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New Stock Coverage: With Iraq Aflame, Oil's Well at Occidental Petroleum


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

On what was a triple-digit down Thursday for Dow Industrials (INDEXDJX:.DJI), Occidental Petroleum (NYSE:OXY) shares jumped 1.36% to a fresh best. The independent oil and gas outfit saw its stock jump as extremists advanced on the oil fields of Iraq.
Evidently inspired by the example of George H. W. Bush, recently skyrocketing stock markets fell back down to Earth for his 90th birthday. History will probably be far kinder to Poppy than was the electorate 22 years ago, for he brought the Cold War to a masterful conclusion without firing a shot. However, the president's fateful decision not to march on Baghdad after winning the 1991 Gulf War in only 100 hours haunts us still. In the wise words of Napoleon Bonaparte: "If you start to take Vienna, take Vienna." The Austrian capital, headquarters of OPEC, was a rare winner as a spike in petroleum prices to 2014 highs sent S&P 500 (INDEXSP:.INX) shares sinking. The downbeat tone was set in Asia overnight, where a 9.1% nosedive in Japan's April machinery orders took the Nikkei (INDEXNIKKEI:NI225) to a 10-day trough. The founder of Lululemon Athletica (NASDAQ:LULU) -- a seriously strange individual who so-named his company because "It's funny to watch [the Japanese] try to say the letter L" -- had no time for schadenfreude as his stock options fell 15.91%. (The Land of the Rising Sun is far better advised to fork over $3,469 for a watermelon than spend a penny on the yoga apparel lemon, anyway.) As the World Cup kicked off with a Brazil own goal in the country's largest city, investors certainly weren't owning São Paulo's own GOL Linhas Aéreas Inteligentes (NYSE:GOL), which fell 4.44% ahead of the four-goal thriller. Inhabitants of arch enemy Rio couldn't be too smug, however, after its hometown hero Vale S.A. (NYSE:VALE) slumped 3.64% on a rating reduction.
Today in economics, the University of Michigan's preliminary June consumer sentiment survey is expected to tick up from May's final figure at 9:55 a.m. Eastern.

Now let's turn to this morning's new stock coverage, a list that includes both a biotech and semiconductor equity in addition to Occidental Petroleum.
Cheetah Mobile (NSYE:CMCM): Oppenheimer assigns an Outperform and $23 target price.
Fusion-io (NYSE:FIO): The stock is resumed with a Buy at Roth Capital.
Gogo Inc (NASDAQ:GOGO): Shares get rated a Market Perform with Wells Fargo.
MannKind (NASDAQ:MNKD): RBC Capital covers the company at Outperform amid optimism over principal product Afrezza, an inhaled insulin. Its price objective is $16.
NXP Semiconductors (NASDAQ:NXPI): NXPI is a new Outperform ($76 target) at FBR Capital, which cites its fast-growing automotive end markets among other favorable factors.
Occidental Petroleum: Today's headline analyst initiation is begun with a Buy recommendation at Jefferies, whose price objective is $114.
Omnicell (NASDAQ:OMCL): Topeka Capital covers the company at a Buy amid its recurring revenue stream.
Park City (NASDAQ:PCYG): Shares are picked up with a Buy and $19 price target at Brean Capital.
Time Inc. (NYSE:TIME): The stock, which attracted its first analyst coverage on Monday to coincide with its spin-off, is this morning begun with a Buy at Citigroup.

Also see:
Stock Upgrades: World Cup a Messi Business? Adidas Can Clean Up

Stock Downgrades: Another Kick in the Pants for Lululemon
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No positions in stocks mentioned.
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