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New Stock Coverage: Doughnuts-to-Dollars for Krispy Kreme


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

MINYANVILLE ORIGINAL Three and a half decades to the day after Elvis left the building, a jump in July building permits to their best level since 2008 set off the strongest rally in equities for two weeks. Hovnanian (HOV) homebuilders of New Jersey - whose economy is still stuck in the year Elvis expired - was among the beneficiaries, surging some 5.60%.

The S&P 500's (^GSPC) advance to its best level since early April also owed much to Angela Merkel's pledge to do "everything we can" to preserve the euro. Clearly, the German chancellor took one look at a current cover and said "Return to Sender." You ain't nothin' but a Hound Dog? No problem; PetSmart (PETM) jumped 4.58% to an all-time high. Viva Las Vegas Sands (LVS) also proved prophetic for profits, with that stock gaining 4.62% even as Electronic Arts (EA) - whose games include "Sin City" - rose 5.50%.

Today in economics, the University of Michigan's preliminary consumer sentiment survey for August is out at 9:55 a.m. Eastern, with July leading indicators arriving at 10:00 a.m. In earnings action, Ann Inc. (ANN), Casual Male Retail Group (CMRG), Foot Locker (FL), Hibbett Sports (HIBB), JM Smucker (SJM), and Kirkland's (KIRK) are all due to report results.

Beam Inc. (BEAM): Crédit Agricole starts the distilled spirits stock at Underperform.

Cymer (CYMI): Deutsche Bank begins Hold rated coverage on CYMI.

eBay Inc (EBAY): Shares are initiated with an Above Average at Caris & Company.

FuelCell Energy (FCEL): FBR Capital covers the micro cap at Market Perform, assigning a price objective of $1.50.

Krispy Kreme Doughnuts (KKD): The company is initiated with an Outperform and $9 target at Wedbush.

Oil & Gas Refiners: JPMorgan initiates Overweights on Phillips 66 (PSX) and Tesoro (TSO), assigning respective price objectives of $59 and $49. It has new Neutrals on HollyFrontier (HFC) and Valero Energy (VLO).

Pain Therapeutics (PTIE): Shares are begun with a Buy at C.K. Cooper, whose target is $12.

Progessive Waste (BIN): BIN is begun with a Sector Perform at CIBC World Markets.

Stifel Financial (SF): Susquehanna starts Neutral rated research on the stock, and has a $31 target.

(See also: Stock Upgrades: Viacom Enjoys View From Jersey Shore and Stock Downgrades: Nobel Biocare Not Winning Any Prizes.)
No positions in stocks mentioned.
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