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New Stock Coverage: Movado Group, Inc Has Time on Its Side

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

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Thursday was an apocalyptic session for stocks, as trifecta of trouble from one of the Internet's fabled "Four Horsemen" made for an awful day at the races. A 7.17% slump in Cisco Systems (CSCO) saw Dow Industrials (^DJI) endure their second straight triple-digit dive. With Wall Street laying a Cadbury Creme Egg, the sweet treat's corporate owner endured more misery in ending down 1.36%. Recently an activist investor, sounding suspiciously like the diminutive Jedi Master from Star Wars, declared, "The name Mondelez (MDLZ) I hate." But we all know that Buffett is the real Yoda, and his Berkshire Hathaway (BRK.B) slashing its stake in the food company was behind its funk yesterday. Omaha's oracle is, of course, a big believer in newspapers yet the ink-stained wretches at the New York Times (NYT) had a wretched time of it, nose-diving 3.91%. This after the nation's newspaper of record was forced to turn to Facebook (FB) for its stories, a fact that Rupert Murdoch's New York Post wasted no time informing us about.

Today in economics, analysts expect an improvement in the University of Michigan's preliminary August consumer sentiment survey at 9:55 a.m. Eastern. On the earnings front, Ann Inc. (ANN), A.P. Møller–Mærsk (AMKBY), Buckle (BKE), Enstar Group (ESGR), Foot Locker (FL), and Main Street Capital (MAIN) are all due to report results.

Aircastle (AYR): RBC Capital Markets establishes a Sector Perform on AYR.

FLY Leasing (FLY): FLY is a fresh Outperform at RBC Capital Markets.

Glu Mobile (GLUU): Citing mobile competition concerns, Benchmark Company has a lukewarm Hold on the stock.

Mazor Robotics (MZOR): JMP Securities rolls out coverage at Outperform.

Movado Group, Inc (MOV): The timepiece titan, maker of the legendary Museum Watch, is begun with a Buy at Brean Capital. The brokerage describes MOV as an "undiscovered growth story."

Semiconductors: Morgan Stanley starts covering Freescale Semiconductor (FSL) and ON Semiconductor (ONNN) at Underweight but is more upbeat on Overweight-rated Atmel (ATML) and Fairchild Semiconductor (FCS). Splitting the difference, it assigns an Equal-Weight on Microchip (MCHP).

Semtech (SMTC): The stock is assigned an Outperform at RBC Capital.

Xcel Energy (XEL): UBS establishes a Neutral on XEL.

(See also: Stock Upgrades: Pandora Media Inc Is Music to Investors' Ears and Stock Downgrades: General Mills, Inc. Didn't Eat Its Wheaties.)
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No positions in stocks mentioned.
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