Stock Downgrades: Crocs Carried Out Feet First

By Justin Sharon  OCT 25, 2012 8:47 AM

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

 


MINYANVILLE ORIGINAL On October 24, 2005, Ben Bernanke was nominated for a big promotion. Seventh anniversaries are traditionally celebrated with gifts of wool, but the Fed head failed to pull any over investors’ eyes yesterday, with a policy meeting powerless to prevent markets moving lower again. 
 
AT&T (T) Park was unusually home run friendly in the first game of the World Series although alas its corporate owner simultaneously struck out, the telecom titan giving up another 0.83% to continue its October implosion. And a blockbuster song catalog from the ’80s is about to bring in big moneyBank of America (BAC) should surely have stuck to the soundtrack of that era, rather than a number from the disco heyday of 1975, after being sued for a billion bucks for doing the hustle.
 
Today in economics, September pending home sales are out at 10:00 a.m. Eastern. It’s another frenetic session for earnings announcements, with Amazon (AMZN), Apple (AAPL), AstraZeneca (AZN), Banco Santander (SAN), Colgate-Palmolive (CL), Daimler (DDAIY),   Luxottica (LUX), Novartis (NVS), Procter & Gamble (PG), Sprint (S), and Unilever (UN) all expected to report results.
 
Allegheny Technologies (ATI): Longbow lowers ATI to Neutral from Buy.
 
Ancestry.com (ACOM): Shares get downgraded to Neutral from Buy at Goldman Sachs.
 
Canadian National Railway (CNI): CNI is cut to Sector Perform from Outperform at RBC Capital due to valuation concerns. Its price objective is $91.
 
Crocs Inc. (NASDAQ:CROX): The maker of colorful plastic clogs, off 11% ahead of the start of today’s trading, is taken to Neutral from Buy at Sterne Agee.
 
F5 Networks (FFIV): Shares, slumping before the bell, is now Hold from Buy with Wunderlich.
 
Intersil (ISIL): The small cap is slashed to Sell from Neutral at Citigroup.
 
LSI Logic (LSI): LSI is lowered to Neutral from Outperform with Wedbush.
 
Manpower (MAN): Macquarie moves MAN to Neutral from Outperform.
 
Motorola Solutions (MSI): The stock is downgraded to Outperform from Strong Buy at Raymond James after mixed Q3 results. Its price objective is $60.
 
New York Community Bancorp (NYB): NYB is now Market Perform from Outperform at Keefe Bruyette.
 
Norfolk Southern (NSC): Bank of America-Merrill Lynch reduces its recommendation on the railroad to Neutral from Buy.
 
StanCorp Financial (SFG): McAdams Wright Ragen moves the stock to Hold from Buy.
 
Triquint Semiconductor (TQNT): Lazard Capital takes the tech name to Neutral from Buy.
 
TrueBlue (TBI): Shares are downgraded to Market Perform from Outperform by BMO Capital.
 
WPP Group (WPPGY): The British ad giant gets downgraded to Neutral from Buy at Citi.
 
Wyndham Worldwide (WYN): The equity is downgraded to Hold from Buy at Deutsche Bank.

(See also: New Stock Coverage: Time Warner Cable Gets Great Reception and Stock Upgrades: Zynga Out of the Doghouse?)
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.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.