Stock Downgrades: Bidding Boeing Adieu, Farewell, Dubai

By Justin Sharon  NOV 20, 2013 9:28 AM

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

 


US stock markets were becalmed despite the best efforts of the Windy City. Market-friendly comments from its Fed head Charles Evans (no Jack, he is not one of those “Chicago guys“) failed to stop the S&P 500 Index (INDEXSP:.INX) from snapping its recent winning run. Indeed even Mr. Welch couldn’t blame President Obama for yesterday’s sluggish showing in equities, as he opted to spend the day schmoozing with Wall Street CEOs as opposed to journeying to Gettysburg. The notorious events on the 17th floor of New York’s Lipstick Building were again in the news. An analyst puckered up to Estée Lauder (NYSE:EL), which can afford the accent on its ‘e’ after recently trading to historic highs. And investors smooched with XO Group (NYSE:XOXO), which hit a fresh peak in taking its 12-month increase to 94.53%. Clearly, a great kiss can pay dividends. Even after 75 years. Alas, looking for love in all the wrong places was a fellow from Staten Island who proposed at Best Buy (NYSE:BBY). It tumbled 10.97% to lead all S&P 500 laggards.
 
In terms of economic events that may move US markets today, at 10:00 a.m. Eastern, we get both September business inventories and October existing home sales. At 2:00 p.m., minutes from the Federal Open Market Committee’s October 30 meeting are released. Regarding specific stocks, ADT Corporation (NYSE:ADT), Deere (NYSE:DE), JC Penney (NYSE:JCP), JM Smucker (NYSE:SJM), L Brands (NYSE:LTD), Lowe’s Companies (NYSE:LOW), and Staples (NASDAQ:SPLS) are all due to release quarterly results.
 
Bank of America (NYSE:BAC): Amid increasingly limited upside, Evercore pulls the stock from its Conviction Buy list, while still rating it Overweight overall.
 
Boeing (NYSE:BA): The Dow (INDEXDJX:.DJI) member, fresh from scoring $100 billion worth of orders at the Dubai Air Show, gets cut to Perform from Outperform at Oppenheimer. Valuation issues loom increasingly large, the bank believes.
 
C.H. Robinson (NASDAQ:CHRW): Deutsche Bank downgrades the stock to Hold from Buy.
 
Consolidated Edison (NYSE:ED): The electric utility is now Hold from Buy at Argus.
 
Danske Bank (OTCMKTS:DNSKY): Société Générale slashes its fellow European financial firm to Sell from Hold.
 
Dick’s Sporting Goods (NYSE:DKS): Amid “mediocre” same-store-sales growth, BMO Capital moves the stock to Underperform from Market Perform.
 
Google (NASDAQ:GOOG): Evercore removes Google stock from its Conviction Buy list. This is essentially a valuation call, with Google now basically at the broker’s $1,100 price objective.
 
Medtronic (NYSE:MDT): The medical device maker is moved to Hold from Buy at Argus due to market share erosion.
 
Twitter (NASDAQ:TWTR): Stock in Twitter is currently trading lower after getting taken to Hold from Buy at Cantor Fitzgerald. The broker says Twitter’s valuation is expensive relative to Facebook (NASDAQ:FB).
 
WhiteHorse Finance (NASDAQ:WHF): Shares, slumping of late, are lowered to Hold from Buy with Wunderlich, whose target price is $15.50.
 
Workday (NYSE:WDAY): Cowen cuts the company to Market Perform from Outperform.

(See also: Stock Upgrades: Best Buy a Better Buy After Yesterday's Mauling? and New Stock Coverage: Green Mountain Coffee Fits to a Tee)
No positions in stocks mentioned.

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