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Stock Upgrades: Elan Has Plenty of Pizzazz


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

MINYANVILLE ORIGINAL Google (GOOG) gained 2.81% after buying Arthur Frommer's travel guides for an undisclosed sum. Mr. Fromer, who served in Germany during the war, wrote The GI's Guide to Traveling In Europe in 1955. (Not that today's generation of Germans is frivolous enough to take time off amid an escalating economic crisis.)

American International Group (AIG), whose CEO enjoyed some well deserved R&R during the depths of the Great Recession, advanced 1.56%. Sysco (SYY) the stodgy greengrocer surged 4.51% and Cisco (CSCO) the sexy tech stock slumped 1.14%. Monster Beverage (MNST), last week's single poorest S&P 500 performer, lost another 1.84%. The nation's largest maker of energy drinks will be pleased to see such liquids make it into Merriam-Webster this morning, though shareholders will likely be too busy dropping F-bombs to care.

Today in economics, June business inventories are expected to slip slightly from the previous month's pace at 10:00 a.m. Eastern. In earnings action, Bob Evans Farms (BOBE), Cache Inc. (CACH), Dick's Sporting Goods (DKS), Estée Lauder (EL), Flowers Foods (FLO), GOL Linhas Aéreas Inteligentes (GOL), Home Depot (HD), JDS Uniphase (JDSU), Myriad Genetics (MYGN), TJX Cos. (TJX), Valspar (VAL), and Towers Watson (TW) are all due to report results.

Delhaize Group (DEG): Shares are upgraded to Buy from Neutral at Citigroup.

Elan Corp (ELN): UBS boosts the Irish drug outfit to Buy from Neutral after the company announced a spin-off of its Discovery Science and Neotope Biosciences businesses.

SkyWest (SKYW): Shares are now Neutral from Underperform by Bank of America-Merrill Lynch.

Willis Group (WSH): Bank of America-Merrill boosts WSH to Buy from Neutral.

Wright Medical (WMGI): The stock is upgraded to Buy from Neutral at Mizuho, which also takes its target up by $4 to $24 from $20. A dramatically improved cash flow is among the catalysts.

(See also: Stock Downgrades: Groupon Gets Clipped and New Stock Coverage: Bulls Are Eyeing Arrow Electronics.)
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