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New Stock Coverage: Tiffany Boosted by the Bling Ring

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

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A month that began with socialist workers rioting worldwide in time-honored tradition is ending by making rich capitalists of us all. The S&P 500 (^GSPC) rose once more on Thursday and is closing in on a gain of better than 3% in May. That said, this month is concluding more lamb than lion, and futures this morning are only heightening fears of an upcoming June swoon. (Not helped by fresh signs that Japan's attempt to inflate its way out of two-decades of doldrums is, to the surprise of no economic student, as effective as pushing on a string.)

Starbucks (SBUX) fell after being busted for brewing toilet water but John Thain, he of the $35,000 commodes during the depths of the recession, is once more flush with cash. His reputation redeemed, the CEO's CIT Group (CIT) surged 5.42% to a fresh peak as financials again outperformed. Mr. Than famously liked his honeybees yet what would the recently crowned Spelling Bee winner make of Clearwire's (CLWR) mysteriously missing "i"? It can surely now afford to buy a vowel after gaining 29.31% to a fresh best in topping the Nasdaq (^IXIC) after an analyst upgrade.

This morning in economics, analysts expect improvements in the May Chicago Purchasing Managers' index at 9:45 a.m. Eastern and this month's University of Michigan consumer sentiment survey at 9:55 a.m. On the corporate front, Genesco (GCO) and Graham Corporation (GHM) are the pick of a quiet day for earnings announcements.

Catamaran (CTRX): The company is covered at a Market Perform with Wells Fargo.

Chesapeake Energy (CHK): Goldman Sachs gives the stock a Neutral rating.

CVS Caremark (CVS): Wells Fargo covers the company at at Outperform.

Medical Devices: Wedbush begins new Neutrals on both Boston Scientific (BSX) and Medtronic (MDT) but assigns a more upbeat Outperform on St. Jude Medical (STJ).

Melco Crown Entertainment (MPEL): Shares are set an Outperform rating and $30 price objective at Oppenheimer, which expects consistent margin improvement and market-beating growth over upcoming years.

Nanosphere (NSPH): NSPH is a new Buy at Jefferies.

OraSure (OSUR): Jefferies has a Buy on the stock.

Pluristem Therapeutics (PSTI): Citing an impressive pipeline and solid financial footing, MLV & Co begins Buy rated research with a $4.50 price objective.

SeaWorld Entertainment (SEAS): The recent initial public offering gets picked up at Overweight by Barclays.

Tiffany (NYSE:TIF): Just in time for tomorrow's start of the June wedding season, Credit Suisse assigns an Outperform on this recently-surging upscale jewelry outfit.

Vail Resorts (MTN): MKM Partners has a Buy on the ski resort stock.

Valeant Pharmaceuticals (VRX): BMO Capital resumes Outperform-rated research on VRX.

(See also: Stock Upgrades: There's No Place Like HomeAway and Stock Downgrades: Scotts Miracle-Gro Not Hitting Pay Dirt)
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No positions in stocks mentioned.
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