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Stock Downgrades: Hanging Up on Ericsson


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

MINYANVILLE ORIGINAL Facebook (FB) fell a further 1.24% and has now lost about half its value since going public in May. Bummer, but at least Zuck can claim to be a fashion trendsetter for the Queen of England. Ketchup king HJ Heinz (HNZ), which rose 1.68% to an historic high on Tuesday in anticipation of earnings, tumbled 2.25% on Wednesday when those earnings were announced. Buy the rumor, sell the news - guys, it ain't rocket (STMP) slumped 5.11%, investors apparently opting not to trust the mail. An old-fashioned message in a bottle provides a less expensive alternative, and arriving after 98 years, can boast a turnaround time that compares favorably to anything the Postal Service is able to offer.

Today's earnings announcements are expected to include Bio-Reference Labs (BRLI), Ciena (CIEN), Gazprom (OGZPY), Methode Electronics (MEI), OmniVision Technologies (OVTI), Pernod Ricard (PDRDY), Splunk (SPLK), Gordmans Stores (GMAN), Vivendi (VIVHY), WPP Plc (WPPGY), and Zumiez (ZUMZ).

Angie's List (ANGI): The company is downgraded to Hold from Buy at Canaccord, which also takes its target price to $12.50 from $20.

Cadence Pharmaceuticals (CADX) Shares are moved to Market Perform from Outperform at Leerink amid patent trial concerns.

Coventry Health Care (CVH): Shares are downgraded to Neutral from Outperform at Credit Suisse as they are no longer trading on fundamentals following this week's acquisition offer from Aetna (AET).

Ericsson (ERIC): Credit Suisse takes the Swedish telecom titan to Underperform from Neutral.

Humana (HUM): HUM is now Neutral from Outperform at Credit Suisse due to higher costs trends in its Medicare Advantage business.

IntercontinentalExchange (ICE): ICE is downgraded to Outperform from Strong Buy at Raymond James.

KLA-Tencor (KLAC): KLAC gets cut to Neutral from Positive at Susquehanna on account of slower industry spending growth. The target price is cut by $10 to $52. Shares are lower before the opening bell as a result.

Louisiana-Pacific (LPX): LPX, upgraded elsewhere this morning, is downgraded to Hold from Buy at Deutsche Bank.

Nexen (NXY): NXY is now Equal Weight from Overweight at Barclays.

Oiltanking Partners (OILT): Bank of America-Merrill moves the equity to Neutral from Buy.

Triple-S Management (GTS): GTS gets downgraded to Neutral from Outperform at Credit Suisse.

Yingli Green Energy (YGE): Shares are slashed to Sell from Hold at ThinkEquity.

(See also: Stock Upgrades: Pandora Out of the Penalty Box and New Stock Coverage: Magnum Hunter Looks Like a Long Shot.)

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