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New Stock Coverage: Intel Is Left With a Chip on Its Shoulder


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

MINYANVILLE ORIGINAL A month that began on May Day is ending with a distress call. The Dow (^DJI) suffered its steepest slide in seven weeks amid more Iberian anxiety, although data on this side of the Atlantic offered no relief. April pending home sales, which experts expected to increase, instead plunged 5.5%, always assuming the math can be counted upon. (Italy, newly buffeted by another earthquake, sued scientists for failing to predict seismic activity; similarly inaccurate economic soothsayers are obviously held to lesser standards.) The pain in Spain continued unabated, native son Bankia (BNKXF.PK) losing 38.09% as a company that once pledged a soccer player called Kaká as collateral finds itself in increasingly deep, well, trouble. Ten-year bond yields in Madrid rose to 6.69%, the highest level since Spain joined the euro. This as 10-year Treasuries here hit their lowest level since 1946, the flight-to-quality coming as an anti-bailout party in Athens regained the lead in pre-election opinion polls. (Harry Truman, president in 1946, can tell Greece a thing or two about opinion polls of course.) In earnings action, Ascena Retail Group (ASNA), Canadian Imperial Bank of Commerce (CM), Ciena Corp (CIEN), Descartes Systems (DSGX), Esterline Technologies (ESL), Joy Global (JOY), Movado Group (MOV), OmniVision Technologies (OVTI), SAIC Inc (SAI), and Vera Bradley Inc (VRA) are all due to report results.

Intel (INTC): The Dow member is initiated with an Underweight at Morgan Stanley.

Agree Realty (ADC): The REIT is resumed with a Market Perform at BMO Capital, whose price target is $23.

Arch Coal (ACI): ACI is a new Neutral at Global Hunter.

Building materials: Owens Corning (OC) and Masco (MAS) are each initiated with Outperforms at Wells Fargo.

Fred's Inc (FRED): The general merchandise store is a fresh Overweight at Stephens, whose price objective is $18.

Orbital Sciences (ORB): Imperial Capital covers the company at Outperform and establishes a $19 target price amid optimism for its mix of priority government programs and commercial contracts.

SeaChange (SEAC): The application software stock is begun with a Buy rating and $11 objective at Brean Murray.

Tech stocks: Advanced Micro Devices (AMD) and NVIDIA (NVDA) are each initiated with Equal Weights at Morgan Stanley, which starts SanDisk (SNDK), Analog Devices (ADI), and Maxim Integrated (MXIM) at Overweight.

Tech stocks: Staying in the space, Mizuho has a new Neutral and $44 target price on BMC Software (BMC). It begins Buys on both CA Technologies (CA) and Red Hat (RHT), assigning respective price objectives of $30 and $60.

UNITIL Corporation (UTL): Shares are begun with a Buy at Janney Montgomery Scott.

Universal Display (PANL): PANL gets picked up at a Neutral with Wedbush.

(See Stock Downgrades: Post Party Hangover at Booz Allen and Stock Upgrades: Hung Up on Spain? Try Telefonica.)
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