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Stock Downgrades: AstraZeneca Cools Footsie as Pfizer Gets Cold Feet
Wall Street ratings agencies set the tone for today's stock market.
Justin Sharon    

Just in time for June wedding season, AstraZeneca (NYSE:AZN) is giving London's "Footsie" cold feet after being brutally abandoned at the altar. The British drugmaker is presently the poorest performer on London's FTSE 100 (INDEXFTSE:UKX) today after fellow pharmaceutical firm Pfizer (NYSE:PFE) officially ended a 69.4-billion-pound ($120 billion) bid for its transatlantic rival. As for key Dow (INDEXDJX:.DJI) component Pfizer, its shares are edging up 0.68% ahead of the opening bell.
 
A week that began with Raging Bull being brought before the highest court in the land ended with Wall Street's aging bull hitting an all-time high. The S&P 500 Index (INDEXSP:.INX) finished Friday at a fresh best in enjoying its first ever close above 1900. Railroad stocks Norfolk Southern (NYSE:NSC) and Union Pacific (NYSE:UNP) rose to records in a surging Transportation (INDEXDJX:DJT) tape. I would thus say that trains win out over spaghetti junctions any day, but then again, maybe not. (This, even as Unilever (NYSE:UN) sold Ragù and Bertolli pasta sauce for a tidy $2.15 billion.) A fabled French economist was undone by nit-Piketty arithmetic errors, and his jealous rivals were unable even to shed phony tears as a 264-pound accountant crushed a 6.5-foot crocodile. Budget British carrier Ryanair (NASDAQ:RYAAY), proponent of a preposterous fee to pee, jumped 13% but Barclays (NYSE:ADR) was fined $44 million for gold fixing even as it employed impeccable etiquette in its restrooms.
 
Today in economics, an improvement is expected in the Conference Board's May consumer confidence index at 10:00 a.m. EDT. On the corporate front, expect earnings announcements out of AutoZone (AZO), JinkoSolar (JKS), Qihoo 360 Technology (QIHU), Scotiabank (NYSE:BNS), and Workday (WDAY).

Now let's look at this morning's rating reductions, an eclectic bunch that features shipping and office supply stocks plus headline equity AstraZeneca.

AstraZeneca: More Monday woe for the slumping stock, which is this morning cut by both Kepler Cheuvreux (Reduce from Hold) and Société Générale (Sell from Hold).
 
Ntelos Holdings (NASDAQ:NTLS): Shares are now Hold from Buy at Jefferies.
 
Oiltanking Partners (NYSE:OILT): MLV &Co lowers the limited partnership to Hold from Buy due to its excessive valuation.
 
Pharmacyclics (NASDAQ:PCYC): The stock is reduced to Perform from Outperform at RBC Capital amid upcoming issues. Its price objective, previously $115, falls to $95.
 
ResMed (NYSE:RMD): Northland Capital cuts the company to Underperform from Perform on account of its increasingly compressed margins.
 
SABMiller (OTCMKTS:SBMRY): The brewing behemoth gets slashed to Sell from Hold at Investec.
 
Smith & Nephew (NYSE:SNN): Investec reduces its recommendation to Hold from Buy.
 
Staples (NASDAQ:SPLS): Citing "structural challenges," Goldman Sachs gives the beleaguered stock a Sell-from-Neutral downgrade, sending shares off 1.63% before the bell. Its target price is also trimmed, to $11 from $11.50.

Also see:

New Stock Coverage: Papa Murphy's Is Your Sugar Daddy

Stock Upgrades: Time to Adopt the Cisco Kid
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No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Stock Downgrades: AstraZeneca Cools Footsie as Pfizer Gets Cold Feet
Wall Street ratings agencies set the tone for today's stock market.
Justin Sharon    

Just in time for June wedding season, AstraZeneca (NYSE:AZN) is giving London's "Footsie" cold feet after being brutally abandoned at the altar. The British drugmaker is presently the poorest performer on London's FTSE 100 (INDEXFTSE:UKX) today after fellow pharmaceutical firm Pfizer (NYSE:PFE) officially ended a 69.4-billion-pound ($120 billion) bid for its transatlantic rival. As for key Dow (INDEXDJX:.DJI) component Pfizer, its shares are edging up 0.68% ahead of the opening bell.
 
A week that began with Raging Bull being brought before the highest court in the land ended with Wall Street's aging bull hitting an all-time high. The S&P 500 Index (INDEXSP:.INX) finished Friday at a fresh best in enjoying its first ever close above 1900. Railroad stocks Norfolk Southern (NYSE:NSC) and Union Pacific (NYSE:UNP) rose to records in a surging Transportation (INDEXDJX:DJT) tape. I would thus say that trains win out over spaghetti junctions any day, but then again, maybe not. (This, even as Unilever (NYSE:UN) sold Ragù and Bertolli pasta sauce for a tidy $2.15 billion.) A fabled French economist was undone by nit-Piketty arithmetic errors, and his jealous rivals were unable even to shed phony tears as a 264-pound accountant crushed a 6.5-foot crocodile. Budget British carrier Ryanair (NASDAQ:RYAAY), proponent of a preposterous fee to pee, jumped 13% but Barclays (NYSE:ADR) was fined $44 million for gold fixing even as it employed impeccable etiquette in its restrooms.
 
