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New Stock Coverage: Wynn Resorts Prettier Than a Picasso?


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

I would say Monday was the stock market's Ukraine relief rally, but the phrase might get me beaten up by Putin's goons. As it was, the Dow (INDEXDJX:.DJI) snapped a five-session skid in some style after advancing by triple digits. Even Steve Wynn would probably agree, however, that there were no winners from the weekend's events. (And not only on the rugby field, where a match between Russia and Crimea ended in an infinitesimally unlikely 59-59 draw.) They say "a tie is like kissing your sister." Well. Rather that than puckering up to XO Group (NYSE:XOXO), which continued last week's analyst-inflicted tailspin by ending off another 0.92%. "Kiss me, I'm Irish"? Hershey (NYSE:HSY), home of the Kiss, couldn't even arrange that on Saint Patrick's Day, dropping 0.83% amid much green ink elsewhere in equities. Clearly, you must kiss plenty of frogs before finding your prince, especially on a day Kermit rang the opening bell. High-flying Facebook (NASDAQ:FB) finally got downgraded, but, as with the sanctions they saw coming last summer, the richest Russians remained a step ahead. And Porsche (OTCMKTS:POAHY) gained 1.40% after winning a court ruling against hedge fund billionaires, the car company's best customers. Anticipating the subsequent nighttime mourning vigil in Connecticut, Greenwich-based candle maker Blyth (NYSE:BTH) promptly surged 9.13%.
This morning the Federal Open Market Committee starts a two-day policy meeting, its first under Janet Yellen's leadership. In earnings action, Adobe Systems (NASDAQ:ADBE), Hertz (NYSE:HTZ), and Oracle (NYSE:ORCL) all release results.
Clothing & AccessoriesCoach (NYSE:COH) is initiated at Equal Weight by Barclays, whose target price is $52. Kate Spade (NYSE:KATE), PVH Corp (NYSE:PVH), and Ralph Lauren (NYSE:RL) are all established at Overweight, with respective price objectives of $50, $140, and $180. Recently surging Michael Kors (NYSE:KORS) rates only an Underweight and $85 objective, sending it sliding 1.47% before the bell.
Community Bank (NYSE:CBU): Sterne Agee has a new Neutral on the regional financial firm.
Engineering & Construction: Cowen covers Foster Wheeler (NASDAQ:FWLT) at Market Perform. It assigns Outperforms on Chicago Bridge & Iron (NYSE:CBI) and Fluor Corp (NYSE:FLR), rolling out price objectives of $98 and $90.
Nordstrom (NYSE:JWN): Shares are begun with an Equal Weight by Barclays, whose target is $65.
Popular, Inc. (NASDAQ:BPOP): BTIG Research picks the stock up at a Buy. Its price objective is $24.
Wynn Resorts (NASDAQ:WYNN): The casino company, whose CEO once put his elbow through a priceless Picasso, is initiated with a Hold at Ascendiant. Shares have surged some 97.79% in the past year, having hit a historic high on March 5.

Also see:

Stock Upgrades: Flowers Foods Is No Bimbo

Stock Downgrades: Even Archie Bunker Can't Save Astoria Financial

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No positions in stocks mentioned.
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