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New Stock Coverage: All's Well With Wells Fargo


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

MINYANVILLE ORIGINAL The bulls are running amok in beleaguered Spain, of all places, but no such luck on Wall Street. Markets fell as mercury rose, with both the S&P 500 (^GSPC) and Dow (^DJI) dropping for a second week in three. This after new US manufacturing orders fell at their fastest rate since October 2001 and the June jobless rate remained unchanged at 8.2%.

When 80,000 people packed Invesco Field to see Senator Obama clinch the presidential nomination in 2008, his future looked bright. When only 80,000 jobs are added in a nation of over 300 million people, it speaks to shrunken possibilities. And Bank of America (BAC) Stadium, where he will be re-nominated, obviously doesn't think much of the honor after its parent company sank 6.4% to lead blue chips lower.

Research In Motion (RIMM), meanwhile, which, like the Blackberry-addicted president peaked in the summer of 2008, slid to a new nine-year low and lost 16.23% on the week. Not that Mitt Romney can afford to appear overly confident. After all, a surprising new study showed women are wary of dating unemployed men, of which the multi-millionaire is one.

Today in economics, May consumer credit comes out at 3:00 p.m. Eastern. On the corporate front, Alcoa (AA) unofficially ushers in what is expected to be no more than a mediocre Q2 earnings season when it releases results after the close.

DSW Inc (DSW): The shoe company is initiated with a Hold at Canaccord Genuity.

Entropic Communications (ENTR): Shares are begun with a Buy and $8 price objective at Needham, which sees it gaining market share in the set-top box arena.

Equinix (EQIX): The company is initiated with a Buy at Deutsche Bank.

TAL Education (TAL): Shares are started with a Buy at Goldman Sachs.

Volcano (VOLC): VOLC is initiated with an Outperform at Credit Suisse.

Wells Fargo (WFC): The bank is begun with a Buy at Jefferies. (YOKU): YOKU is initiated with an Overweight at JPMorgan.

(See also: Stock Upgrades: Corrections Corp. About to Break Out and Stock Downgrades: State Street on Skid Row.)
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