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Stock Downgrades: Crocs Carried Out Feet First


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

MINYANVILLE ORIGINAL On October 24, 2005, Ben Bernanke was nominated for a big promotion. Seventh anniversaries are traditionally celebrated with gifts of wool, but the Fed head failed to pull any over investors' eyes yesterday, with a policy meeting powerless to prevent markets moving lower again.

AT&T (T) Park was unusually home run friendly in the first game of the World Series although alas its corporate owner simultaneously struck out, the telecom titan giving up another 0.83% to continue its October implosion. And a blockbuster song catalog from the '80s is about to bring in big money. Bank of America (BAC) should surely have stuck to the soundtrack of that era, rather than a number from the disco heyday of 1975, after being sued for a billion bucks for doing the hustle.

Today in economics, September pending home sales are out at 10:00 a.m. Eastern. It's another frenetic session for earnings announcements, with Amazon (AMZN), Apple (AAPL), AstraZeneca (AZN), Banco Santander (SAN), Colgate-Palmolive (CL), Daimler (DDAIY), Luxottica (LUX), Novartis (NVS), Procter & Gamble (PG), Sprint (S), and Unilever (UN) all expected to report results.

Allegheny Technologies (ATI): Longbow lowers ATI to Neutral from Buy. (ACOM): Shares get downgraded to Neutral from Buy at Goldman Sachs.

Canadian National Railway (CNI): CNI is cut to Sector Perform from Outperform at RBC Capital due to valuation concerns. Its price objective is $91.

Crocs Inc. (NASDAQ:CROX): The maker of colorful plastic clogs, off 11% ahead of the start of today's trading, is taken to Neutral from Buy at Sterne Agee.

F5 Networks (FFIV): Shares, slumping before the bell, is now Hold from Buy with Wunderlich.

Intersil (ISIL): The small cap is slashed to Sell from Neutral at Citigroup.

LSI Logic (LSI): LSI is lowered to Neutral from Outperform with Wedbush.

Manpower (MAN): Macquarie moves MAN to Neutral from Outperform.

Motorola Solutions (MSI): The stock is downgraded to Outperform from Strong Buy at Raymond James after mixed Q3 results. Its price objective is $60.

New York Community Bancorp (NYB): NYB is now Market Perform from Outperform at Keefe Bruyette.

Norfolk Southern (NSC): Bank of America-Merrill Lynch reduces its recommendation on the railroad to Neutral from Buy.

StanCorp Financial (SFG): McAdams Wright Ragen moves the stock to Hold from Buy.

Triquint Semiconductor (TQNT): Lazard Capital takes the tech name to Neutral from Buy.

TrueBlue (TBI): Shares are downgraded to Market Perform from Outperform by BMO Capital.

WPP Group (WPPGY): The British ad giant gets downgraded to Neutral from Buy at Citi.

Wyndham Worldwide (WYN): The equity is downgraded to Hold from Buy at Deutsche Bank.

(See also: New Stock Coverage: Time Warner Cable Gets Great Reception and Stock Upgrades: Zynga Out of the Doghouse?)
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