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Stock Downgrades: Trouble Brewing at Anheuser-Busch

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

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MINYANVILLE ORIGINAL On a day the market took a bath, investors could enjoy the bubble in Calgon Carbon (CCC), a rare 1.96% gainer. Also bucking the trend was Bassett Furniture (BSET), which climbed 5.76% even as John Thain, who stuck his former employer with a $1.2 million furniture bill, watched in horror as his CIT Group (CIT) imploded 8.77% after announcing earnings.

International Business Machines (IBM), just named America's greenest company, continued to bleed red ink. It fell a further 1.62% and is now down 9% in the past week. British handbag maker Mulberry Group (MLBGF) tumbled 24% and must fear a pop on the head from England's iron lady. And the "stingy Scotch bosses" who invented that iconic product at 3M Co. (MMM) saw it slide 4.11% in a terrible tape.

Today in economics, consensus calls for an increase in September new home sales at 10:00 a.m. Eastern, and the Federal Open Market Committee concludes its two-day monetary-policy meeting at 2:15 p.m. On the corporate front, it's Hump Day of another peak week for earnings announcements, with AT&T (T), Boeing (BA), Delta Air Lines (DAL), General Dynamics (GD), Eli Lilly (LLY), Iberdrola (IBDRY), Kimberley-Clark (KMB), Lockheed Martin (LMT), Nintendo (NTDOY), Motorola (MOT), SAP AG (SAP), T Rowe Price (TROW), US Airways (LCC), and Volkswagen (VLKAY) all due to report results.

Air Products (APD): Shares are downgraded to Hold from Buy at KeyBanc Capital.

Anheuser-Busch (NYSE: BUD): Goldman Sachs slashes the brewing stock to Sell from Neutral.

BBCN Bancorp (BBCN): The company is cut to Market Perform from Outperform by BMO Capital.

Celestica (CLS): Canaccord Genuity takes the tech stock to Hold from Buy.

CTC Media (CTCM): Shares are downgraded to Hold from Buy at Deutsche Bank.

Donaldson (DCI): The equity is lowered to Hold from Buy at Jefferies.

DuPont (DD): The Dow (^DJI) member is now Neutral from Overweight at JPMorgan, which cites near-term earnings uncertainty and challenging growth. The new target is $47, down from $58.

Intel (INTC): INTC, also in the Dow, is removed from the US Focus List at Credit Suisse.

NetApp (NTAP): Shares are lower ahead of the open on a downgrade to Market Perform from Outperform by BMO Capital.

Norfolk Southern (NSC): NSC is now Neutral from Buy at Citigroup.

Rare Element (REE): The small cap is reduced to Hold from Buy at Dahlman Rose based on valuation relative to its peer group.

Time Warner (TWX): Shares are pulled from Credit Suisse's US Focus List.

United Therapeutics (UTHR): JPMorgan moves the equity to Underweight from Equal Weight.

Virgin Media (VMED): VMED is now Neutral from Buy at Citigroup.

WPP plc (WPPGY): The British advertising giant is trading lower in London today after getting cut to Neutral from Buy at UBS.

(See also: Stock Upgrades: Learning to 'Like' Facebook All Over Again and New Stock Coverage: Black Hills Can Scale Fiscal Cliff.)
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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