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New Stock Coverage: Winemaker Constellation Brands Reaches for the Stars


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

The Dow (^DJI) gained for a fifth straight session on Tuesday despite CNBC - never previously known to underplay a hot stock streak - saying it was only four. An underwhelming product launch saw Facebook (FB) tumble 2.24% which, while not quite the Alamo, must still concern a company that just lost the equivalent of San Antonio in active users. Mark Zuckerberg tried to channel Steve Jobs by finishing his presentation with "one more thing" but imitating Apple Inc. (AAPL) isn't the way to go after if imploded another 3.15% to again lead all S&P 500 (^GSPC) laggards.

Harry Winston Diamond (HWD), the object of Marilyn Monroe's affection in Gentlemen Prefer Blondes gained 1.19% to continue its stellar start to the week. (Although, in "Diamonds Are a Girl's Best Friend" she sang "He's your guy when stocks are high but beware when they start to descend," suggesting that the run will soon come to an end.) Diamond Foods (DMND), up 4.30%, and Diamondback Energy (FANG), which attained an all-time high, didn't do too badly either.

The Seven Year Itch was another of Norma Jean's movies, and Clarence Thomas finally scratched his after waiting that long. Not that it did Bazaarvoice (BV) much good, for it promptly fell to the lowest level in its history after an analyst downgrade. And an iconic record store long known as His Master's Voice finally fell silent after almost a century. Today in economics, the Federal Reserve releases its beige book of regional economic conditions at 2:00 p.m. Eastern.

On the corporate front, Hump Day of a peak earnings week is here, with financial firms heavily to the fore. Bank of New York Mellon (BK), Charles Schwab (SCHW), Comerica (CMA), Goldman Sachs (GS), JPMorgan Chase (JPM), M&T Bank (MTB), Northern Trust (NTRS), and US Bancorp (USB) are all due to release results, along with eBay Inc. (EBAY).

AbbVie (ABBV): Jefferies begins Buy rated research on the pharmaceutical firm.

Constellation Brands (NYSE:STZ): The world's biggest winemaker is begun with a Buy at Buckingham, whose target price is $45

Great Plains Energy (GPX): The energy firm is a fresh Buy at SunTrust Robinson Humphrey.

Perion Network (PERI): PERI is picked up with a Buy recommendation and $17 price objective at Benchmark, which is impressed with its sustainable organic growth prospects of 20% to 25%.

Titan Machinery (NASDAQ:TITN): Shares are assigned an Outperform by William Blair, whose target price is $33.

(See also: Stock Upgrades: Bubble Wrap Owner Sealed Air Set for Nice Pop and Stock Downgrades: Apple Unable to Keep the Doctor Away.)
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