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New Stock Coverage: Zipcar Is Off to the Races


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

MINYANVILLE ORIGINAL With respect to Karen Carpenter, rainy days and Mondays were just what the market needed to bring it back up. As a downpour raged in New York, Wall Street snapped a six-session slump in some style, with Nasdaq (^IXIC) enjoying its best day of the year - though no thanks to its newest member - and the Dow (^DJI) posting its first triple-digit increase since April. This as world leaders pledged their commitment to Greece remaining in the eurozone (at least in public; what is going on behind closed doors is another matter entirely). Although finance ministers of Germany and France put on a united front, relations between Berlin and London may be permanently scarred by the way David Cameron just celebrated a soccer victory in perilously close proximity to Angela Merkel. The British Prime Minister apparently felt entitled to celebrate the victory of an "English" team - one owned by a Russian oligarch, managed by an Italian, and led by an Ivorian - over Bayern Munich. China's pledge to stoke growth further boosted equities, as did its $2.6 billion purchase of an American box office giant. Arguably the biggest event for movies in May since the first Academy Awards were held in that month in 1929; best not mention what happened later that year. Today in economics, April existing home sales are out at 10:00 a.m. Eastern. In earnings action, AutoZone (AZO), Best Buy (BBY), Collective Brands (PSS), Dell Inc (DELL), Express Inc (EXPR), Ralph Lauren (RL), Take-Two Interactive (TTWO), Vodafone (VOD), and Williams-Sonoma (WSM) all report results.

Anadarko Petroleum (APC): APC is a new Neutral at Pritchard.

Assurant (AIZ): AIZ is a new Underperform at Macquarie.

Car rental companies: Morgan Stanley starts Overweights on Avis Budget (CAR), Hertz Global (HTZ), and Zipcar (ZIP).

Drug stocks: Needham begins Buys on Aastrom Biosciences (ASTM) ($5 target), Aegerion Pharmaceuticals (AEGR) ($24), ISIS Pharmaceuticals (ISIS) ($14), and Pluristem Therapeutics (PSTI).

Eaton Vance (EV): EV is a new Neutral at Susquehanna.

Forum Energy Technologies (FET): Shares are initiated with an Outperform at FBR Capital, whose target is $28.

Heckmann (HEK): The stock is begun with a Buy at Jefferies.

Infoblox (BLOX): BLOX is initiated with a Buy at UBS.

Master Limited Partnerships: MLV & Co begins Buys on, among others, Breitburn Energy (BBEP) and Linn Energy (LINE). Its respective price objectives are $20 and $30.

MRC Global (MRC): Shares are initiated at Outperform by Robert W. Baird.

Oaktree Capital (OAK): OAK is initiated with a Hold at Deutsche Bank and a Buy at Goldman Sachs.

Offshore oil drillers: Guggenheim's Buys include Cameron International (CAM) and Transocean (RIG).

Prestige Brands (PBH): Shares are resumed with an Underperform at Bank of America-Merrill Lynch.

Western Refining (WNR): WNR is upgraded to Buy from Hold at Dahlman Rose.

(See also: Stock Upgrades: Check's in the Mail at Aeropostale and Stock Downgrades: Lowe's Hits Rock Bottom.)
No positions in stocks mentioned.
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