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New Stock Coverage: Lululemon's Prospects Are Just Peachy


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

MINYANVILLE ORIGINAL New York City temperatures just touched 89 degrees for the first time since last summer. That dog day of August 8, shares suffered their steepest slump since the financial crisis amid our debt ceiling debacle, but yesterday markets and mercury each increased. The S&P 500 Index (^GSPC) gained for a fifth session in six as higher property prices here at home outweighed Europe's ever more perilous house of cards. A new poll indicating Greece's pro-eurozone party is in the lead ahead of upcoming elections also boosted bourses. Ironic on a day De La Rue plc (DLAR.L), the world's largest commercial printer of banknotes - quite possibly soon to include drachmas - reported a 73% surge in annual profit. The common currency sank to a 22-month low against the dollar, despite the best efforts of the delightfully named Rambo Amadeus, who sang "Euro Neuro" at Saturday's continental song contest. Meanwhile, Spain continues with an eat-your-spinach austerity diet Popeye would be proud of, even if plunging prices mean longtime paramour Olive Oil is no longer such a pretty penny. Today in economics, April pending home sales are out at 10:00 a.m. Eastern. In earnings action, Booz Allen (BAH), Fresh Market (TFM), Lions Gate Entertainment (LGF), Tilly's (TLYS), and TiVo Inc (TIVO) all announce results.

Airlines: Delta Air Lines (DAL) ($19 target), United Continental (UAL) ($32), and US Airways (LCC) ($20) are all initiated with Outperforms at Imperial Capital.

AthenaHealth (ATHN): Shares are initiated with an Outperform at Wells Fargo.

Bonanza Creek Energy (BCEI): BCEI is initiated with a Buy at C.K. Cooper, whose price objective is $27.

Cerner (CERN): Wells covers the company at Market Perform.

Ciena (CIEN): CIEN is a new Buy at Needham, which says its improving margins should deliver value even against the rough conditions in the economy and broader tech market.

EverBank Financial (EVER): EVER is initiated with a Buy at Sterne Agee.

Mining stocks: Agnico-Eagle Mines (AEM) - downgraded elsewhere this morning -Barrick Gold (ABX), Hecla Mining (HL), and Pan American Silver (PAAS) are all new Neutrals at Sterne Agee, which begins Buys on Gold Resource (GORO), Coeur d'Alene Mines (CDE), and Newmont Mining (NEM).

Lodging: MLV begins Buys on Ashford Hospitality Trust (AHT) and Host Hotels (HST) among others. Its Holds include Marriott (MAR) and Starwood Hotels (HOT).

lululemon athletica (LULU): LULU is initiated with Outperform with Wedbush.

(See Stock Upgrades: Wynn Resorts Can't Lose and Stock Downgrades: Frontline Sent to Back of Queue.)
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No positions in stocks mentioned.
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