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New Stock Coverage: Apollo Residential Going to Pluto?


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

MINYANVILLE ORIGINAL Stocks indulged in some serious fourplay at the start of August, with the Dow Average (^DJI) ending up for a fourth straight week and the S&P 500 Index (^GSPC) finishing at its best level since May 4. This after shares snapped four consecutive down days with their fourth best performance of the year on Friday after nonfarm payrolls increased by more than 100,000 for the first time in four months.

Shaw Group (SHAW) surged 51.91% after being bought by Chicago Bridge & Iron (CBI) in the week the world celebrated 100 years of an iconic University of Chicago economist. Milton Friedman was famously short, standing only 5 foot 3, but it was a mighty long night for Knight Capital Group (KCG), which slid 61%. Telecom company Frontier Communications (FTR) advanced 18% to top the S&P 500, but as for Abercrombie & Fitch (ANF), well, you may not want to call it maybe after a 20% tumble was the benchmark's poorest performer.

No top-tier economic data is due today, but quarterly earnings announcements are expected out of AES Corp. (AES), BroadSoft (BSFT), (CYOU), Horsehead Holding (ZINC), McDermott International (MDR), Nippon Telegraph and Telephone (NTT), Plains All American (PAA), Tyson Foods (TSN), and Vornado Realty Trust (VNO).

Apollo Residential Mortgage Inc. (AMTG): AMTG gets an Outperform initiation at JMP Securities.

Echo Therapeutics (ECTE): The microcap is begun with a Buy at Ascendiant Capital Markets, whose price target is $2. They say the Symphony device is unique in that it utilizes a needle-free, non-invasive, interstitial fluid sensor.

First Community Corp. (FCCO): Raymond James resumes Outperform rated research on FCCO.

Impax Labs (IPXL): Leerink Swann launches Outperform rated coverage on IPXL.

RDA Microelectronics (RDA): RDA is initiated with a Strong Buy at Needham.

(See also: Stock Downgrades: Martin Midstream Is Up a Creek and Stock Upgrades: Kraft Is the Big Cheese.)
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