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New Stock Coverage: Urban Outfitters, Inc. Heading Uptown

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

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Singing "Happy Birthday" these days could cost you big bucks, but the Fed need not worry, for after yesterday, no one will be helping them blow out 100 candles. The Dow (^DJI) endured its worst drop in weeks after our central bank indicated easy money is in for a hard landing. Ben Bernanke's press conference proved less successful than his recent well-received graduation speech at Princeton, when he warned graduates, "Past performance is no guarantee of future results."

George Zimmer learned, contrary to his catchphrase, that there are no guarantees after getting fired from Men's Wearhouse (MW), the firm he founded forty years ago. And the world mourned the passing of a gentle giant, who made his screen debut in 1987′s Shock! Shock! Shock!. A pretty accurate description of equity action that year.

We get a trifecta of economic data today at 10:00 a.m. Eastern, namely May existing home sales, leading indicators, and the Philadelphia Fed Index for June. In earnings action, expect announcement out of Kroger (KR), Oracle (ORCL), Pier 1 Imports (PIR), and Rite Aid (RAD).

Apparel Stocks: Something for everyone at Oppenheimer, which assigns Outperforms on Abercrombie & Fitch Co. (ANF), Ascena Retail Group Inc (ASNA), Children's Place (PLCE), Chico's FAS, Inc. (CHS), and Urban Outfitters, Inc. (URBN). It has an Underperform on Victoria's Secret owner L Brands Inc (LTD), and rolls out Perform ratings on The Gap Inc. (GPS) and Lululemon Athletica Inc. (LULU).

BRF SA (BRFS): Goldman Sachs begins a Buy on the Brazilian food company.

1st United Bancorp Inc (Florida) (FUBC): MLV & Co begins Buy-rated research and assigns an $8 price objective amid emerging loan growth and improving credit quality.

Fossil Group Inc (FOSL): Oppenheimer has a fresh Perform on the maker of watches and accessories.

Owens Corning (OC): Shares are covered at an Outperform with Wedbush.

Regional Banks: Old National Bancorp (ONB) is a new Neutral at Guggenheim, which picks up Popular Inc (BPOP) at a Buy.

(See also: Stock Upgrades: Wal-Mart Stores, Inc. Is a Bargain and Stock Downgrades: ESPN Woes Put The Walt Disney Company in Penalty Box.)
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No positions in stocks mentioned.
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