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New Stock Coverage: Tiffany Still a Rough Diamond

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

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From our fiscal cliff crisis to the political one currently swirling over the seven hills of Rome, equities could be excused for plunging from the precipice. Instead, they continue climbing to dizzying heights. Capping a brutal week for Bill Ackman, Herbalife (HLF) surged 13% and its shares are now up 22% in 2013. Carl, however, can't afford to get too cocky after Icahn Enterprises (IEP) slid 16.00% on Friday in posting the Nasdaq's (^IXIC) poorest performance.

Fellow billionaire Warren Buffett, who once derided derivatives as "financial weapons of mass destruction," saw profit as his Berkshire Hathaway (BRK-A) surged some 49% thanks to…derivatives. Elsewhere Jack Lew was confirmed as Treasury Secretary and, one hopes prophetically, Jack the Giant Slayer bested a weak weekend box office. MWI Veterinary Supply (MWIV) finished the week with a 3.67% increase to end at an all time high; sent some stock options to all those vets currently in debt. And pride-of-Edinburgh Royal Bank of Scotland (RBS) tumbled 9%, which must have native son Adam Smith saying, "Talk to the Hidden Hand."

Today's corporate earnings announcements are due to include Arena Pharmaceuticals (ARNA), Ascena Retail Group (ASNA), Boyd Gaming (BYD), Casella Waste (CWST), HSBC Holdings (HBC), Transocean (RIG), and Veeco Instruments (VECO).

Apparel/Accessories: Sterne Agee assigns Underperforms on Gap Inc. (GPS), which finished on Friday at a high for the year, Michael Kors (KORS), and Vera Bradley (VRA).

Health Insurance Innovations (HIIQ): Citigroup has a Buy on HIIQ.

Jewelry Stocks: Bling king Tiffany & Co (NYSE:TIF), currently trading at a 10-month high, is rated no better than a Neutral at Sterne Agee, which has an identical investment opinion on smaller rival Signet Jewelers (NYSE:SIG). Its respective price objectives are $68 and $60.

Medivation (MDVN): Needham begins Buy rated research on the biotech, whose target price is $65. Shares are surging better than 6% before the bell as a result.

Pinnacle Entertainment (PNK): The casino company is picked up with a Buy at Bank of America-Merrill Lynch.

Retail-Related Stocks: Sterne Agee has a new Neutral on Ross Stores (ROST) and begins Buys on TJX Companies (TJX), Sally Beauty (SBH), and Ulta Salon (ULTA).

Specialty Retail: Saying that these stocks "…are currently misunderstood or under-appreciated by the investment community", Sterne launches Buys on handbag company Coach Inc. (COH), Kate Spade owner Fifth & Pacific (FNP), and Victoria's Secret parent Limited Brands (LTD).

YOU On Demand Holdings (YOD): The small cap is covered with a Buy at Chardan Capital Markets, whose price objective is $5. It is poised to become the "Netflix (NFLX) of China," the broker believes.

(See also: Stock Upgrades: Telecommuting Ban a Home Run for Yahoo? and Stock Downgrades: Bristol-Myers Isn't in the Best of Health.)
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No positions in stocks mentioned.
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