Stock Downgrades: Cash Registers Stop Ringing at NCR Corp

By Justin Sharon  OCT 25, 2013 9:12 AM

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

 


Beverley Hills 90210 has suddenly become an unlikely poster child for poverty but New York 10005 continues make many rich. Wall Street advanced for a sixth session in seven, with the S&P 500 Index (INDEXSP:.INX) ending within a whisker of another fresh best. Among stocks enjoying bulls runs, Tesla Motors (NASDAQ:TSLA) — whose Elon Musk just called hydrogen fuel cell cars “bullsh*t” — advanced 5.26%, and Carl Ichan — who once threw an identical insult at Bill Ackman — sent Apple. Inc (NASDAQ:AAPL) up 1.32%. (With the soil nutrient attracting so many fans, how odd that fertilizer firms Potash (NYSE:POT) and Mosaic (NYSE:MOS) tumbled 2.02% and 2.12%, respectively.) And if money talks but bull, well — you know — walks, it apparently does so slowly when man falls for woman. Taking your time is just fine for Match.com owner IAC/InterActiveCorp (NASDAQ:IACI), which gained 1.49% to a historic high, and aviation outfit Southwest (NYSE:LUV), for whom love was literally in the air after a 3.72% increase.

Today in economics, at 9:55 a.m. Eastern the University of Michigan’s final figure for October consumer confidence is forecast to slip ever so slightly from its preliminary reading earlier in the month. On the corporate front, a frenetic first full week for quarterly earnings announcements finishes with Moody’s (NYSE:MCO), National-Oilwell Varco (NYSE:NOV), Procter & Gamble (NYSE:PG), Samsung Electronics (OTCMKTS:SSNLF), Sherwin-Williams (NYSE:SHW), and United Parcel Service (NYSE:UPS) all due to release results.
 
ABB Ltd (NYSE:ABB): The stock is now Neutral from Buy at UBS.
 
Cameron International (NYSE:CAM): Yesterday’s poorest-performing S&P 500 Index (INDEXSP:.INX) stock is today taken to Sector Perform from Sector Outperform at Howard Weil, whose price objective gets lowered to $56 from $68. Issues include ongoing profitability difficulties in its OneSubsea arena.
 
Diamond Offshore (NYSE:DO): DO is downgraded to Underweight from Equal-Weight at Morgan Stanley.
 
Coca-Cola Enterprises (NYSE:CCE): Société Générale slashes the stock to Hold from Buy.
 
Crédit Agricole (OTCMKTS:CRARY): BNP Paribas downgrades its fellow French financial firm to Neutral from Outperform.
 
Credit Suisse (NYSE:CS): Shares are moved to Neutral from Overweight at JPMorgan.
 
Landstar System (NASDAQ:LSTR): LSTR is lowered to Neutral from Outperform at Credit Suisse.
 
NCR Corp (NYSE:NCR): The maker of Automated Teller Machines, long known as National Cash Register Company, gets cut to Neutral from Buy at Compass Point Compass Point amid its concerns regarding fourth quarter growth prospects.
 
NQ Mobile (NYSE:NQ): Oppenheimer takes the stock, which slumped yesterday, to Perform from Outperform.
 
Patterson-UTI (NASDAQ:PTEN): Amid lower earnings estimates, the energy outfit gets downgraded to Hold from Buy with Wunderlich. Its price objective, previously $25, is trimmed to $23.
 
Reliance Steel (NYSE:RS): RS is reduced to Neutral from Outperform at Credit Suisse.
 
Sirius XM Radio (NASDAQ:SIRI): The stock gets a post-earnings downgrade at Goldman Sachs, where Howard Stern’s home is now Neutral from Buy at Goldman Sachs.
 
STMicroelectronics (NYSE:STM): Shares get slashed to Neutral from Buy at Goldman.
 
Susquehanna Bank (NASDAQ:SUSQ): The stock is moved to Market Perform from Outperform with a $13 target price at FBR Capital.
 
Taubman Centers (NYSE:TCO): TCO is taken to Neutral from Overweight at JP Morgan. Its price objective is also lowered, by $9 to $76.
 
United Continental (NYSE:UAL): JPMorgan moves the aviation outfit to Underweight from Neutral with an amended $25 target.
 
Wynn Resorts (NASDAQ:WYNN): Craig-Hallum cuts the casino company to Hold from Buy.
 
Zimmer Holdings (NYSE:ZMH): Shares in the medical device maker are reduced to Neutral from Outperform by Robert W. Baird.

(See also: New Stock Coverage: Disney Is the Mouse That Roared and Stock Upgrades: DuPont Regains Its Teflon Touch)
No positions in stocks mentioned.

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