Today in economics, an improvement is expected in the Conference Board's May consumer confidence index at 10:00 a.m. EDT. On the corporate front, expect earnings announcements out of AutoZone (AZO), JinkoSolar (JKS), Qihoo 360 Technology (QIHU), Scotiabank (NYSE:BNS), and Workday (WDAY).

Now let's look at this morning's rating reductions, an eclectic bunch that features shipping and office supply stocks plus headline equity AstraZeneca.

AstraZeneca: More Monday woe for the slumping stock, which is this morning cut by both Kepler Cheuvreux (Reduce from Hold) and Société Générale (Sell from Hold).
 
Ntelos Holdings (NASDAQ:NTLS): Shares are now Hold from Buy at Jefferies.
 
Oiltanking Partners (NYSE:OILT): MLV &Co lowers the limited partnership to Hold from Buy due to its excessive valuation.
 
Pharmacyclics (NASDAQ:PCYC): The stock is reduced to Perform from Outperform at RBC Capital amid upcoming issues. Its price objective, previously $115, falls to $95.
 
ResMed (NYSE:RMD): Northland Capital cuts the company to Underperform from Perform on account of its increasingly compressed margins.
 
SABMiller (OTCMKTS:SBMRY): The brewing behemoth gets slashed to Sell from Hold at Investec.
 
Smith & Nephew (NYSE:SNN): Investec reduces its recommendation to Hold from Buy.
 
Staples (NASDAQ:SPLS): Citing "structural challenges," Goldman Sachs gives the beleaguered stock a Sell-from-Neutral downgrade, sending shares off 1.63% before the bell. Its target price is also trimmed, to $11 from $11.50.

Also see:

New Stock Coverage: Papa Murphy's Is Your Sugar Daddy

Stock Upgrades: Time to Adopt the Cisco Kid
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Daily Recap
Stock Downgrades: AstraZeneca Cools Footsie as Pfizer Gets Cold Feet
Wall Street ratings agencies set the tone for today's stock market.
Justin Sharon    

Just in time for June wedding season, AstraZeneca (NYSE:AZN) is giving London's "Footsie" cold feet after being brutally abandoned at the altar. The British drugmaker is presently the poorest performer on London's FTSE 100 (INDEXFTSE:UKX) today after fellow pharmaceutical firm Pfizer (NYSE:PFE) officially ended a 69.4-billion-pound ($120 billion) bid for its transatlantic rival. As for key Dow (INDEXDJX:.DJI) component Pfizer, its shares are edging up 0.68% ahead of the opening bell.
 
A week that began with Raging Bull being brought before the highest court in the land ended with Wall Street's aging bull hitting an all-time high. The S&P 500 Index (INDEXSP:.INX) finished Friday at a fresh best in enjoying its first ever close above 1900. Railroad stocks Norfolk Southern (NYSE:NSC) and Union Pacific (NYSE:UNP) rose to records in a surging Transportation (INDEXDJX:DJT) tape. I would thus say that trains win out over spaghetti junctions any day, but then again, maybe not. (This, even as Unilever (NYSE:UN) sold Ragù and Bertolli pasta sauce for a tidy $2.15 billion.) A fabled French economist was undone by nit-Piketty arithmetic errors, and his jealous rivals were unable even to shed phony tears as a 264-pound accountant crushed a 6.5-foot crocodile. Budget British carrier Ryanair (NASDAQ:RYAAY), proponent of a preposterous fee to pee, jumped 13% but Barclays (NYSE:ADR) was fined $44 million for gold fixing even as it employed impeccable etiquette in its restrooms.
 
Today in economics, an improvement is expected in the Conference Board's May consumer confidence index at 10:00 a.m. EDT. On the corporate front, expect earnings announcements out of AutoZone (AZO), JinkoSolar (JKS), Qihoo 360 Technology (QIHU), Scotiabank (NYSE:BNS), and Workday (WDAY).

Now let's look at this morning's rating reductions, an eclectic bunch that features shipping and office supply stocks plus headline equity AstraZeneca.

AstraZeneca: More Monday woe for the slumping stock, which is this morning cut by both Kepler Cheuvreux (Reduce from Hold) and Société Générale (Sell from Hold).
 
Ntelos Holdings (NASDAQ:NTLS): Shares are now Hold from Buy at Jefferies.
 
Oiltanking Partners (NYSE:OILT): MLV &Co lowers the limited partnership to Hold from Buy due to its excessive valuation.
 
Pharmacyclics (NASDAQ:PCYC): The stock is reduced to Perform from Outperform at RBC Capital amid upcoming issues. Its price objective, previously $115, falls to $95.
 
ResMed (NYSE:RMD): Northland Capital cuts the company to Underperform from Perform on account of its increasingly compressed margins.
 
SABMiller (OTCMKTS:SBMRY): The brewing behemoth gets slashed to Sell from Hold at Investec.
 
Smith & Nephew (NYSE:SNN): Investec reduces its recommendation to Hold from Buy.
 
Staples (NASDAQ:SPLS): Citing "structural challenges," Goldman Sachs gives the beleaguered stock a Sell-from-Neutral downgrade, sending shares off 1.63% before the bell. Its target price is also trimmed, to $11 from $11.50.

Also see:

New Stock Coverage: Papa Murphy's Is Your Sugar Daddy

Stock Upgrades: Time to Adopt the Cisco Kid
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
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