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Stock Downgrades: Trouble Brewing at Anheuser-Busch


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

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.)
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