Stock Downgrades: Dark Day for Luxottica, Which Let Chilean Miners See the Light

By Justin Sharon  NOV 26, 2013 9:16 AM

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

 


That was quite the 81st anniversary present for Fairfield Connecticut couple Ann Betar, 98-year-old cradle robber, and her husband John, 102. The Dow (INDEXDJX:.DJI) touched its Great Depression trough of 40.56 in 1932, the year they eloped. Yesterday, it hit an all-time high of 16,072.54. (With no thanks to Fairfield’s own General Electric (NYSE:GE), it must be said, on a day that stock dropped 1.28%.) With US stock markets advancing to historic highs, Trojan condom maker Church & Dwight (NYSE:CHD) ended up 0.44% on a broker boost. Clearly, 1 billion Chinese are no match for Pauly D. This after the loosening of the Sino one-child policy was outweighed by news that the Jersey Shore alum intends to continue with one-night stands — using portfolio “protection,” of course — even after recently becoming a father as a result of one such incident. (And truth be told, if that 13-pound, 10-ounce butterball just born in Shanghai is any indication, China’s recent decision to spur romance is not to be taken lightly.) In other analyst action Campbell (NYSE:CPB), which slumped more than 7% last week, lost another 1.45% after getting downgraded. But, with BlackBerry (NASDAQ:BBRY) having just fired its CFO, COO, and CMO — not long after canning its CEO — alphabet-soup sales should soon recover.
 
In terms of economic events that may move US markets this morning, at 10:00 a.m. Eastern an uptick is expected in the Conference Board’s November consumer confidence index. Regarding specific stocks, American Woodmark (NASDAQ:AMWD), Barnes & Noble (NYSE:BKS), Children’s Place (NASDAQ:PLCE), Hewlett-Packard (NYSE:HPQ), Hormel Foods (NYSE:HRL), Tiffany (NYSE:TIF), and TiVo Inc. (NASDAQ:TIVO) are all due to release results.
 
AutoZone (NYSE:AZO): Goldman Sachs gives AutoZone a Neutral-from-Buy downgrade. Yesterday AutoZone stock ended off 0.43%.
 
Cardiovascular Systems (NASDAQ:CSII): Shares are cut to Hold from Speculative Buy at The Benchmark Company, whose price objective is $35. The rating reset follows its survey of interventional cardiologists who have used its device.
 
DealerTrack (NASDAQ:TRAK): TRAK is taken to Underweight from Equal Weight by Barclays.
 
Francesca’s (NASDAQ:FRAN): Shares are now Neutral from Buy with a $22 target price at Janney, which cites less favorable trends in apparel and accessories.
 
Luxottica (NYSE:LUX): Luxottica, whose Oakley sunglasses outfitted those heroic miners in Chile, gets lowered to Hold from Buy at Berenberg. As as result, Luxottica stock is trading lower in London today.
 
Omega Protein (NYSE:OME): Shares are now in-line from Outperform at Imperial Capital due to valuation issues.
 
The Fresh Market (NASDAQ:TFM): Goldman Sachs downgrades The Fresh Market to Neutral from Buy. It has been an unhappy year for The Fresh Market, whose stock has slumped 35.92%, even as the overall market sets fresh records.
 
Waters Corp (NYSE:WAT): The stock is slashed to Neutral from Buy at Goldman Sachs.

(See also: New Stock Coverage: Tuesday Morning a Fine Time to Buy Tuesday Morning and  Stock Upgrades: Fast Money Says 'Run, Forest (Labs), Run!')
No positions in stocks mentioned.

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