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New Stock Coverage: No Quick Buck in Swift Transportation


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

MINYANVILLE ORIGINAL The Dow (^DJI) suffered its steepest slide since July 20, dropping by triple-digits and enduring its fourth straight down day amid more evidence Fed officials should be seen and not heard. St. Louis central bank President James Bullard ignited the sell-off with the less-than-startling statement that minutes to a meeting begun in July are now "a bit stale" as we welcome September next week. In the sort of stressful session that cried out for calming alternatives, investors opted to relax in the yoga apparel of Lululemon (LULU), a 2.42% gainer. Sipping the soothing chamomile tea for which Hain Celestial (HAIN) is renowned also proved profitable. That stock surged 19.08% to an all-time high, although the famously manic Jim Cramer makes the unlikeliest of cheerleaders for hippy herbal drinks. Hain's 'Greek Gods Yogurt' brand has also been doing especially boffo business but it's Athens that could use the profits as the world broods anxiously on another of its meetings with Angela Merkel. On an otherwise anemic August Friday for corporate earnings announcements Madison Square Garden (MSG), trading at an all time high, easily exceeded analyst expectations earlier this morning.

Alexion Pharmaceuticals (ALXN): Shares are initiated with a Hold at ThinkEquity, which has a $105 price objective.

BioMarin Pharmaceutical (BMRN): Barclays begins coverage at Overweight.

Brookfield Infrastructure (BIP): Shares are a new Neutral at Credit Suisse.

Campbell Soup (CPB): Credit Suisse covers the company at a Neutral and assigns it a $35 target price.

Computer Programs (CPSI): Shares are begun with a Buy and $61 target at UBS.

Discovery Labs (DSCO): The stock is initiated with a Buy at Stifel Nicolaus, which has high hopes for two FDA-approved products. Surfaxin and Afectair for respiratory distress syndrome are set to launch in the fourth quarter.

InterDigital (IDCC): Shares are begun with an Outperform at brokerage boutique William Blair.

Maximus (MMS): JMP Securities starts Outperform rated research.

McDermott International (MDR): The oil services outfit is assigned an Overweight, and $15 objective, at Stephens.

Oil & Gas Pipelines: El Paso Pipeline Partners (EPB) is reinstated with an Equal Weight at Barclays, which establishes Overweights on Kinder Morgan Partners (KMP) and Kinder Morgan Inc (KMI).

Swift Transportation (SWFT): Dahlman Rose has a Hold on SWFT.

VirnetX Holding (VHC): The Internet software stock is up nicely before the bell on an initiation at Outperform by William Blair.

Western Asset Mortgage (WMC): Shares are begun with a Buy at Wunderlich, whose target is $22.

(See also: Stock Downgrades: Party Over at Shoe Carnival? and Stock Upgrades: TripAdvisor Heading North.)
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