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Stock Upgrades: Xerox Corporation Looks to Replicate Its Heyday

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

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The S&P 500 Index (^GSPC) fell for a fifth day in six and Dow Industrials (^DJI) dropped to a four-week low, but the Nasdaq (^IXIC) rose amid speculation that an intensely secretive cult is all set to roll out its eagerly-awaited smartphone. (Whether it was North Korea or Apple Inc. (AAPL) remains moot.) The Cupertino company, subject of a movie opening on Friday, thus bucked a four-session skid to gain 2.84%.

Alas, there was no Hollywood ending for Elon Musk, who fancies himself as a latter-day Steve Jobs. His suddenly shunned Tesla Motors (TSLA) tumbled 3.67% as it unveiled an 800 mile-an-hour method of going from Tinsel Town to San Francisco in 30 minutes. And as the Fed's sugar rush dissipates, investors contented themselves with an analyst-inspired 5.23% surge in Krispy Kreme (KKD), the company that once cooked books along with doughnuts.

This morning in economics, June business inventories are expected to show improvement from the prior month's pace at 10:00 a.m. Eastern. On the quarterly earnings front, expect Brocade Communications (BRCD), Cree Inc. (CREE), Flower Foods (FLO), Intercept Pharmaceuticals (ICPT), JDS Uniphase (JDSU), and SeaWorld (SEAS) to release results.

Amarin (AMRN): Brokerage boutique H.C. Wainwright hoists the drug manufacturer to Buy from Neutral.

American Tower REIT (AMT): ISI Group gives the diversified real estate investment trust an upgrade to Buy from Neutral.

ConocoPhillips (COP): The oil giant gets increased to Strong Buy from Buy at ISI.

Constant Contact (CTCT): The stock is lifted to Buy from Neutral at Lazard.

Credicorp LTD (BAP): BAP is boosted to Overweight from Neutral at JPMorgan.

Hewlett-Packard (HPQ): This year's top Dow (^DJI) stock is today added to the Focus List of favored equities at Citigroup. Shares are trading higher this morning as a result.

Magyar Telekom (MYTAY): HSBC Securities moves the stock to Neutral from Underweight.

Marvell (MRVL): The technology stock gets upgraded to Top Pick from Outperform at RBC Capital Markets.

Rockwell Collins (COL): Shares are now Buy from Neutral at Sterne Agee.

Storage Stocks: UBS gives Neutral-from-Sell upgrades to Extra Space Storage (EXR), Public Storage (PSA), and Sovran Self Storage (SSS).

Teck Resources (TCK): Cowen takes TCK to Outperform from Market Perform, in the process increasing its price objective by $9 to $34. The broker believes rebounding coal fundamentals are near an inflection point.

Xerox Corporation (XRX): The photocopy king, a key component of the S&P 500's (^GSPC) "Nifty Fifty" from yesteryear, gets a Buy-from-Neutral boost at Citigroup.

(See also: Stock Downgrades: Analysts Can't Make Up Their Minds on Microsoft Corporation and New Stock Coverage: Time to Buy RetailMeNot Inc?)
No positions in stocks mentioned.
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