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New Stock Coverage: Caterpillar Dodges Dog Days of August


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

MINYANVILLE ORIGINAL The Dow (^DJI), despite a late rally, dropped for a third straight day in a session measured in minutes. Namely the Fed's eagerly awaited minutes to its August 1 meeting, the 15 minutes of fame that allowed American Eagle Outfitters (AEO) to advance 6.24% to a fresh 52-week peak, and the key housing data inadvertently released 30 minutes early.

Greece, whose fiscal future is more reliably counted in seconds, asked for "more air to breathe." Good luck with that while Athens continues to suck up all the oxygen in Europe's corridors of power, but at least an inexorably ticking clock was good for Movado Group (MOV), up another 2.37%.

The incoming freshman class for whom The Graduate signifies only grandpa may nonetheless want to take the iconic advice offered in the 1967 movie. While college debt now exceeds credit card debt in this country, plastic is still fantastic for Discover Financial Services (DFS), which gained 3.86% to the highest level in its history.

This morning in economics, July new home sales are out at 10:00 a.m. Eastern. On the corporate front Autodesk (ADSK), Big Lots (BIG), Fred's Inc (FRED), Hormel Foods (HRL), Mentor Graphics (MENT), Rue21 Inc (RUE), and Shoe Carnival (SCVL) are all due to announce earnings.

American Capital (ACAS): ACAS is initiated with an Overweight at Stephens, whose price objective is $13.

Boingo Wireless (WIFI): DA Davidson begins Buy rated research, with a $9 target price.

Caterpillar (CAT): The key Dow component is assigned an Outperform and $105 objective at Crédit Agricole.

CGGVeritas (CGV): Shares are resumed with a Buy and $42 target at Dahlman Rose, which says it has one of the best businesses in the oil service industry.

Cirrus Logic (CRUS): The stock is begun with an Overweight by Barclays.

Drug Stores/Specialty Retail: GNC Holdings (GNC) is an Outperform with Wells Fargo, which rates Vitamin Shoppe (VSI) a Market Perform.

Grocers: The Fresh Market (TFM) is a new Market Perform with Wells, which has an Outperform on Whole Foods (WFM).

Hub Group (HUBG): Wunderlich has a Hold on HUBG.

Joy Global (JOYG): Crédit Agricole covers the stock at Underperform, assigning a price objective of $60.

Rosetta Genomics (ROSG): The small cap is surging before the bell after being begun with a Buy and $16 price objective at Aegis.

Salix Pharmaceuticals (SLXP): The stock is a Hold at WallachBeth.

Steel Stocks: Metals USA (MUSA) is a new Neutral at UBS, which resumes rival Reliance Steel (RS) at a Buy.

(See also: Stock Upgrades: Glass Half Full for Heineken and Stock Downgrades: Glass Half Empty at SABMiller.)
No positions in stocks mentioned.
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