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VIDEOUpgrades and Downgrades: Advanced Micro in Retreat
By
Justin Sharon
Jul 29, 2010 8:35 am
Wall Street ratings agencies set the tone for today's stock market.
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Nothing against the Garden State — Sea Bright N.J. is delightful — but since SeaBright Holdings (SA) tumbled 12.89% in the worst percentage decline on the entire NYSE, Barack may have been better advised to visit neighbors to the north. Outfits across the Empire State could certainly have used the business Wednesday, with investors refusing to buy Purchase based PepsiCo (PEP) (down 0.75% after announcing a 3% decline in profit) or Rochester’s own Eastman Kodak (EK), which cratered 15.21% to top S&P 500 laggards. Granted, another firm ostensibly from Gotham’s great upstate gained 2.23% on impressive earnings, but closer inspection reveals Buffalo Wild Wings (BWLD) actually operate out of Minneapolis. Today is quite quiet for top-tier economic data but earnings season continues apace with Amgen (AMGN), Banco Santander (STD), Colgate-Palmolive (CL), Exxon Mobil (XOM), MetLife (MET), Motorola (MOT), Nintendo (NTDOY.PL) and Sanofi-Aventis (SNY) all set to announce results.
Upgrades
Boeing (BA): Dow component Boeing, down sharply yesterday, gets a Hold-from-Sell boost by Societe Generale.
Meritage Homes (MTH): hoisted to Neutral from Sell at UBS.
Citrix Systems (CTXS): boosted by Deutsche Bank (Buy from Hold), Cowen (Neutral from Underperform) and Robert Baird (Outperform from Neutral).
Lukoil (LUKOY): lifted to Neutral from Underperform at Credit Suisse.
Sycamore Networks (SCMR) is now Outperform from Neutral, also at Credit Suisse.
DST Systems (DST): Citing cost cuts and improving revenue trends, Robert Baird raises its recommendation on DST Systems to Outperform from Neutral and takes its price target up $2 to $50.
Downgrades
Lan Airlines (LFL): lowered to Neutral from Overweight at JP Morgan.
Kirby Corp (KEX): BB&T Cuts Kirby Corp to Hold from Buy.
Anworth Mortgage (ANH): now Neutral from Buy at Sterne Agee.
Capstead Mortgage (CMO): Staying in the sector, Capstead Mortgage gets downgraded to Hold from Buy by Deutsche Bank.
NRG Energy (NRG): Deutsche Bank also takes NRG Energy to Hold from Buy.
Stericycle (SRCL): Soleil Securities reduces Stericycle to Hold from Buy.
Vistaprint (VPRT): now Hold from Buy at Citigroup, while Janney Montgomery Scott moves it to Neutral from Buy.
Frontier Oil (FTO): Macquarie moves Frontier Oil to Neutral from Outperform.
Symantec (SYMC): moved to Market Perform from Outperform by both Morgan Keegan and FBR Captial after last night’s soft quarter.
Advanced Micro Devices (AMD): trading down before the bell on a Market Perform-from-Outperform cut at FBR Capital. Its price objective goes from to $11 from $14 amid execution issues among other factors.
AstraZeneca (AZN): downgraded to Hold from Buy at Standpoint Research due to valuation.
NVIDIA (NVDA): FBR Capital also gives NVIDIA a Market Perform-from-Outperform downgrade as Apple may expel the company’s chip sets from its PCs sooner than anticipated.
AMAG Pharmaceuticals (AMAG): now Neutral from Outperform at brokerage Robert Baird due to heightened commercial hurdles.
TriQuint Semiconductor (TQNT): Charter Equity takes TriQuint Semiconductor to Market Perform from Buy after earnings as their shares appear to be range-bound.
No positions in stocks mentioned.
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