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New Stock Coverage: Time to Curb Your Enthusiasm on Cisco?


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

MINYANVILLE ORIGINAL McKayla Maroney, member of the fabled "Fierce Five" US women Olympic gymnastics team, may be utterly unimpressed by it all, but the S&P 500 Index (^GSPC) advanced for a fifth day, closing inexorably in on its fifth straight weekly advance, and is now up nearly 10% from its five-month low. Kohl's Corp (KSS) fell 1.23% on sluggish Q2 sales even as coal company Alpha Natural Resources (ANR) surged 15.08%. Sherwin-Williams (SHW) advanced to its highest level ever, appropriately enough in a sluggish low-volume session for stocks that was akin to watching paint dry. (Boring is good; a year ago today we were all bemoaning the most volatile week in the history of Wall Street.)

Also ending at an all-time best, after jumping 12.99%, was Elizabeth Arden (RDEN). The eponymous owner changed her name from the fine-sounding Florence Nightingale Graham, which may not have been necessary. Bronx born Ralph Lipschitz, on the other hand, was wise to instead ask to be called Ralph Lauren (RL), though that stock - downgraded today - lost 1.93% after iffy earnings.

A distinctly quiet week in economic data concludes with the Treasury's budget for July, out at 2:00 p.m. Eastern. On the corporate front, Bank of Ireland (IRE), Enerplus (ERF), Harman International (HAR), J.C. Penney (JCP), Merrimack Pharmaceuticals (MACK), ThyssenKrupp (TYEKF), and U.S. Energy (USEG) are all due to announce earnings.

Aeropostale (ARO): Lazard Capital launches Neutral rated coverage on ARO.

Atlas Resource Partners (ARP): The limited partnership gets assigned a Market Perform with Wells Fargo.

Circor (CIR): Shares are begun with a Buy and $41 price objective at Capstone Investments, which says it should benefit from secular trends across energy, power generation, and aerospace.

Cisco Systems (CSCO): The Dow (^DJI) member, a strong performer on two upgrades yesterday, is no better than a Hold at Needham this morning. Sustaining the current margin structure is increasingly challenging in its view.

Glu Mobile (GLUU): Shares are up before the bell after getting initiated with an Overweight at Piper Jaffray.

Northern Tier Energy (NTI): NTI is a new Buy at Dahlman Rose, whose target price is $23.

Palo Alto Networks (PANW): PANW is picked up with a Buy at Stifel Nicolaus.

Technology Stocks: Ciena (CIEN) and Finisar (FNSR) are new Neutrals at Goldman, which begins Buys on JDS Uniphase (JDSU) and Level 3 Communications (LVLT).

OraSure (OSUR): Shares are initiated with a Buy at Jefferies.

RDA Microelectronics (RDA): RDA is resumed with a Buy at Canaccord Genuity, whose target is $14.

(See also: Stock Upgrades: Jive Software Set to Jump and Stock Downgrades: GlaxoSmithKline Can't Keep Up With The Joneses.)
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