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New Stock Coverage: TripAdvisor Going Nowhere?


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

MINYANVILLE ORIGINAL Europe's Most Wanted just topped the box office for the second straight weekend. Prometheus, based on a character from Greek mythology, finished second, and on Friday, Woody Allen's To Rome With Love opens with hopes high following the fine performance of the director's previous offering, Midnight in Paris. If only the continent was able to enjoy similar Hollywood endings in real life.

Twenty-four hours after a widely-watched election made Athens the focus of investor attention, the Dow (^DJI) dropped after trading in a tight range all day. The lukewarm reaction reflected the reality that Sunday solved nothing, and instead merely postponed the pain that continues its remorseless spread to other ancient capitals. Indeed Spain's 10-year yield hit a euro-era high of 7.18% although if Madrid is living on increasingly borrowed time, at least its soccer stars found a last-minute solution. (Elsewhere in Euro 2012′s 'Group of Debt,' Italy overcame Ireland thanks in part to a goal from Mario Balotelli, who is allergic to grass.) Troubled 'Club Med' countries must clearly stop striking and follow the example of Scandinavia, which has emerged relatively unscathed from Europe's crisis. Sweden can attest that effort brings its own reward, its workweek having increased to a positively slavish 26.2 hours.

The Fed starts its two-day policy meeting this morning. In earnings action Adobe (ADBE), Barnes & Noble (BKS), Discover Financial (DFS), FedEx (FDX), Jefferies Group (JEF), John Wiley & Sons (JW-A), and La-Z-Boy (LZB) are all due to report results.

CNO Financial (CNO): Shares are begun with a Buy at BTIG Research.

Intrepid Potash (IPI): RBC Capital resumes Underperform rated coverage on IPI.

Layne Christensen (LAYN): LAYN is launched with a Buy and $25 target price at Ladenburg Thalmann, which cites management's ability to rejuvenate a once-proud company that possesses a significant heritage of technical expertise.

Nova Measuring (NVMI): Shares are a new Buy at Stifel Nicolaus, whose price objective is $11.

SJW Corp (SJW): The stock is initiated with a Buy at Janney Montgomery Scott.

Triangle Petroleum (TPLM): The company is initiated with an Above Average rating and $7 target at Caris.

TripAdvisor (TRIP): Shares are a new Neutral at Citigroup.

(See also: Stock Downgrades: Body Blow for Body Central and Stock Upgrades: Consulting Oracle Proves Profitable.)
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No positions in stocks mentioned.
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