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New Stock Coverage: Boeing Stuck in Holding Pattern


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

MINYANVILLE ORIGINAL For a trading month, in what the Mayans assure us will be our last ever year, which began with the opening of an ancient door that should have stayed securely shut until the end of the world, July sure wasn't too shabby for stocks. The Dow Average (^DJI) advanced 1% over the past four weeks, scoring its ninth increase in the past ten months. Thus the death of stocks predicted by bond king Bill Gross may be a mite premature. He will be happy to note, however, that the death of bonds, also widely anticipated, is similarly taking a little longer than expected, for globally the asset class gained an impressive 1.4% in July.

All this kicking the bucket proved profitable for cemetery stock StoneMor Partners (STON), which surged some 6.10%, while RadioShack (RSH) and Nokia (NOK), each recently on life support, rose a respective 14.57% and 11.06%. (Not that these dead cat bounces did anything for MWI Veterinary Supply (MWIV), for it slumped 6.17%.) Octomom is, of course, trying to boost the birth-death ratio all on her own, and a heartwarming plea for fans to pay for her new house helped send home prices up for a fourth straight month.

Today in economics, June construction spending and the Institute for Supply Management's July manufacturing index are each released at 10:00 a.m. Eastern, while the Federal Reserve concludes its two-day policy meeting at 2:15 p.m. In earnings activity, Avon (AVP), BMW (BAMXY), Catamaran (CTRX), Harley-Davidson (HOG), MasterCard (MA), Société Générale (SCGLY), and Time Warner (TWX) are all due to report results.

Aluminum Corp. of China (ACH): HSBC Securities initiates an Underweight on ACH.

Boeing (BA): The Dow member is begun with an In-line at Imperial Capital, whose price objective is $82. While risks associated with the 787 Dreamliner are abating, an expected slowdown in commercial orders is a concern.

Cubist Pharmaceuticals (CBST): Shares are a new Neutral at SunTrust.

Neurocrine Biosciences (NBIX): The stock is launched with an Outperform at Leerink.

(See also: Stock Upgrades: Wal-Mart Still a Bargain and Stock Downgrades: Oil's Not Well at BP.)
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