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New Stock Coverage: Going Gaga for Live Nation

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

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The planet ended the old year by partying to the national poet of Scotland, a land that gave us the "father of economics" Adam Smith, along with a famously frugal aversion to losing money. There was no danger whatsoever of that happening on Wall Street in 2013, a year for the ages that saw the Dow (INDEXDJX:.DJI) set an astonishing 52 records. As for the S&P 500 Index (INDEXSP:.INX), its top performer was Netflix (NASDAQ:NFLX), which surged some 297.63%. (Having just pulled the plug on bonnie Braveheart, however, it shouldn't show its face in Edinburgh for a wee while.) "Auld acquaintance" finally found Facebook (NASDAQ:FB) which was "friended" to the tune of 1.75% on New Year's Eve, thus arresting a three-session skid in some style. Loyal pals were also in evidence at Anheuser-Busch (NYSE:BUD), which rose 1.04% on the most hungover day of the year to end at a fresh best. Green buds, meanwhile, opened 2014 with a Rocky Mountain high in Colorado. This only twenty-four hours after the benchmark US index closed out its best year since the second term of Slick Willie, he who famously smoked "but didn't inhale."

In terms of economic events that may move US markets today, November construction spending and December's Institute for Supply Management data are each released at 10:00 a.m. Eastern. Regarding specific stocks, expect earnings announcements out of DryShips (NASDAQ:DRYS), Landec Corporation (NASDAQ:LNDC), and Resources Connection (NASDAQ:RECN).

Live Nation Entertainment (NYSE:LYV): Live Nation Entertainment, where you can buy a ticket for Lady Gaga at the Roseland Ballroom before the wrecking ball descends on the iconic New York institution, is assigned an upbeat Outperform at Macquarie. Stock in Live Nation Entertainment, which also owns Ticketmaster.com, has advanced 112.24% in the past year.

(See also: Stock Upgrades: Be Bullish on Bank of America and Stock Downgrades: Should Auld Acquaintance Be Forgot? 77-Year-Old Carl Icahn Could Spell Trouble for Apple in 2014)
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No positions in stocks mentioned.
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