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New Stock Coverage: Jazz Pharmaceuticals Going for a Song


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

Big Bird will have appreciated the irony of stocks soaring in a week when capitalist icon CNBC embraced - quelle horreur! - public television. (Sesame Street, where Count von Count apparently can't, and Wall Street, which has always employed fuzzy math, is actually a match made in Heaven.)

Dow Industrials (^DJI) advanced 2.18% to a record after the unemployment rate fell to 7.7%. Which is exactly where it stood in August of 1980, an unimaginably distant age when Star Wars sequels ruled the box office and America was transfixed by a hostage crisis in Iran.

Japan's Nikkei Index jumped 5.8% in its best week for 15 months after the Central Bank head turned to Kristen Stewart for advice. (As a Twilight vampire, she apparently knows all about reviving a zombie economy.) Better the Land of the Rising Sun than SolarCity (SCTY). The unloved stock tumbled in a timely reminder that Big Bird's buddy Kermit the frog was right. It indeed ain't easy being green. Unless, that is, you are selling emerald apparel ahead of St. Patrick's Day, since Hot Topic (HOTT) surged some 28.43%.

Elsewhere investors made a quick buck in fast food, with Papa John's (PZZA) pizza hitting an historic high on Friday while McDonald's (MCD) bested all blue chips. Happy National Nutrition Month.

No top-tier economic data due today but corporate earnings announcements are expected out of Casey's General Stores (CASY), Diamond Foods (DMND), Dick's Sporting Goods (DKS), and Urban Outfitters (URBN).

Insmed Incorporated (INSM): The biotech is launched with an Outperform at Leerink Swann.

Jazz Pharmaceuticals (NASDAQ:JAZZ): Cantor Fitzgerald covers the company with a Buy and assigns a price objective of $86. It is well placed to generate annual revenue growth of better than 39% in 2013, the broker believes.

Meru Networks (MERU): Shares are begun with an Outperform at William Blair.

Tech Stocks: Longbow has new Neutrals on NetApp (NTAP), Seagate Technology (STX), and Western Digital (WDC). It is more bullish on EMC Corporation (EMC), assigning it a Buy.

United Parcel Service (UPS): Morgan Stanley establishes Equal-Weight research.

(See also: Stock Upgrades: Citigroup Paints the Town Red and Stock Downgrades: The Party's Over for Tupperware.)
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No positions in stocks mentioned.
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