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New Stock Coverage: Who Needs Tesla When There's Tata?


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

Herman Cain left the scene long ago but his 9-9-9 evidently lives on. This on a day Nasdaq (INDEXNASDAQ:.IXIC) gained 9 points, helped by 9 million iPhones flying off the shelves at Apple Inc. (NASDAQ:AAPL) and BlackBerry (NASDAQ:BBRY) getting a $9 per share buyout bid. Still, the Dow (INDEXDJX:.DJI) did drop and European stocks closed at their lowest level since, naturally, 9/9, as German voters said "nein nein nein" to awarding Angela Merkel an absolute majority. (Any country that starts Oktoberfest in September clearly can't be trusted with weightier matters.) Elsewhere, OfficeMax (NYSE:OMX) bucked a bad day to jump 3.90%. Its elves have left the building - a good thing too, given yesterday's punk performance from the homebuilders. And if yesterday's Scrooge-like holiday forecast from Challenger, Gray & Christmas is any indication, there may merely be a lump of coal in the stockings of many retailers this year.

Today in economics, analysts expect The Conference Board's September consumer sentiment survey to pull back from its August pace at 10:00 a.m. Eastern. On the quarterly earnings front, CarMax (NYSE:KMX), Carnival Corporation (NYSE:CCL), KB Home (NYSE:KBH), and Lennar (NYSE:LEN) are all due to release results.

Approach Resources (NASDAQ:AREX): Shares are initiated with a Buy at Goldman Sachs.

Booz Allen Hamilton (NYSE:BAH): Morgan Stanley covers the consulting company at Equal-Weight. Its target price is $21.

Continental Resources (NYSE:CLR): The independent oil and gas outfit gets begun with a Buy at Goldman.

Covance (NYSE:CVD): Credit Suisse launches Outperform-rated research on the medical company.

Echostar Corporation (NASDAQ:SATS): Shares are initiated with an Outperform at Wells Fargo.

Prestige Brands (NYSE:PBH): Jefferies has a Hold on the maker of Efferdent, Luden's, and Dramamine.

Splunk (NASDAQ:SPLK): Shares are initiated with a Market Perform at Northland Capital, whose price objective is $68.

Tata Motors Limited (NYSE:TTM): The Indian auto outfit hasn't attracted anything like the attention of Tesla Motors (NASDAQ:TSLA) of late, but it does own premium brands including Jaguar. Today the stock scores a bullish Outperform initiation at Sanford Bernstein.

T-Mobile US (NYSE:TMUS): Cowen covers the company at Outperform.

(See also: Stock Upgrades: Monet or Manet? It's All Money for Sothebys and Stock Downgrades: Red Hat Reduced to Going Cap in Hand.)

Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.
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