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Stock Downgrades: Porsche Poised to Crash?

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

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MINYANVILLE ORIGINAL New Jersey real estate outfit Hovnanian Enterprises (HOV) surged 22.7% as new home construction grew at its fastest rate for more than four years. Alas, across the Hudson the House That Ruth Built again failed to justify its $220-million payroll.

On Thursday the Psychic Friends Network filed a presentation with the SEC; clearly they failed to predict that stocks would slump by the most since June only 24 hours later. And Microsoft (MSFT), which entered the binder business back in 1995, fell 1.9%, with many now predicting the death of personal computers. Mr. Gates will hope that prophesy is as accurate as the one which sounded a death-knell for equities in 1979.

No top-tier economic data due today but the start of peak earnings week sees Caterpillar (CAT), Freeport McMoRan Copper & Gold (FCX), Hasbro (HAS), Peabody Energy (BTU), Philips Electronics (PHG), SunTrust Banks (STI), Western Digital (WDC), and Yahoo (YHOO) all reporting results.

Air Products (APD): Shares are lowered to Neutral from Buy at Bank of America-Merrill Lynch.

Arcos Dorados (ARCO): Morgan Stanley moves the stock to Equal-Weight from Overweight.

Canadian Pacific (CP): CP gets cut to Market Perform from Outperform by BMO Capital.

Cliffs Natural Resources (CLF): Deutsche Bank downgrades America's largest iron ore producer to Hold from Buy with a $45 target due to valuation issues and expectations for weak Q3 results.

Dentsply International (XRAY): Shares are slashed to Sell from Neutral at UBS due to softening trends in dental markets. The price objective is now $35, down from $39.

Edwards Lifesciences (EW): EW is now Neutral from Buy at Citigroup.

El Paso Pipeline Partners (EPB): The equity is moved to Market Perform from Outperform with Wells Fargo.

Equity Residential (EQR): The REIT is reduced to Sell from Neutral at Goldman Sachs.

Kansas City Southern (KSU): KSU is cut to Hold from Buy at BB&T Capital.

Porsche (PINK:POAHY): Goldman gives the German auto giant a Neutral-from-Buy ratings reduction.

SanDisk (SNDK): Shares are downgraded to Sector Perform from Outperform at RBC Capital amid a potential slowdown in NAND price momentum.

SL Green Realty (SLG): SLG gets downgraded to Hold from Buy at ISI Group.

Softbank (SFTBY): HSBC Securities slashes the stock to Underweight from Overweight.

Talisman Energy (TLM): Shares are slumping ahead of the open on a cut to Hold from Buy at Canaccord.

Wynn Macau (WYNMF): The casino company gets taken to Hold from Buy by Deutsche Bank.

(See also: Stock Upgrades: Beam in High Spirits and New Stock Coverage: Hoard up on Extra Space Storage.)
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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