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Stock Upgrades: Hung Up on Spain? Try Telefonica


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

MINYANVILLE ORIGINAL Research In Motion (RIMM) slid 7.83% to its lowest level since 2003 and Nokia (NOK), another fallen tech titan, slumped 7.12%. Thus Apple Inc (AAPL), which bucked a bad tape to advance 1.21%, should enjoy its current moment in the sun for, in the wise words of Obi-Wan, eventually, "There's always a bigger fish." Facebook (FB) tumbled 2.25% to take its post-IPO plunge to 26%, sending Mark Zuckerberg's net worth down to a measly $14.7 billion. No wonder he was unable to help out the troubled Italian economy with so much as a tip. 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.

Altera (ALTR): ALTR is upgraded to Overweight from Equal Weight at Morgan Stanley.

Coinstar (CSTR): The Red Box owner is raised to Buy from Hold at Canaccord Genuity.

Flowers Foods (FLO): Fresh off announcing a $370 million acquisition this morning, FLO is now Buy from Neutral at SunTrust.

Forest Labs (FRX): Leerink Swann lifts the stock to Outperform from Market Perform.

Jetblue Airways (JBLU): Shares are upgraded to Buy from Neutral at UBS.

Methanex (MEOH): MEOH is moved to Buy from Hold at TD Securities.

OmniVision (OVTI): JPMorgan upgrades the stock to Overweight from Neutral.

Regional banks: SunTrust Banks (STI) and Fifth Third Bancorp (FITB) are each taken to Outperform from Market Perform with Wells.

SAP AG (SAP): Shares are up in Europe this morning after UBS lifted it to Buy from Neutral, citing potential upside from acquisitions. Its price target is taken to $70 from $63.75.

Synchronoss Technologies (SNCR): Shares are upgraded to Overweight from Neutral at JPMorgan.

Telefónica (TEF): The Madrid-based phone stock is upgraded to Equal Weight from Underweight at Morgan Stanley.

Ubiquiti Networks (UBNT): Shares are boosted to Buy from Hold with Wunderlich, whose target is $35.

Vocus (VOCS): The company is upgraded to Outperform from Perform at FBR Capital.

Zynga (ZNGA): Shares are up sharply ahead of the open after getting upgraded to Outperform from Neutral at Robert W. Baird, whose target price is $13.

(See New Stock Coverage: Intel Is Left With a Chip on Its Shoulder and Stock Downgrades: Post Party Hangover at Booz Allen.)
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No positions in stocks mentioned.
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