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New Stock Coverage: Oil's Well That Ends Well for Chevron


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

Mr. Marx - either the comedian who lost most of his money on Wall Street or the Communist who was comfortably among the top 5% of English taxpayers, take your pick - will have enjoyed yesterday's awful anniversary action in equities. Stocks posted their steepest two-session slide of the year amid a widening worldwide tale of woe. Not least in France, where a widely watched manufacturing gauge fell to a 47-month low. The Gauls were freshly derided as "lazy" by an American captain of industry yet proud Parisian and Carlyle Group (CG) executive Olivier Sarkozy, stepsibling of Nic, has his work cut out for him after that stock slid 7.83%.

Supermarket stock Safeway (SWY), which surged 14.11% to an 18-month peak, topped all S&P 500 issues (^GSPC), which should please greengrocer's daughter and arch capitalist Margaret Thatcher. Especially in light of how the Iron Lady so loathed Karl, as evidenced in her comparing him unfavorably to a fabled British retailer by saying: "Marks and Spencer (PINK:MAKSY) have triumphed over Marx and Engels." Nike (NKE), up 0.96% on an analyst hike, also bucked a bad day but it will take a long time to live down its Oscar Pistorius ad that says, "I am the bullet in the chamber."

No top-tier economic data due today, but quarterly earnings announcements are expected out of Abercrombie & Fitch (ANF), Barnes Group (B), Charter Communications (CHTR), Gardner Denver (GDI), Interpublic Group (IPG), Warner Chilcott (WCRX), and Washington Post (WPO).

Bonanza Creek Energy (BCEI): Shares are begun with a Buy rating and $42 price target at Brean Capital.

Broadcom (BRCM): Piper Jaffray picks up the tech stock at Overweight.

Crane (CR): The company is covered with a Buy at Ascendiant Capital Markets, which establishes a price objective of $60. 2013 profitability should be propelled by strong sales from its Aerospace & Electronics and Fluid Handling segments.

Jive Software (JIVE): Northland Capital has a new Outperform on the stock, setting it a $20 target price.

Oil Majors: Dual Dow (^DJI) members Chevron (NYSE:CVX) - Buy - and Exxon (NYSE:XOM) - Hold - are each resumed at Canaccord, whose respective price objectives are $136 and $95.

Oriental Financial Group (OFG): Shares are begun with a Buy at Jefferies.

Tile Shop Holdings (TTS): Wedbush rolls out Outperform rated research with a $22 price target.
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No positions in stocks mentioned.
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