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New Stock Coverage: Jump Into Jive Software

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

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Wall Street clearly felt confident enough that a record run of 20 straight winning Tuesdays would continue that it summoned the prime member of the PIIGS to officially begin proceedings. Fate, unwisely tempted, didn't need to be asked twice, and stocks duly slumped. (Although the land of legendary explorers Magellan and Vasco da Gama could hardly be blamed for the market having suddenly lost its way. Not when pride of Lisbon Portugal Telecom (PT) surged some 7.30% in its single strongest showing for three years.)

The real cause of the malaise in equities were comments from Fed official Esther George, who cancelled her planned speech due to illness but still managed to make investors sick by suggesting that quantitative easing may soon end.

While the sky was falling, Domino's Pizza (DPZ) - shortly to drop your pepperoni pie by airborne drones- rose 0.77% to the highest level in its history. Elsewhere, paint producer Valspar (VAL) slipped on cautious analyst comments. No comment from the IRS, which was otherwise engaged in paying 17 grand for a watercolor of Michael Jordan.

Today in economics, April factory orders and the Institute for Supply Management's May services index are each out at 10:00 Eastern. At 2:00 p.m. the Federal Reserve releases its June beige book, detailing regional financial conditions in a dozen districts.

On the corporate front, expect quarterly earnings announcements from Ascena Retail (ASNA), Brown-Forman (BF-B), Coldwater Creek (CWTR), Francesca's Holdings (FRAN), FuelCell Energy (FCEL), Harvest Natural (HNR), Hovnanian Enterprises (HOV), Jos. A Bank Clothiers (JOSB), Layne Christensen (LAYN), and VeriFone (PAY).

American International Group (AIG): Nomura has a new Neutral on the insurance outfit.

Audience Inc (ADNC): The semiconductor stock is assigned a Hold at The Benchmark Company, which notes that shares have almost tripled since September amid impressive inroads into non-Apple (AAPL) end markets.

Axiall (AXLL): Bank of America-Merrill Lynch launches Buy-rated research on the chemical company.

Bank of Ireland (IRE): HSBC Securities starts the equity at an Underweight.

Elli Mae (ELLI): ELLI is established with an Outperform at FBR Capital, whose target is $35.

First Solar (FSLR): Saying that the company has not won enough fresh contracts to justify earnings projections, Maxim starts Sell-rated research. Its price objective is $42.

Haemonetics (HAE): William Blair has an Outperform on HAE.

Jive Software (NASDAQ:JIVE): Janney Capital covers the tech company at a Buy.

Main Street Capital (MAIN): Shares are begun at a Buy and $35 target price with Wunderlich, which notes it manages more than $1.1 billion.

Northern Tier Energy (NTI): Citigroup has a new Buy on NTI.

Workday (WDAY): FBR Capital has a fresh Market Perform assessment and $64 price objective on the stock. Catalysts including international expansion opportunities are balanced out by a relatively rich present valuation, the broker believes.

(See also: Stock Upgrades: Oil's Well With ConocoPhillips and Stock Downgrades: Callaway Golf, All Green of Late, Heading for Rough Day.)
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No positions in stocks mentioned.
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