Stock Downgrades: Caterpillar Still in the Doghouse

By Justin Sharon  OCT 24, 2013 9:26 AM

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

 


It’s almost enough to make investors nostalgic for those distant days of, oh, one week ago, when all we had to worry about was governmental gridlock. Yesterday, S&P 500 Index (INDEXSP:.INX) shares snapped a recent winning streak as more prosaic concerns including earnings and China returned with a vengeance. The proximate cause was disappointing economic data out of Asia. The bull in Beijing’s China shop was stopped in its tracks as China Ceramics (NASDAQ:CCCL) slumped 6.68% and a mauled Matador Resources (NYSE:MTDR) imploded 8.28%. Glass-maker Corning (NYSE:GLW) gained 14.14%, Google’s (NASDAQ:GOOG) glassholes enjoyed a 2.42% jump, and Apple’s (NASDAQ:AAPL) glass houses advanced 0.98%. Elsewhere, Dr Pepper Snapple (NYSE:DPS) rose 2.47%. And that’s a fact

The single busiest session for third quarter earnings is upon us, with Amazon NASDAQ:AMZN), Credit Suisse (NYSE:CS) Dow Chemical (NYSE:DOW), Ericsson (NASDAQ:ERIC), Ford (NYSE:F), Microsoft (NASDAQ:MSFT), 3M Co (NYSE:MMM), Under Armour (NYSE:UA), Western Digital (NASDAQ:WDC), and Zynga (NASDAQ:ZNGA) all due to announce results.
 
Airgas (NYSE:ARG): BB&T Capital cuts the chemical company to Hold from Buy.
 
Akzo Nobel (OTCMKTS:AKZOY): Shares get downgraded to Hold from Buy at ING Group.
 
Angie’s List (NASDAQ:ANGI): Shares, slumping today, are now Neutral from Buy at B. Riley & Co.
 
Caterpillar (NYSE:CAT): The Dow (INDEXDJX:.DJI) member is downgraded to Neutral from Overweight at JPMorgan.
 
Green Mountain Coffee Roasters (NASDAQ:GMCR): Shares are downgraded to Hold from Buy at Argus amid increased competition for single-serve coffee packets.
 
Motorola Solutions (NYSE:MSI): The stock is downgraded to Market Perform from Outperform at Wells Fargo.
 
Panera Bread (NASDAQ:PNRA): Shares are now Hold from Buy at Deutsche Bank.
 
Regions Financial (NYSE:RF): RF is removed from the Conviction Buy List at Goldman Sachs.
 
Stericycle (NASDAQ:SRCL): Raymond James cuts the stock to Perform from Outperform.
 
US Bancorp (NYSE:USB): The financial name is now Hold from Buy at Deutsche Bank.

(See also: New Stock Coverage: This Is Time Warner’s Moment in the Sun and Stock Upgrades: Goldman Given a Blankfein Check)
 
No positions in stocks mentioned.

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