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Stock Upgrades: Stick to Henkel Like Glue

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

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A person born in 1929 pocketed $590 million yesterday but, for the rest of us, Wall Street is suddenly carrying ominous echoes of that fateful October 84 years ago. The Dow (^DJI) suffered its worst two-session slide since last autumn amid iffy economic reports. This included a downward revision to first quarter worker productivity, which any net prophet could have predicted.

Still, on the morning of 6/6 we should remember just how far the S&P 500 (^GSPC) has come from its low of 666. Alas for Abe the devil was indeed in the details, or rather absence of them. A lack of specifics in his speech sent the Nikkei (INDEXNIKKEI:NI225) nosediving another 3.8% to an eight-week trough.

Elsewhere Apple (AAPL), whose first machines priced at $666.66 will now set you back considerably more, dropped after enduring a hellish patent ruling.

Today's quarterly earnings announcements include Ann Inc. (ANN), Ciena (CIEN), Cooper Companies (COO), Dominion Diamond (DDC), Fairway Group (FWM), Jiayuan.com (DATE), J.M. Smucker (SJM), Quiksilver (ZQK), and Vail Resorts (MTN).

Clovis Oncology (CLVS): Shares are now Overweight from Neutral at Piper Jaffray.

Con-way (CNW): Bank of America-Merrill Lynch takes the trucking titan to Buy from Neutral.

Cyberonics (CYBX): Shares, up 5.24% in yesterday's weak market, are moved to Market Perform from Underperform at Northland Securities, which takes its target price up to $44 from $40. The medical appliance firm is expected to end fiscal 2013 in a strong position.

Danone (OTCMKTS:DANOY) The French food firm, whose other brands include Activia and Evian, gets upgraded to Outperform from Neutral by BNP Paribas.

Henkel (OTCMKTS:HENKY): The German giant, a world leader in adhesives, is increased to Neutral from Underperform by BNP Paribas.

Lifepoint Hospitals (LPNT): LPNT is lifted to Outperform from Neutral by Credit Suisse.

Momenta Pharmaceuticals (MNTA): Citing its heightened optimism regarding generic Copaxone approval, UBS increases its investment opinion to Buy from Neutral.

Royal Philips (PHG): Shares in the Dutch electronics giant are currently up almost 3% in today's European trading on the back of an Overweight-from-Equal Weight boost by Barclays.

Sibanye Gold (SBGL): Goldman Sachs gives the commodity company a boost to Neutral from Sell.

Tenet Healthcare (THC): Deutsche Bank takes THC to Buy from Hold.

W.R. Berkley (WRB): The insurance outfit is lifted to Buy from Neutral at Bank of America-Merrill Lynch.

(See also: New Stock Coverage: Whole Foods Looks Tasty and Stock Downgrades: Throwing the Book at Barnes & Noble.)
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No positions in stocks mentioned.
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