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New Stock Coverage: Markets Set for a Summer Melt-Up? Exelon Won't Melt Down, Even in a Nuclear Winter


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

Bank of America Merrill Lynch (NYSE:BAC) is currently calling for a market fall following a summer melt-up, but Illinois utility Exelon Corporation (NYSE:EXC), America's largest nuclear power operator, is set to sizzle in all seasons. Shares, in tandem with others in its industry of late, have been on a stellar recent run amid substantial increases in electricity prices. Exelon also offers investors a relatively plump dividend of approximately 3.44%, which is not to be sneezed at in this era of extremely low yields.
A man in Holland -- presumably going Dutch -- quite literally has cash on the brain. That would be Johnny Cash. Here, however, the smart money only has thoughts for stocks. The S&P 500 (INDEXSP:.INX) rose to another record on a day that Mr. Cash's hometown did indeed loom large. This as Dover Motorsports (NYSE:DVD) jumped an NYSE-best 21.05% after agreeing to sell its Nashville Superspeedway for big bucks. Dow Industrials (INDEXDJX:.DJI) also ended up despite a shocking 1% shrinkage in first-quarter GDP. Economists, their excuses ever at the ready after consensus estimates badly botched even this revised figure, blamed the weather. Um, OK. During the first quarter of 1996, the economy grew at a 2% clip despite enduring the "blizzard of the century," when the few Wall Street warriors who actually made it in to work did so on skis. But whatever. Perhaps, like Britain and Italy, we should start including sex and drugs to make the data look better. At least rock 'n' roll remains alive and well in corporate America, with both Apple (NASDAQ:AAPL) and Bono making big bets on music. The tech titan's CEO Tim Cook used his (Johnny) cash hoard to buy a "no-brainer." Clearly, Mr. Cook has spent too much time with Uncle Carl, but great minds think alike, I guess.
Today in economics, this month's Chicago Purchasing Managers Index is out at 9:45 a.m. EDT, with the University of Michigan's final figure for May consumer confidence arriving at 9:55 a.m. In earnings action, retailers Ann Inc. (NYSE:ANN) and Big Lots (NYSE:BIG) each released results earlier this morning.
Now let's turn to this morning's new stock coverage, a list that includes a couple of financial stocks in addition to Exelon Corporation.
Array Biopharma (NASDAQ:ARRY): Shares, up 4.74% before the bell, are covered with a Buy at Cantor Fitzgerald. The target price is $9.
Callon Petroleum (NYSE:CPE): Imperial Capital establishes Outperform-rated research and a $13 price objective.
Exelon: Jefferies has a Hold on today's headline analyst initiation. Its target is $37.50.
Financial Stocks: Evercore assigns Equal Weights on Eaton Vance (NYSE:EV) and Waddell & Reed (NYSE:WDR). Its respective price objectives are $39 and $63.
ICON plc (NASDAQ:ICLR): Raymond James resumes coverage at Perform.
Louisiana-Pacific (NYSE:LPX): LPX is launched with a Neutral opinion at Goldman Sachs.
Parexel (NASDAQ:PRXL): The stock gets picked up at Perform at Raymond James.
Preferred Apartment Communities (NYSEMKT:APTS): Shares are assigned a Buy and $13 objective at MLV & Co., which says the company's maturing development mezzanine loans offer promise.
Also see:

Stock Upgrades: Stick With Tiffany's Carats

Stock Downgrades: Infoblox Stock Dead on Arrival After CEO Departure
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No positions in stocks mentioned.
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