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New Stock Coverage: Google Still Searching for Answers


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

MINYANVILLE ORIGINAL Rainy days and Mondays? Americans have precious little as shelter from the former, while the latter is definitely best avoided after Dow Industrials (^DJI) dropped at the start of a week for the eighth time in nine. Blue chips declined by triple digits after Spain formally asked for a rescue package. In 2008, for the first time ever, the developed world was bailed out by the developing, but with China markets falling to five-month lows and credit rating agencies cutting India's outlook, don't count on history repeating itself.

Greece, 'the sick man of Europe' suffered again as new Prime Minister Antonis Samaras, his eye all bandaged up, accepted the resignation of his equally ailing Finance Minster Vassilios Rapanos, who had yet to be sworn in. (Sworn at? That's another story.) Samaras later called President Obama to discuss the crisis at 6:45 p.m. Eastern, making it after midnight in Athens, presumably all the better to take advantage of cheaper rates. The incoming leadership in Greece is making all the right noises about austerity, but there's a word for that kind of empty talk, one with deep roots in the country's rich agricultural and farming tradition. One reason why Dahlman Rose sees flowers blooming in the fertilizer sector, making it a rare gainer on Monday.

Today at 10:00 a.m. consensus calls for a slight slippage in June consumer confidence. On the earnings front, AeroVironment (AVAV), H&R Block (HRB), LDK Solar (LDK), Robbins & Myers (RBN), Sealy (ZZ), and TigerLogic (TIGR) are all due to release results.

Aerospace & Defense: Raytheon (RTN) is begun with a Buy recommendation and $63 price objective at Stifel Nicolaus, which has Holds on Lockheed Martin (LMT) and Northrop Grumman (NOC).

Bankrate (RATE): RATE gets resumed with a Buy at Canaccord Genuity.

Capital Senior Living (CSU): JMP Securities launches Outperform rated research on CSU.

eBay Inc. (EBAY): EBAY is a new Buy at Needham, whose target price is $50. They expect solid Marketplaces growth to prompt management to upwardly revise guidance.

Gannett (GCI): The USA Today owner is initiated with an Outperform and $21 target at Imperial Capital.

Google (GOOG): Shares get resumed with an Equal Weight at Morgan Stanley.

Insurance stocks: ACE Limited (ACE) and American International Group (AIG) are each begun with Buys at Sterne Agee.

Medical Device Makers: Stryker (SYK) and Zimmer (ZMH) are each assigned Holds at Cantor Fitzgerald, which has respective price objectives of $56 and $65.

Millennial Media (MM): MM is initiated with a Buy at Canaccord Genuity.

Move Inc. (MOVE): The Internet information provider is assigned a Buy at Benchmark, whose objective is $11.

Silver Wheaton (SLW): Shares are started with an Outperform at RBC Capital.

Titan Machinery (TITN): The stock is picked up at Overweight at Piper Jaffray.

Tronox (TROX): Shares are begun with a Buy at UBS.

(See also: Stock Downgrades: No Gifts for National Bank of Greece and Stock Upgrades: JPMorgan Scores Whale of an Upgrade.)
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