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New Stock Coverage: IMAX Mines Gold From Silver Screens


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

MINYANVILLE ORIGINAL Stocks surged to end the quarter amid increasing optimism that Europe is at last getting its act together. Granted, that description applies not just to what occurred on Friday, but events of exactly one year ago. For its part, the S&P 500 (^GSPC) has barely budged in 12 months so best to keep the champagne on ice for now. That said, June 2012 was the best such month for the Dow (^DJI) since 1997, the S&P since 1999, and the Nasdaq (^IXIC) since 2000.

Clearly the market's Millenium madness is back, even if someone forgot to tell Facebook (FB), which fell over 5% on the week. The state of Italy's economy may now be slightly less of a concern but California, whose financial system is almost identical in size, alas enjoys no such luck. It's a quiet start to what will be a holiday-shortened week for quarterly earnings announcements.

This morning in economics, analysts expect June's Institute for Supply Management manufacturing index to tick down slightly at 10:00 a.m Eastern.

Banks: Credit Suisse (CS): is started with a Sell at ING Group, which has a Hold on UBS AG (UBS).

Cytokinetics (CYTK): Shares are begun with a Buy recommendation and $2.50 price target at Needham, which notes it recently raised $60 million to advance wholly owned CK357 into a Phase IIb trial in amyotrophic lateral sclerosis.

Gartner (IT): GT gets resumed with an Outperform at William Blair.

IMAX Corp. (IMAX): The maker of high-tech motion picture projection systems is initiated with an Overweight at JPMorgan, whose target price is $30.

LSI Logic (LSI): Shares are launched with a Buy and $10 target at Mizuho.

ON Semiconductor (ONNN): The stock is a new Neutral at Sterne Agee, whose objective is $8.

(See also: Stock Downgrades: DuPont Loses Teflon Touch and Stock Upgrades: Tiffany Gets Boost at Breakfast.)
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