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New Stock Coverage: Now's Not the Time to Own GOL

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

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Stocks slumped, bleeding red ink in what could be called the Pink Floyd market. The iconic band warned us in Dark Side of the Moon that "One day you find 10 years have got behind you", and the 10-year Treasury (^AXTEN) - where yields are suddenly spiking - was indeed behind last week's sell off on Wall Street.

On the bright side, the musicians famously made pigs fly and pork producer Smithfield Foods (SFD) swiftly followed suit, surging 28.29% after being bought by Beijing. Citigroup (C), which once chauffeured the Money Honey on its lavish private jets, turned its attention to the humble bicycle. Austerity paid off, for it surged some 11.4% last month as financials rode a wave.

And London's FTSE 100 (INDEXFTSE:UKX) gained 2.4% to end up for a twelfth straight month, its best streak since 1984. That year Molly Ringwald was blowing out 16 Candles; tonight she ends her run as the mother of an American adolescent. Time, much like those pesky pigs, just keeps on flying.

Today in economics, May's Institute for Supply Management manufacturing index and construction spending for April are each out at 10:00 a.m. Eastern. On the corporate front, Cracker Barrel Old Country Store (CBRL) reports quarterly earnings.

American Residential Properties (ARPI): Shares are set an Outperform rating and $23 target price at FBR Capital, which sees good growth opportunities in the single-family rental space.

Armada Hoffler Properties (AHH): Robert W. Baird picks the stock up at Outperform, assigning a $13 price objective on an equity it says offers investors both dividend growth and accelerating earnings.

Blackstone Mortgage Trust (BXMT): Keefe Bruyette begins Outperform-rated coverage on BXMT.

Emerge Energy Services (EMES): The stock is assigned an Outperform with Wells Fargo.

Freeport-McMoRan Copper & Gold (FCX): Barclays has a fresh Overweight on the commodity company.

GOL Linhas Aéreas Inteligentes (NYSE:GOL): Goldman Sachs gives the São Paulo-based air carrier a lukewarm Neutral rating.

Guess (GES): The clothing company, up 8.28% in a weak market on Friday, is initiated with a Hold at Topeka.

LinkedIn (LNKD): The professional networking name is a new Outperform at Credit Suisse.

PennyMac Financial Services (PFSI): Shares are started with a Buy at Citigroup.

(See also: Stock Upgrades: Plum Creek Timber Is a Money Tree and Stock Downgrades: TripAdvisor Now Going Nowhere Fast)
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No positions in stocks mentioned.
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