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New Stock Coverage: Apollo Residential Going to Pluto?

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

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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), Changyou.com (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.)
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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