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Stock Upgrades: Trimble Navigation Limited Finds a Friend


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

Woody Allen's Radio Days - a homage to the medium's heyday in the depths of the Depression and released in Wall Street's annus horribilis of 1987 - yesterday provided the unlikeliest of inspirations for stock market ebullience.

An upgraded Pandora (P) took its two-session surge to 16%, Sirius XM Radio (SIRI) jumped 4.06% and is now up 81.47% in the past 12-months, and Harman International (NYSE:HAR) - which gave the world its first car radio in 1949 - gained 4.96% after doubling its dividend.

MGM Resorts (MGM) rose 4.53% on a broker boost on the day the wedding dress it gave Elizabeth Taylor for her first marriage went for big bucks at auction. Liz, who would go on to accumulate seven more wedding rings, once single-handedly kept diamond giant De Beers in business. Alas yesterday, its 85% owner Anglo American (AAUKY) imploded 3.68% in a terrible mining tape.

Elsewhere Starbucks (SBUX) was worth more bucks, ending up 1.64% on a research recommendation, but its baristas had better be ready to share the wealth.

Today in economics, May pending home sales are out at 10:00 a.m. Eastern. In earnings action, Accenture (ACN), Commercial Metals (CMC), ConAgra (CAG), KB Home (KBH), McCormick (MKC), Nike (NKE), Winnebago Industries (WGO), Worthington Industries (WOR), Shaw Communications (SJR), and Schnitzer Steel (SCHN) are all due to release results.

Adidas AG (ADDYY): On the day NIKE, Inc. (NKE) announces earnings, Barclays boosts its arch rival to Overweight from Equal Weight.

Apollo Global Management LLC (APO): Bank of America-Merrill Lynch moves the equity to Buy from Neutral.

Autoliv Inc. (ALV): Shares are increased to Buy from Neutral at KeyBanc Capital Markets.

Fresenius Medical Care AG & Co. (FMS): The stock gets hoisted to Add from Hold at Commerzbank.

GT Advanced Technologies Inc (GTAT): Canaccord Genuity gives GTAT a Buy-from-Hold boost.

Lennar Corporation (LEN): The homebuilder is lifted to Buy from Fair Value at CRT Capital.

OceanFirst Financial Corp. (OCFC): Shares are now Buy from Neutral at Sterne Agee.

Pinnacle Entertainment, Inc (PNK): RBC Capital raises its recommendation on the casino company to Outperform from Sector Perform.

Seagate Technology PLC (STX): STX is boosted to Buy from Neutral at Longbow. Inc. (SOHU): The Chinese Internet outfit gets increased to Neutral from Underweight at HSBC Securities.

TELUS Corporation (USA) (TU): TU is taken to Buy from Hold with a new $34 price objective after a recent sell-off has created a good buying opportunity, in its view, especially as Verizon Communications Inc. (VZ) competitive concerns in Canada are overblown, in its view.

Trimble Navigation Limited (TRMB): TRMB is taken to Buy from Neutral at Lazard.

Western Digital Corp (WDC): Longbow lifts the data storage name to Buy from Neutral.

Zoetis Inc (ZTS): The animal-health outfit, a spin-off from Pfizer Inc. (PFE), gets upgraded to Outperform from Market Perform by BMO Capital.

(See also: New Stock Coverage: Regal Entertainment Group Fit for a King and Stock Downgrades: Diana Containerships Inc Not Fit for a Princess.)
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