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New Stock Coverage: Callaway Golf in the Green


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

MINYANVILLE ORIGINAL "Plus ça change, plus c'est la même chose." France just had its debt rating cut, so far cheaper to stick with the English version of a phrase Parisians have been uttering from time immemorial: "The more things change, the more they stay the same." Following four days of wild gyrations on Wall Street, with each reversing the direction of the previous session, stocks start this morning almost exactly where they began the week. Yesterday ended assuredly up as markets advanced on hopes of further stimulus from the Fed, which can now afford to be more generous, having finally been paid back by Bear Stearns and American International Group (AIG). Optimism for coordinated policy action in Europe also boosted bourses although one noted economist warned time is rapidly running out for the troubled continent and especially Spain, where bond yields breached 7% for the first time. (This made it an especially inauspicious moment for one of the country's few cash-rich citizens to have his watch stolen from a fancy 5-star hotel.)

Agilent (A): A is initiated with a Buy at Citigroup, whose price objective is $46.

Callaway Golf (ELY): The stock is begun with an Outperform recommendation and $7 target price at Imperial Capital, which cites a renewed focus on its core golf club and golf ball business combined with strong innovation and improved marketing efforts.

Cheniere Energy (LNG): Citi begins LNG at a Buy.

DSW Inc. (DSW): The footwear firm is a fresh Hold at KeyBanc Capital, which says higher product costs could crimp operating margins over the next couple of quarters.

Exelon (EXC): The nuclear power play, cut elsewhere today, is reinstated with an Equal Weight by Barclays.

Expeditors International (EXPD): EXPD is resumed with an Market Perform at Raymond James.

Kinder Morgan Inc. (KMI): Goldman Sachs begins Buy rated research on KMI.

Kroger (KR): Barclays gives the grocery giant an Overweight-from-Equal Weight upgrade after yesterday's 6.06% stock surge.

(See also: Stock Upgrades: Predicting Profits at Oracle and Stock Downgrades: Just Say No to Nokia.)
No positions in stocks mentioned.
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