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New Stock Coverage: Del Frisco's Steaks Its Claim


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

MINYANVILLE ORIGINAL Stocks suffered their steepest declines for three weeks, finishing near session lows after the Nasdaq (^IXIC) had earlier hit its highest intra-day level since December 13 2000. The reversal of fortune could be blamed largely on Apple (AAPL), which ended down 1.37% after previously reaching an historic peak of $674.88. An analyst at Oracle Investment Research of Washington, clearly forgetting that the official state fruit is an apple, decided to, well, take the tech titan's own advice in issuing a highly unusual intraday downgrade.

Clear across the country the epitaph of WC Fields - "All in all, I'd rather be in Philadelphia" - was right on the money as the City of Brotherly Love's Urban Outfitters (URBN) rode an upgrade and impressive earnings to surge 18.22% in ten times its normal volume. On a day only Imelda Marcos could love, Shoe Carnival (SCVL) touched the highest in its history, Skechers (SKX) jumped 9.75%, and Nike (NKE) rolled out $315 footwear.

Today in economics, petroleum inventories are out at 10:30 a.m. Eastern, with minutes to the Federal Open Market Committee's July 31-August 1 meeting released at 2:00 p.m. In earnings action, American Eagle Outfitters (AEO), Bank of China (BACHY), Diageo (DEO), Eaton Vance (EV), Guess (GES), Hewlett-Packard (HPQ), Krispy Kreme Doughnuts (KKD), Pacific Sunwear of California (PSUN), and Toll Brothers (TOL) are all due to report results.

Caesars Entertainment (CZR): Barclays begins Underweight coverage on CZR.

Del Frisco's Restaurant Group (DFRG): The steakhouse operator, a recent IPO, is initiated with an Outperform at Wells Fargo. Its price objective is $16.

Fertilizer Firms: Mosaic (MOS) is resumed with a Buy at Stifel Nicolaus, which has a Hold on CF Industries (CF).

Headwaters (HW): Shares are initiated with a Hold at KeyBanc.

iGATE Corporation (IGTE): Janney Montgomery Scott has a new Neutral.

ImmunoGen (IMGN): Coven covers the company at Outperform.

Internet-Related Stocks: Yelp Inc. (YELP) is a Market Perform at JMP Securities, which assigns an Outperform and $4.50 objective on Zynga (ZNGA).

Prolor Biotech (PBTH): Jefferies picks up PBTH at a Buy.

Targa Resources (TRGP): The stock is begun with a Buy at UBS, whose target price is $57.

Tech Stocks: Cirrus Logic (CRUS) is a Buy at Feltl, which rates EZchip Semiconductor (EZCH) a Strong Buy.

The Medicines Co. (MDCO): Shares are a new Neutral at Bank of America-Merrill Lynch.

(See also: Stock Upgrades: Las Vegas Sands Is in Luck and Stock Downgrades: Best Buy Goes From Bad to Worse.)
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No positions in stocks mentioned.
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