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MOST NOTEWORTHY: Vale, Allos Therapeutics and Torchmark were today's noteworthy initiations:
- Lehman believes Vale (NYSE:RIO) is well-positioned to benefit from rising steel demand in emerging economies. The firm started shares with an Overweight rating and $45 target.
- Citigroup initiated Allos Therapeutics (NASDAQ:ALTH) with a Buy rating and $11 target and believes the company's lead drug PDX is likely to be the first FDA approved agent for peripheral T cell lymphoma.
- Friedman Billings expects Torchmark's (NYSE:TMK) sales to get back on track given increased recruiting, ongoing management initiatives, and the potential demise of Medicare Advantage. Shares were assumed with an Outperform rating and $72 target.
OTHER INITIATIONS:
The decline and fall of Crocs
June housing construction makes unexpected jump
Closing Bell: When news and earnings exhaustion occurs (BCRX, BAC, CIT, GE, GOOG, SU, YHOO, MSFT)
