Stock Downgrades: US Steel Is No Superman

By Justin Sharon  OCT 30, 2013 9:12 AM

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

 


The Dow (INDEXDJX:.DJI), up 1.11% last week, advanced 111 points yesterday. Match.com and OkCupid owner IAC/InterActiveCorp (NASDAQ:IACI) — which just jumped 1.54% to hit the highest level in its history — may beg to differ, but on Wall Street at the moment, one is anything but the loneliest number. Thus it was that both blue chips and S&P 500 (INDEXSP:.INX) issues each reached fresh peaks, and on the anniversary of Wall Street’s worst-ever crash. Tesla Motors (NASDAQ:TSLA), which knows all about those, rose 0.99%, rebounding from an earlier swoon. Elsewhere, even an analyst upgrade couldn’t stop Apple Inc. (NASDAQ:AAPL) from tumbling 2.49%. Clearly, the company is now quite literally history. And slim was in as NutriSystem (NASDAQ:NTRI) surged 20.71% even as a broker boost (to “Overweight,” naturally) was powerless to prevent Potbelly (NASDAQ:PBPB) plunging 4.51%.
 
This afternoon, the Federal Open Market Committee concludes its two-day policy meeting. Hump Day of another busy quarterly earnings week is here, with Allstate (NYSE:ALL), Barclays (NYSE:BCS), Comcast (NASDAQ:CMCSA), Expedia (NASDAQ:EXPE), Facebook (NASDAQ:FB), General Motors (NYSE:GM), Kraft Foods (NASDAQ:KRFT), Metlife (NYSE:MET), Sprint (NYSE:S), Starbucks (NASDAQ:SBUX), and Visa (NYSE:V) all due to release results.
 
AFLAC (NYSE:AFL): The insurance stock famous for its duck is cut to Market Perform from Outperform at Raymond James.
 
Amarin (NASDAQ:AMRN): Leerink Swann lowers the drug manufacturer to Market Perform from Outperform.
 
Ambarella (NASDAQ:AMBA): Morgan Stanley moves the semiconductor equipment stock to Equal-Weight from Overweight.
 
Bed Bath & Beyond (NASDAQ:BBBY): Shares get taken to Hold from Buy at Canaccord Genuity.
 
Buffalo Wild Wings (NASDAQ:BWLD): Raymond James reduces its rating on the fast food outfit to Market Perform from Outperform.
 
Carpenter Technology (NYSE:CRS): Goldman gives the metal fabrication firm a Neutral-from-Buy downgrade.
 
Chesapeake Granite Wash Trust (NYSE:CHKR): The stock is slashed to Sell from Neutral at Goldman Sachs.
 
Cirrus Logic (NASDAQ:CRUS): Shares are taken to Underweight from Equal Weight by Barclays.
 
Digital Realty Trust (NYSE:DLR): The office Real Estate Investment Trust is reduced to Market Perform from Outperform at Raymond James.
 
Edwards Lifesciences (NYSE:EW): JPMorgan moves the equity to Underweight from Neutral.
 
IAC/InterActiveCorp (NASDAQ:IACI): The Match.com parent is downgraded to Hold from Buy at Stifel, which cites iffy earnings.
 
Plantronics (NYSE:PLT): Raymond James clips the company to Market Perform from Outperform.
 
SanDisk (NASDAQ:SNDK): Bank of America-Merrill Lynch lowers the tech name to Neutral from Buy.
 
Spartan Motors (NASDAQ:SPAR): BB&T Capital takes the stock to Hold from Buy after Tuesday’s 2.77% tumble.
 
Union Pacific (NYSE:UNP): The railroad is now Neutral from Outperform at Robert W. Baird, which takes its target to $173 from $175. Further upside potential from current levels is limited, in the bank’s estimation.
 
US Steel (NYSE:X): The commodity company, currently embarking on a cost cutting drive, gets downgraded to Hold from Buy at Deutsche Bank.
 
Volvo (OTCMKTS:VOLVY): Deutsche Bank slashes the Swedish car company to Sell from Hold.
 
Western Union (NYSE:WU): Raymond James takes to money transfer titan to Market Perform from Outperform.

(See also: Stock Upgrades: Electronic Arts Is Out of the Woods and New Stock Coverage: Can Dick’s Sporting Goods Score Big?)
No positions in stocks mentioned.

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