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Stock Downgrades: Wall Street Hates State Street


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

Not even a merger between condoms and lubricants could get investors excited yesterday. The S&P 500 Index (INDEXSP:.INX) eased off all of 0.1%, and Dow Industrials (INDEXDJX:.DJI) ended ever so slightly lower in anemic trading action. With all attention on the fifth anniversary of the market bottom, Nasdaq (INDEXNASDAQ:.IXIC) -- wistfully marking its own anniversary of nine years earlier -- fell for a third straight session. That was then, this is now -- the index remains fully 15% from its peak of 2000. Facebook (NASDAQ:FB), up 3.19% at a fresh best, did try to relive the market's millennial madness. This after stuffy Swiss bank UBS AG (NYSE:UBS), home of 43-page dress codes, tried on a hoodie for size and increased its price objective on a firm it once fitted out for a (law) suit. Jimmy Costas, a Greek-American greengrocer credited with coining the phrase "Yes, we have no bananas," enjoyed a great day from beyond the grave. National Bank of Greece (NYSE:NBG) gained 12.66% on a broker boost, and Chiquita Brands (NYSE:CQB) jumped 10.70%. DreamWorks Animation (NASDAQ:DWA) dropped despite scoring an analyst upgrade after its Mr. Peabody & Sherman did $32.5 million in weekend box office business. Two peas in a pod, or misery loves company? Peabody Energy (NYSE:BTU) plunged 3.65% in a cratering commodity complex.
Today in economics, January wholesale inventories are expected to tick up at 10:00 a.m. Eastern. In earnings action, expect earnings announcements out of American Eagle Outfitters (NYSE:AEO), Caesars Entertainment (NASDAQ:CZR), and Dick's Sporting Goods (NYSE:DKS).
Amedisys (NASDAQ:AMED): Shares get downgraded to Perform from Outperform at Oppenheimer.
Brookfield Renewable Energy Partners (NYSE:BEP): Canaccord Genuity lowers the limited partnership to Hold from Buy.
FMC Corp (NYSE:FMC): The stock is cut to Market Perform from Outperform with Wells Fargo.
NxStage Medical (NASDAQ:NXTM): NXTM is now Underperform from Market Perform, again at Wells.
Panera Bread (NASDAQ:PNRA): The fast food firm is downgraded to Neutral from Buy at Longbow.
State Street (NYSE:STT): UBS takes its fellow financial firm to Neutral from Buy.
Triumph Group (NYSE:TGI): Shares are slashed to Sector Perform from Outperform at RBC Capital, which says downside risks remain with the company's 747-8 product. Its price objective, previously $77, is now $71.
Unisys (NYSE:UIS): Raymond James reduces its rating to Perform from Outperform.
US Bancorp (NYSE:USB): The company gets cut to Perform from Outperform at Keefe Bruyette.

Also see:

Stock Upgrades: Go Bananas for Apple and Bank of New York Mellon (MVPRO article)

New Stock Coverage: Intel Is Not Paranoid -- The Analyst Really Dislikes It
(MVPRO article)
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