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Stock Downgrades: Western Union Could Use a Money Transfer


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

MINYANVILLE ORIGINAL With the Dow (^DJI) now down in four of the past six weeks, DuPont's (DD) 8.4% implosion made it easily the poorest performing blue chip. Its CEO Ellen Kullman will be currently crestfallen but as another Ellen can attest, comedy = tragedy + time.

Monster Beverage (MNST), down 14%, was a pre-Halloween horror story, and investors in mattress maker Tempur Pedic (TPX) awoke with nightmares after its 23.3% tumble. Regis (RGS), owner of Hair Club for men, fell 16.27% on Friday even as Greece apparently won't get a debt haircut. A chronic lack of apples adversely impacted phones as well as fruits, with AT&T (T) tumbling 2.0% after its earnings revealed severe supply shortages of the iPhone 5. Apple (AAPL) itself lost 1.0% but another iconic American inventor fared far better from beyond the grave.

Today in economics, analysts expect an increase in October's Chicago Purchasing Managers Index at 9:45 a.m. Eastern. It's another frenetic session for third quarter earnings announcements, with results expected out of Anheuser-Busch (BUD), Barclays (BCS), Deutsche Lufthansa (DLAKY), GlaxoSmithKline (GSK), MGM Resorts (MGM), MasterCard (MA), Panasonic (PC), and Time Warner Cable (TWC).

Advent Software (ADVS): Shares are moved to Market Perform from Outperform at JMP Securities. (BIDU): The Chinese Internet firm gets slashed substantially, to Sell from Buy, at Citigroup.

Canadian National Railway (CNI): Concerned about the company's announcement of increased pension headwind expectations during 2013, FBR Capital cuts CNI to Market Perform from Outperform. The price objective is also reduced, to $94 from $110.

Ceragon (CRNT): The stock gets downgraded to Hold from Buy at Canaccord Genuity.

Clean Energy Fuels (CLNE): Shares are downgraded to Underweight from Neutral at Piper Jaffray, which also trims its target by $2.25 to $9.00. The cut comes after reduced revenue guidance from Westport Innovations (WPRT), which blamed the "delayed availability of liquefied natural gas infrastructure."

EQT Corp. (EQT): EQT is taken to Market Perform from Outperform with Wells Fargo due to valuation issues.

Kaiser Federal Financial (KFFG): Keefe Bruyette cuts the company to Market Perform from Outperform.

MetroPCS (PCS): PCS is moved to Hold from Buy with an $11 objective at Deutsche Bank, which views the prospect of a competitive bid from another national wireless carrier as unlikely.

Old National Bancorp (ONB): The name is now Neutral From Buy at SunTrust Robinson Humphrey.

Opnet Technologies (OPNT): Shares are taken to Neutral from Buy at Sidoti, whose price objective is $43.

Riverbed Technology (RVBD): Jefferies reduces its recommendation to Underperform from Market Perform.

Spectranetics (SPNC): The stock is moved to Market Perform from Outperform by Barrington.

United Utilities (UUGRY): Shares are lower in London this morning on the back of an unusual 180 degree (Underperform from Buy) ratings reduction at Bank of America-Merrill Lynch.

Western Union (NYSE:WU) The money-wiring outfit is moved to Market Perform from Outperform with Wells Fargo, Neutral from Buy at SunTrust, and Market Perform from Outperform at Raymond James. Concerns include a lack of earnings momentum.

Weyerhaeuser (WY): McAdams Wright Ragen reduces the paper and forest products REIT to Sell from Hold.

(See also: New Stock Coverage: LifeLock Gets a Pick-Me-Up and Stock Upgrades: Happy Headlines for News Corp.)
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