventory.

Blackstone Mortgage Trust (BXMT): Deutsche Bank resumes Buy-rated research.

Ciena (CIEN): William Blair begins the tech stock at Outperform.

Cytokinetics (CYTK): Leerink Swann launches the stock at Outperform.

Dresser-Rand (DRC): Cowen covers the company at a Market Perform. Its price objective is $66.

European Airlines: Air France-KLM (AFLYY) is are assigned an Underperform at Jefferies, which begins a Buy on Deutsche Lufthansa (DLAKY), and has Holds on easyJet (ESYJY) and Ryanair (RYAAY).

Fortress Investment (FIG): FIG is a fresh Outperform at RBC Capital Markets.

Gogo Inc (GOGO): The provider of in-flight WiFi is initiated with a Overweight at Evercore.

JDS Uniphase (JDSU): The tech stock is a new Market Perform at William Blair.

ServiceNow (NOW): NOW is picked up with a Positive at Susquehanna.

(See also: Stock Upgrades: Pier 1 Imports Inc Walks on Water and Stock Downgrades: Analyst Has Big Beef With McDonald's Corporation.)
No positions in stocks mentioned.
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