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Stock Downgrades: Wheels Come Off Foster Wheeler

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

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MINYANVILLE ORIGINAL It was 25 years ago today that Gordon Gekko arrived on our screens and, for one brief shining moment on Monday, the '80s made a comeback as that era's quintessential corporate raider Carl Icahn helped Hewlett-Packard (HPQ) gain to top the Dow (^DJI).

Fellow blue chip McDonald's (MCD) rose 1.05% amid strong sales of its 790 calorie Cheddar Bacon Onion sandwich. (And to think childhood obesity rates are apparently falling.) One billion travelers will traverse the Earth in 2012, an all time high, although someone evidently forgot to inform Expedia (EXPE), which imploded 3.62%.

Today in economics, October wholesale inventories are out at 10:00 a.m. Eastern and the Federal Open Market Committee starts its two-day policy meeting in Washington, DC. In earnings action, Casey's General Stores (CASY), Dollar General (DG), Geospace Technologies (GEOS), Magellan Health Services (MGLN), The Pantry (PTRY), and ThyssenKrupp (PINK:TYEKF) are all due to report results.

Arrow Electronics (ARW): Crédit Agricole cuts the company to Underperform from Outperform due to weaker component demand and valuation. Its price objective, at $39, is intact.

CBL & Associates Properties (CBL): Shares get downgraded to Neutral from Buy with a $23 target at Goldman Sachs amid valuation concerns.

Foster Wheeler (NASDAQ:FWLT): Lazard lowers the stock to Neutral from Buy.

Hospira (HSP): Goldman slashes the stock to Sell from Neutral.

LG Display (LPL): Topeka takes the shares to Sell from Hold.

(See also: Stock Upgrades: Glass Half Full for Monster Beverage and New Stock Coverage: Tumi Is Going Places.)
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No positions in stocks mentioned.
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