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New Stock Coverage: Facebook Finally Finds a Friend


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

MINYANVILLE ORIGINAL Capitalism had a fine time on Tuesday, at least in outer space. Here at home shares stayed earthbound unfortunately, gains gone in 60 minutes after a final hour swoon, with impressive US April existing home sales outweighed by yet more woe in Athens. The OECD warned of a recession in Europe while the CBO warned of a recession in America, and with Campbell (CPB) falling for a second straight session after unimpressive earnings, that's quite enough alphabet soup to start a week with. The late slide occurred after Greece's former prime minister indicated it may exit the common currency. Yesterday's news, apparently - only hours ago he said it ain't so. With such a coherent communication strategy, a job in the public relations department of Nasdaq (^IXIC) surely awaits the politician. Or Facebook (FB), whose exquisitely named spokesman Jonathan Thaw presides over a share price that has now cooled off 18% since its IPO. You know things have reached a pretty pass when Henry Blodget, banned from the securities industry for life after failing to communicate a private dislike of Internet stocks he rated a buy to public audiences, is lambasting latter-day analysts for their muddled messages. The 18th European Union crisis summit takes place today in Brussels and this time, by golly, they really mean it. On this side of the Atlantic, analysts expect an increase in April new home sales at 10:00 a.m. Eastern. In earnings action, American Eagle Outfitters (AEO), Burberry (BURBY.PK), Eaton Vance (EV), Hewlett-Packard (HPQ), Hormel Foods (HRL), NetApp (NTAP), PVH Corp (PVH), Synopsys (SNPS), Toll Brothers (TOL), and Zale (ZLC) all due to report results.

Travelers Cos (TRV): The Dow (^DJI) member is a new Market Perform at JMP Securities.

Acadia Healthcare (ACHC): Shares are resumed with an Outperform at Robert W. Baird, whose target price is $20. The brokerage believes upcoming acquisitions to be materially accretive to earnings.

Biotechs: Dendreon (DNDN) is initiated with an Underperform at Jefferies, which has a new Buy on Nektar Therapeutics (NKTR).

Cerner (CERN): Lazard launches Buy rated research on the healthcare IT stock.

Coca-Cola Enterprises (CCE): Société Générale has a Hold on CCE.

Erickson Air-Crane (EAC): EAC is initiated with an Outperform with Wedbush.

Facebook (FB): Shares are begun with a Buy recommendation and $40 price objective at Needham.

Innophos Holdings (IPHS): The stock is begun at a Buy at KeyBanc Capital.

Jazz Pharmaceuticals (JAZZ): JAZZ is a new Outperform at Oppenheimer, whose target is $66. Lead marketed product, Xyrem, should continue to bolster top-line growth.

KIT digital (KITD): KITD is initiated with a Hold at Canaccord Genuity.

MagnaChip Semiconductor (MX): Shares are begun with a Buy at ThinkEquity.

MELA Sciences (MELA): Cowen covers the company at Outperform.

Midsouth Bancorp (MSL): MSL is initiated with a Market Perform at Keefe Bruyette.

MRC Global (MRC): The stock is a new Outperform at Wells Fargo.

Teva Pharmaceutical (TEVA): TEVA is a Hold at Auriga, whose target is $45.
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No positions in stocks mentioned.
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