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New Stock Coverage: Joy Global Is All Smiles


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

MINYANVILLE ORIGINAL Markets meandered in anemic vacation volume, surrendering most early gains after reports suggested Greece - whose motto should really be "procrastinate later" - may seek a two-year extension to its austerity plan. Former cabinet member Tommy Thompson, 70 years young, won a Wisconsin primary on a day which belied F. Scott Fitzgerald's oft-quoted contention that "there are no second acts in American lives."

Monster Beverage (MNST), last week's single poorest performer of all S&P 500 (^GSPC) issues, was the benchmark's best yesterday, jumping 9.99%. And half a decade to the day after its darkest hour, Mattel (MAT) advanced to its highest level since November 1998. The world lost a beloved fictional son of Brooklyn and Estée Lauder (EL), a daughter of Corona, Queens, cracked a celestial smile as her stock surged 9.31%.

Famed author Russell Baker turned 87. He once dismissed ties as "thirty dollar pieces of silk, designed to protect the shirt buttons from being splattered with spaghetti sauce." Meanwhile Michael Kors (KORS), who puts more faith in apparel, gained 16.48%.

Today's quarterly earnings announcements are expected to include Abercrombie & Fitch (ANF), Cisco Systems (CSCO), Deere (DE), Hot Topic (HOTT), Limited Brands (LTD), PetSmart (PETM), Staples (SPLS), Target (TGT), and Unwired Planet (UPIP).

Drug Stores: CVS Caremark (CVS) and Walgreen (WAG) are both initiated with Buys at Cantor Fitzgerald, whose respective price objectives are $55 and $43.

Fertilizer Firms: Barclays begins Overweights on Agrium Inc. (AGU), CF Industries (CF), and Mosaic (MOS). It picks up Potash (POT) and Intrepid Potash (IPI) with Equal Weights on each.

Five Below (FIVE): Shares are a fresh Buy at Deutsche Bank, whose target price is $40.

Francesca's (FRAN): Janney Montgomery Scott has a fresh Buy and $38 target on FRAN, highlighting the highly profitable economic model of its stores.

InterXion (INXN): Cowen covers the company at Outperform.

Joy Global (JOY): Shares get initiated with a Buy and $70 target at SunTrust.

Large Cap Tech: Nokia (NOK) and Research In Motion (RIMM) are each assigned Equal Weights at Evercore, which has an Overweight on Qualcomm (QCOM).

Movado Group (MOV): The watchmaker is a new Buy at Capstone Investments.

US Silica (SLCA): BB&T Capital starts Buy rated coverage on SLCA.

ViroPharma (VPHM): Shares are a Hold at boutique brokerage Wallach Beth, whose target is $22.

(See also: Stock Downgrades: Throwing the Book at Barnes & Noble and Stock Upgrades: Standard Chartered Out of Sin Bin?)
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