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New Stock Coverage: Urban Outfitters Boosted by Socks and the City

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

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Compared to what Wall Street wrestled with exactly half a decade earlier, September 12, 2013 was no date destined to live in infamy. Still, the S&P 500 Index (INDEXSP:.INX) did drop for the first time all month in a session that saw some serious slumps. Let the chips, Wilson and otherwise, fall where they may about summed it up as EZchip Semiconductor (NASDAQ:EZCH) nosedived a Nasdaq (INDEXNASDAQ:.IXIC)-worst 20.75% and Lululemon Athletica (NASDAQ:LULU) lost 5.40% after announcing earnings. At least all things Apple (NASDAQ:AAPL) didn't drop, with the troubled tech titan advancing 1.06% and an ad from Fiona helping Chipotle Mexican Grill (NYSE:CMG) hit the highest level in its history. (South-of-the-border cuisine is still best avoided, however.) The New York Times (NYSE:NYT) tumbled 1.32% as Vladimir Putin preposterously penned an op-ed in its pages. This as a resurgent Nokia (NYSE:NOK), which his predecessor Mikhail Gorbachev memorably put on the map in April 1987, surged another 6.89%.

Today in economics, the preliminary Thomson Reuters/University of Michigan September consumer sentiment survey is out at 9:55 a.m. Eastern, and July business inventories follow at 10:00 a.m. On the corporate front, Pier 1 Imports (NYSE:PIR) is the pick of quarterly earnings announcements.

Advisory Board (NASDAQ:ABCO): The stock is begun with a Buy at Bank of America-Merrill Lynch.

Barclays (NYSE:BCS): Jefferies starts Buy-rated research on the British bank.

ConocoPhillips (NYSE:COP): The oil stock gets initiated with a Buy at Guggenheim.

Dexcom (NASDAQ:DXCM): Shares are a new Overweight at JPMorgan.

Maximus (NYSE:MMS): The business services stock is initiated with a Buy at Jefferies, whose price objective is $47.

MRC Global (NYSE:MRC): Shares are a fresh Buy with Wunderlich, whose price objective is $33. It is poised to take advantage of a build out in energy infrastructure, the broker believes.

Pharmacy Stocks: Coven covers CVS Caremark (NYSE:CVS) at Perform and has an Outperform and $62 target on Walgreens (NYSE:WAG), which yesterday hit an all time high.

Urban Outfitters, Inc. (NASDAQ:URBN): The apparel outfit, whose endlessly eclectic offerings include patriotic socks, is started with a bullish Buy at Sterne Agee. Its price objective is $45.

(See also: Stock Upgrades: Verizon Is Moving On Uptown and Stock Downgrades: Bitter Pill for Vitamin Shoppe.)
No positions in stocks mentioned.
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