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Stock Upgrades: Adobe Systems Incorporated Is No 'Flash' in the Pan


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

Early buzz about The Wolf of Wall Street centers on the enjoyment its characters derive from dwarf tossing. Yet with the small cap Russell 2000 Index (^RUT) having just hit the highest level in its entire history, investors would be well advised to think twice before similarly throwing away anything tiny. (And one only hopes the movie doesn't depict a wolf in sheepskin clothing, what with Ugg maker Deckers Outdoor (DECK) falling 1.82% even as the Dow (^DJI) again rose by triple-digits.)

The Fed official who removed his foot from his mouth long enough to claim iPads (NASDAQ:AAPL) are keeping inflation low may have had a point. For food costs came in at their tamest level in years. Let them eat cake, then, or at least Cheesecake Factory (CAKE), which rose 0.98% to a new best.

Elsewhere US Concrete (USCR) tumbled 3.01% amid all the ebullience, as it dawned on investors that - contrary to legend - Jimmy may not in fact be buried in its principal product at Giants Stadium after all.

This afternoon the Federal Open Market Committee concludes its two-day monetary policy meeting, to be followed by Ben Bernanke's press conference. In earnings action, expect announcements out of Hennes & Mauritz (HNNMY), Jabil Circuit (JBL), Micron Technology (MU), and Red Hat (RHT).

Adobe Systems Incorporated (ADBE): The maker of Acrobat, Flash, and Photoshop - jumping 5.17% before the bell on Q2 earnings that beat Street estimates - is lifted to Buy from Neutral at Bank of America-Merrill Lynch.

Ball Corporation (BLL): Shares are raised to Outperform from Neutral by Robert W. Baird, which also takes its target up by $2 to $50. The broker believes that company fundamentals have firmed, particularly in Europe.

CEMEX SAB de CV (ADR) (CX): Barclays boosts the Mexican cement company to Overweight from Equal Weight.

National Grid plc (ADR) (NGG): NGG gets moved to Buy from Neutral at Bank of America-Merrill.

Reinsurance Group of America Inc (RGA): Shares are raised to Outperform from Market Perform at Keefe Bruyette.

Rio Tinto plc (RIO): The miner is added to Citigroup's Favored Stock List.

Sonic Corporation (SONC): Morgan Stanley moves the drive-in restaurant stock to Equal-Weight from Underweight.

Tanger Factory Outlet Centers Inc. (SKT): Shares are now Neutral from Sell at Goldman Sachs.

Toll Brothers Inc (TOL): Argus hoists the luxury homebuilder to Buy from Hold with a $42 target amid optimism over its backlog growth.

United Natural Foods, Inc. (UNFI): Piper Jaffray juices its investment opinion to Overweight from Neutral.

(See also: New Stock Coverage: The Coca-Cola Company Poised for Nice Pop and Stock Downgrades: American Eagle Outfitters Gets Its Wings Clipped.)
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