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New Stock Coverage: Jazz Pharmaceuticals (NASDAQ:JAZZ) Dancing for Joy


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

MINYANVILLE ORIGINAL Lose all the money you want, but never lose your sense of humor. With markets worldwide roiled by pain in Spain, the NYSE proved its funny bone is intact by choosing yesterday of all days to ask a unit of Madrid's biggest bank to begin proceedings. Did that act as a red flag for a bull? Not exactly, with bears being ascendant for a fifth straight session as economic angst in Iberia and Athens again sent stocks lower.

Here at home, both candidates for the Oval Office journeyed to the Buckeye State, birthplace of presidents. Mitt Romney presumably wanted to pay belated respects to Ohio Art (OART), which surged in the spring on his Etch A Sketch orders. Alas the stock was unmoved - literally, as Joe Biden would say - ending the day exactly where it began at $4.50. As for Obama, Bo knows he probably added to positions in Cleveland's own American Greetings (AM), which surged some 17.28%. Homebuilder shares slumped, but recreational vehicle maker Thor Industries (THO), also of Ohio, jumped 12.52% after-hours; suddenly living in a van down by the river is one way to keep your head above water.

Today in economics, analysts expect an essentially unchanged figure for August pending home sales at 10:00 a.m. Eastern. In earnings action, Accenture (ACN), Discover Financial (DFS), Global Payments (GPN), Hennes & Mauritz (HMRZF), Micron Technology (MU), Nike (NKE), and Research In Motion (RIMM) are all due to report results.

Akorn (AKRX): Leerink Swan launches an Outperform on AKRX.

Allstate (ALL): Shares are a new Neutral at SunTrust.

Avista (AVA): UBS begins coverage at a Buy.

Becton Dickinson (BDX): The stock is a Sector Perform at RBC Capital, whose target price is $78.

Biotechs: Amgen (AMGN): Brean Murray begins Buys on both Amgen (AMGN) and Jazz Pharmaceuticals (NASDAQ:JAZZ), assigning respective price objectives of $96 and $81.

Cooper Tire (CTB): Shares are a new Neutral at Goldman Sachs.

Demandware (DWRE): Lazard Capital launches Neutral rated research.

Freescale Semiconductor (FSL): Shares are a fresh Buy at Needham, whose target is $12. The company is seen as a deleveraging story with gross margin expansion potential.

General Motors (GM): GM gets initiated with a Hold at Stifel Nicolaus.

Honeywell (HON): The stock is begun with a Buy at Bank of America-Merrill Lynch.

Immunogen (IMGN): UBS starts the stock at a Sell.

Pacific Drilling (PACD): Shares are begun with a Buy at Dahlman Rose, whose target is $12.50. Catalysts include one of the world's youngest fleets.

Safeguard Scientifics (SFE): SFE is started with a Buy and $20 target at Ascendiant Capital Markets.

Tech Stocks: Splunk (SPLK) and TIBCO Software (TIBX) are each assigned Outperforms at FBN Securities.

Validus Holdings (VR): VR is initiated with an Outperform at Credit Suisse.

Yahoo (YHOO): Goldman Sachs starts the stock at a Buy, setting a price target of $22. "We believe the value of Yahoo's balance sheet assets and the core business is worth more than the current stock price," its analysts wrote in a note.

(See also: Stock Downgrades: TripAdvisor (NASDAQ:TRIP) Sent to Siberia and Stock Upgrades: Seeds of Hope for Monsanto (NYSE:MON).)
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