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VIDEOUpgrades and Downgrades: Time to Bid Goodbye to Best Buy?
By
Justin Sharon
Aug 10, 2010 8:34 am
Wall Street ratings agencies set the tone for today's stock market.
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Elsewhere American Dairy (ADY) cried over spilt milk, tumbling 22.75% on an unexpected Q2 loss. Despite its name, the distributor of infant formula is actually based in Beijing. Synutra International (SYUT), which similarly sells dairy based baby products to China, slid 26.94%. Clearly investing in the sector in the land of the One Child Policy is not kids’ play. Arguably the most eagerly awaited FOMC announcement of 2010 is scheduled for release at 2:15 PM Eastern today. On the corporate front earnings are expected out of CareFusion (CFN-WI), Cree (CREE), Fossil (FOSL), Gartner Inc (IT), InterContinental Hotels (IHG), International Power, Scotts Miracle-Gro (SMG), and Walt Disney (DIS).
Initiations China Gerui (CHOP): The stock is initiated at Outperform and assigned a $10 price objective at Rodman & Renshaw, which says they enjoy a favorable steel market position.
Upgrades
Texas Instruments (TXN): TXN is raised to Outperform from Market Perform at Raymond James.
Whole Foods (WFMI): The stock is now Buy from Neutral at UBS.
Akamai Technologies (AKAM): AKAM is boosted to Buy-from-Neutral at Goldman Sachs.
Industrial Stocks: Dover Corp (DOV) and EOG Resources (EOG) are each added to the Conviction Buy List at Goldman.
Macerich (MAC): MAC is moved to Buy from Hold at Deutsche Bank.
Downgrades
Best Buy (BBY): The stock gets cut to Neutral from Buy at Goldman.
Royal Bank of Scotland (RBS): RBS shares are trading lower overseas today after getting cut to Neutral from Outperform at Credit Suisse following its interim results. The broker notes “recent disposal gains and risk weighted asset inflation in the first half have left us subdued.”
LaFarge (LFRGY): The stock gets cut to Neutral from Buy at Goldman.
Tomkins PLC (TKS): BNP Paribas takes Tomkins PLC to Neutral from Outperform.
Auto Supply Stocks: Deutsche Bank downgrades Autoliv (ALV), Borg Warner (BWA), and TRW Automotive (TRW), all to Hold from Buy.
Ntelos Holdings (NTLS): NTLS is moved to Market Perform from Outperform with Wells Fargo.
Northrop Grumman (NOC): The stock is downgraded to Market Perform from Outperform at FBR Capital. Superior Well Services (SWSI): SWSI has its rating reduced by both Macquarie (Neutral from Outperform) and Jefferies (Hold from Buy).
Nuance Communications (NUAN): Nuance is now Neutral from Buy at Goldman.
Grand Canyon Education (LOPE): RBC Capital cuts its Grand Canyon Education recommendation to Outperform from Top Pick. Their price target is cut by $10 to $25 amid investor anxiety over regulatory issues.
American Dairy (ADY): ADY is downgraded to Market Perform from Outperform at Oppenheimer after yesterday’s share price slide.
Kilroy Realty (KRC): The stock is cut to Sell from Hold at Stifel. For related content, see Why the China Miracle Is Really a Debt-Financed Bubble.
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No positions in stocks mentioned.
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