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Stock Upgrades: Lam Research Corporation Has Bears on the Run

By: Minyanville
Posted: 6/25/2013 9:21:00 AM
Referenced Stocks: AGN;APOL;BKS;MSFT;ORCL

The bull exited China's shop in a big way, with Shanghai officially entering a bear market to unleash pandemonium on equities worldwide. Furrowed brows were the order of the day from Beijing to Wall Street , and that was even before disowned Botox maker Allergan ( AGN ) imploded 11.55% to lead the S&P 500 (^GSPC) lower.

On the bright side, Oracle ( ORCL ), whose private investigators used to quite literally regard Microsoft ( MSFT ) as trash , ended up after a strange-bedfellows cloud-computing agreement with its erstwhile rival.

Today in economics, May new home sales and June consumer confidence are each out at 10:00 a.m. Eastern. On the corporate front, Apollo Group ( APOL ), Barnes & Noble ( BKS ), Carnival Corporation (CCL), Lennar (LEN), Smith & Wesson (SWHC), and Walgreen (WAG) are all due to announce earnings.

ARM Holdings plc (ARMH): Shares are showing strength in London this morning after Investec gave the chip stock and Apple Inc. (AAPL) supplier a Buy-from-Hold boost.

Alamos Gold Inc (AGI): Citing an attractive valuation and upcoming Turkish assets, Cowen raises its rating to Outperform from Market Perform.

CME Group Inc (CME): The exchange operator is upgraded to Neutral from Buy at JPMorgan.

Hittite Microwave Corp (HITT): Goldman Sachs gives the stock a Neutral-from-Sell upgrade.

HSBC Holdings plc (HBC): Highlighting its "strong balance sheet [and] strong dividend yield buttressed by plans for buybacks in 2014 and beyond," Deutsche Bank hoists its fellow financial firm to Buy from Hold.

Kinder Morgan Energy Partners LP (KMP): Bank of America-Merrill Lynch lifts the limited partnership to Buy from Neutral.

Lam Research Corporation (LRCX): LRCX is lifted to Outperform from Underperform at Crédit Agricole. Its price objective, previously $50, increases to $55.

Las Vegas Sands Corp. (LVS): The casino company is now Buy from Hold at Craig Hallum, sending it up before the bell.

Royal Dutch Shell Plc (RDS-A): BNP Paribas boosts the oil giant to Neutral from Sell.

Vodafone Group Plc (VOD): The British telecom stock is now Buy from Neutral at Nomura, sending it up in today's European trading.

Waters Corporation (WAT): Goldman gives the firm a boost to Buy from Neutral.

(See also: New Stock Coverage: Nike, Inc. Just Keeps on Doing It and Stock Downgrades: Netflix, Inc. Now Swimming Upstream .)