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New Stock Coverage: Shark Week's Discovery Communications Has Not Jumped the You-Know-What


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

Marine life can be scary, especially if you happen to be Brazilian. But still not as scary as the recent stock price performance of Shark Week broadcaster Discovery Communications (NASDAQ:DISCA). Shares are seriously underwater this year, having missed out on the market's historic bull run. Today, however, an equity analyst emphatically disputes the contention that this company has jumped the, well -- you know.
Look on the bright side. Yesterday's triple-digit Dow (INDEXDJX:.DJI) drop was a walk in the park compared with what occurred on another July 8, when blue chips declined to a Great Depression low. And the good news is that Goldman Sachs (NYSE:GS), which so spooked investors earlier this week by moving up its expectations of an interest rate increase, suddenly doesn't look quite so sage after having also predicted Brazil would win the World Cup. Oh dear. The "Great Vampire Squid" clearly can't hold a candle to the prognostication powers of Paul the Octopus, who would make a wonderful eight-armed economist but sadly now sleeps with the fishes in a German aquarium. Notwithstanding today's headline analyst initiation, swimming with Wall Street's sharks wasn't for the faint of heart, as Goldman gapped down 1.71%, closely chased by a 1.61% slide in "London Whale" JPMorgan (NYSE:JPM). The S&P 500 (INDEXSP:.INX) failed to move more than 1% for a 56th straight session in ending at 1963. (It still has a ways to go, though, to reach its record such run of 166 days, which ended in 1963 amid the death of a president in Dallas.) In such sluggish trading, it was entirely appropriate that Whirlpool (NYSE:WHR), which owns the infamously idle Maytag repairman, was the benchmark bourse's top stock with its 1.83% advance. Also bucking a bad day was Supercuts owner Regis Corp (NYSE:RGS), which surged 3.37% even as Brazil's stand-in captain -- he of the tournament's most fabulous hair -- exited the tournament in a trail of tears.
Today at 2:00 p.m. EDT., the Federal Open Market Committee releases minutes to its June 18 meeting. In earnings action MSC Industrial (NYSE:MSC) and WD-40 Company (NYSE:WDFC) each release results.
Now let's turn to this morning's new stock coverage, a list that includes several other media equities in addition to Discovery Communications.
Discovery Communications: Today's headline stock is assigned an upbeat Overweight by Barclays, whose price objective is $87.
Kate Spade (NYSE:KATE): BMO Capital covers the company at Outperform with a $48 target price.
Lam Research (NASDAQ:LRCX): Shares are picked up at Overweight by Piper Jaffray.
Media & Entertainment: Barclays begins research on CBS Corp (NYSE:CBS) (Equal Weight and $68 objective), Time Warner (NYSE:TWX) (Equal Weight; $78), 21st Century Fox (NASDAQ:FOXA) (Overweight; $43), Viacom (NASDAQ:VIAB) (Underweight; $84), and Walt Disney (NYSE:DIS) (Equal Weight; $85).
Signet Jewelers (NYSE:SIG): The stock is established at Overweight by JPMorgan.
Vantiv (NYSE:VNTV): Morgan Stanley starts the stock at Overweight. The price target is $39.
Winnebago (NYSE:WGO): Shares are a new Neutral at Sun Trust.
Zillow (NASDAQ:Z): Macquarie has an Outperform, and $164 objective, on the equity.

Also see:

Stock Downgrades: BP Given Das Boot by the Germans
Stock Upgrades: Deutsche Bank in Seventh Heaven
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No positions in stocks mentioned.
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