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New Stock Coverage: Stick With Glu Mobile


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

MINYANVILLE ORIGINAL Poor Herbert Hoover, who had the singular misfortune of presiding over the Crash of '29 and ensuing Great Depression, doesn't get much respect on Wall Street, but a building erected in his honor brought investors cheer yesterday. A surprise 1.1% jump in September retail sales reported by the Commerce Department, whose Constitution Avenue abode is named after our 31st president, sent stocks surging.

The Dow (^DJI) rebounded from its worst week since June by posting its single best session since September 13, when stocks were still flush with excitement over QE3. That was soo last month - Ben Bernanke now finds himself compelled to defend an easing policy that is now so widespread even our friends the Pakistanis are doing it. Karachi will surely take some schadenfreude in a CEO from arch-rival India suddenly resigning at Citigroup (C). Although not before the stock, upgraded this morning, rose 5.50% to top the entire S&P 500 Index (^GSPC) on Monday.

It's a torrid Tuesday in earnings season, with such key companies as Coca-Cola(KO), Goldman Sachs (GS), Johnson & Johnson (JNJ), Intel (INTC), International Business Machines (IBM), and UnitedHealth (UNH) all due to report results.

Aon Corp. (AON): Shares are initiated with a Buy at MKM Partners, whose target price is $62.

Capital Bank (CBF): Shares are initiated with an Outperform at FBR Capital, whose price target is $22.50.

Gold Stocks: Barclays begins Equal Weight coverage on Agnico-Eagle Mines (AEM), Barrick Gold (ABX), Eldorado Gold (EGO), IAMGOLD (IAG), and Kinross Gold (KCG). It establishes more upbeat Overweights on Newmont Mining (NEM), Goldcorp (GG), and Yamana Gold (AUY).

FMC Technologies (FTI): FTI is a fresh Neutral at Credit Suisse, which issues a $49 price objective.

Genuine Parts (GPC): Morgan Stanley starts Equal-Weight coverage on GPC.

Glu Mobile (NASDAQ:GLUU) GLUU gets begun with a Buy rating and $5 price objective at Stifel Nicolaus, which sees it as a strong mobile gaming pure-play.

Home Loan Servicing (HLSS): Bank of America-Merrill Lynch launches Buy rated research on HLSS.

Interval Leisure Group (IILG): Shares are initiated with a Buy at SunTrust.

Oil Services: Baker Hughes (BHI), Schlumberger (SLB), and Weatherford International (WFT) are all new Neutrals at Credit Suisse, which covers Cameron (CAM) and Halliburton (HAL) at Outperform.

OraSure Technologies (OSUR): The stock is initiated with a Market Perform at Raymond James.

(See also: Stock Downgrades: Sprint About to Stall? and Stock Upgrades: Fossil's Time Is Now.)
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