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Stock Downgrades: Air France Losing Altitude

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

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MINYANVILLE ORIGINAL There was joy for Greif (GEF), up 8.65%, and grief for Joy Global (JOY), down 4.21%. Investors went long Guinness maker Diageo (DEO), which hit the highest level in its history even as its world record tabulators arranged a get-together for the planet's shortest couple. Funeral home operator Carriage Services (CSV) bucked red ink elsewhere to end up 1.21%, but Digital Domain Media Group (DDMG), which recently brought Tupac back from the dead, is on life support after losing another 21.17%. It's a busy morning in economics ahead of the three-day holiday weekend. The University of Michigan's final figure for consumer confidence in August is out at 9:55 a.m. Eastern, and July factory orders follow at 10:00 a.m.

Air France-KLM (AFLYY): The air carrier gets cut to Underperform from Neutral at Credit Suisse.

Belden (BDC): Shares are downgraded to Hold from Buy at Stifel Nicolaus amid concerns over slowing growth and challenging end markets.

Chunghwa Telecom (CHT): HSBC Securities slashes the stock to Underweight from Neutral.

Layne Christensen (LAYN): Shares are lower this morning after being downgraded to Sell from Neutral at UBS.

Spectra Energy (SE): SE is reduced to Equal Weight from Overweight by Barclays.

Toronto-Dominion Bank (TD): TD is now Neutral from Outperform at Credit Suisse.

(See also: New Stock Coverage: Garmin Finds Its Way and Stock Upgrades: Credit Suisse Owes Rival Debt of Gratitude.)
No positions in stocks mentioned.
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