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New Stock Coverage: Twenty-First Century Fox Inc Is a Stock for the Ages


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

Wall Street's age-old admonition to "get a dog if you want a friend" proved profitable yesterday, even as the overall market resembled a flea-bitten mutt. Bullish comments on Ruckus (RKUS) sent it surging 4.99%, canine companion Zynga (ZNGA) jumped 6.51%, while Snoopy's MetLife (MET) saw his stock hit a multi-year high. And let's not forget the hottest dog of them all, for Nathan's Famous (NATH) franks reached an all-time best ahead of tomorrow's conspicuous consumption on Coney Island. Alas, while money talked elsewhere in the kennel club, it was silenced at Hush Puppy owner Wolverine World Wide (WWW), which tumbled 2.63% on a ratings reduction.

Elsewhere Apple Inc. (AAPL), which makes sexy newfangled Mac computers, gained 2.27%, but Noodles & Co (NDLS), which is seen as yesterday's news as it makes old-school macaroni, advanced a Nasdaq (^IXIC)-best 22.69%. Today European Union politicians try to alleviate youth unemployment. The continent's adults could start by getting their math right.

This morning in economics, June's Institute for Supply Management non-manufacturing index is expected to tick up slightly at 10:00 a.m. Eastern. There are no quarterly earnings announcements of note, and the New York Stock Exchange and bond markets are scheduled for early finishes of 1:00 p.m. and 2:00 p.m., respectively, ahead of tomorrow's Independence Day holiday, when all US markets will be closed.

Best Buy Co., Inc. (BBY): Goldman Sachs starts the surging stock at a Buy.

Cheniere Energy Partners LP (CQP) Shares are initiated with an Outperform at RBC Capital Markets.

Cintas Corporation (CTAS): RBC Capital covers the company at Outperform.

Ecolab Inc. (ECL) The stock is picked up at Outperform by RBC Capital.

Limited Partnerships: AmeriGas Partners, L.P. (APU) is launched with an Underperform at Credit Suisse, which starts Suburban Propane Partners LP (SPH) at Neutral.

Martin Midstream Midstream Partners L.P. (MMLP): Bank of America-Merrill Lynch has a new Neutral on the energy name.

Staffing/Outsourcing: RBC Capital Markets starts Manpowergroup Inc (MAN) at Sector Perform and establishes Outperforms on On Assignment, Inc. (ASGN) and Robert Half International Inc (RHI).

Twenty-First Century Fox Inc (FOXA): The recent spin-off is begun with a bullish Buy at Needham, whose price objective is $36. Catalysts include fast-growing content and multiple new distribution platforms.

(See also: Stock Upgrades: AutoNation, Inc. is Music to Michael Jackson's Ears and Stock Downgrades: Ominous News Out of Alcoa Inc as Earnings Await.)
No positions in stocks mentioned.
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