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New Stock Coverage: Corning Set to Shatter Glass Ceiling


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

MINYANVILLE ORIGINAL With everyone who is anyone on Wall Street apparently at the beach, stocks tread water in another listless session of anemic August trading. Standout sectors included airlines, with Southwest Airlines (LUV) gaining 3.40% after announcing a widely-matched fare price hike to cover escalating fuel costs. (Perhaps it was spooked by the alternative approach adopted by Air France-KLM (AFLYY), which recently asked passengers to pitch in for fuel mid-air and yesterday announced a Q2 loss of $1.1 billion.)

The phrase "sent to Coventry," an epithet across the pond, proved immensely profitable for US investors as Coventry Health Care (CVH) surged 20.32% after being bought for $5.7 billion.

No top-tier economic data due today but earnings announcements are expected out of American Woodmark (AMWD), Barnes & Noble (BKS), Best Buy (BBY), Dell Inc. (DELL), DSW Inc. (DSW), Intuit (INTU), Lay-Z-Boy (LZB), Medtronic (MDT), Wet Seal (WTSLA), and Williams-Sonoma (WSM).

Acorda Therapeutics (ACOR): Shares are initiated with a Buy at Aegis Capital, whose price target is $32.

AmRIET (AMRE): The stock is an Outperform at Robert W. Baird, whose price objective is $17. The liquidation of join ventures over upcoming years should provide an attractive pipeline of acquisition opportunities.

BroadSoft (BSFT): Raymond James resumes Underperform rated research on BSFT.

Corning (GLW): GLW, the world's largest maker of glass for flat-panel televisions, gets begun with a Buy and $15 objective at Stifel Nicolaus.

Del Frisco's Restaurant Group (DFRG): Shares are begun with a Buy, and $15 target, at Deutsche Bank.

GNC Holdings (GNC): GNC gets initiated with an Overweight by Barclays.

InvenSense (INVN): Shares are resumed with a Buy at ThinkEquity.

NewBridge Bancorp (NBBC): The small cap company is begun with a Buy, and $5 target price, at Compass Point.

Quantum Fuel (QTWW): Roth Capital begins Buy rated coverage.

Seattle Genetics (SGEN): Cantor Fitzgerald starts Buy rated coverage, establishing a $30 target.

Vitamin Cottage Natural Food Markets (NGVC): The stock is initiated with an Outperform at William Blair.

(See also: Stock Downgrades: Sotheby's Shares Going, Going, Gone? and Stock Upgrades: Urban Outfitters Heading Uptown.)
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No positions in stocks mentioned.
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