Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stock Downgrades: Bed Bath & Beyond Sleeps In on Monday Morning


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

Bed Bath & Beyond (NASDAQ:BBBY), its stock having already slumped 17.50% in the past 12 months, may be set to sleep with the fishes again this morning. Shares are currently slipping 1.11% before the bell after an equity analyst -- and not for the first time in recent weeks -- turned negative on this specialty retail name. The company recently guided second-quarter earnings below Street projections.
These Dow (INDEXDJX:.DJI) milestones are getting to be so old hat that traders didn't even bother to commission a special cap as blue chips broke past 17,000 for the first time instead opting for a hastily handmade pumpkin-colored number. (And why not? In a week when Netflix (NASDAQ:NFLX) rode a broker boost to gain 6.9% in ending at a historic high, orange is indeed the new black.) For its part, the S&P 500 (INDEXSP:.INX) also reached a fresh peak, even if -- at 1985 -- it is no longer going for a song. This, on the back of a stellar June jobs report that, alas, didn't extend to Wall Street's industry organ. Economists subsequently scrambled to reconcile negative 2.9% first-quarter GDP with 288,000 payroll positions added in June alone. How right was give-'em-hell Harry in imploring his advisers to find a one-handed economist, although -- given what just happened to a German missing five digits -- practitioners of the dismal science probably shouldn't say a farewell to arms just yet. As we celebrated our independence from the Mother Country, England took umbrage at Facebook (NASDAQ:FBmessing with our emotions. (Because the Brits are famous for always spilling their true feelings.) This, as the UK's finance minister was stumped by a seven-year-old as to the answer to "7×8."
There aren't any top-tier economic data due today, and it is equally quiet on the earnings front. Tomorrow, however, Alcoa (NYSE:AA) unofficially ushers in second quarter reporting season when it releases results after the close.
Now let's analyze this morning's rating reductions, an eclectic bunch featuring both a coal company and beleaguered biotech, besides headline stock Bed Bath & Beyond.
Bed Bath & Beyond: Bank of America Merrill Lynch lowers the suffering stock to Underperform from Neutral.
Cinemark (NYSE:CNK): Shares are now Neutral from Buy at B. Riley & Co.
Enanta Pharmaceuticals (NASDAQ:ENTA): JMP Securities slashes shares to Perform from Outperform.
GT Advanced Technologies (NASDAQ:GTAT): The stock, slumping some 7.52% even as we speak, is now Neutral from Buy at UBS.
Javelin Mortgage (NYSE:JMI): Citigroup reduces its rating to Sell from Neutral. Its price objective, previously $13, is now $11.
Peabody Energy (NYSE:BTU): The coal company gets downgraded to Hold from Buy by Deutsche Bank.
Regado Biosciences (NASDAQ:RGDO): It was a better than half-off July 4 sale for this stock on Thursday, after it skid 58.43% amid a safety review and rating reduction. Today it is taken to Hold from Buy at Needham.
Tidewater (NYSE:TDW): Morgan Stanley moves the shares an unusual 180 degrees lower, all the way to Underweight from Overweight. Its target price is now $50 from $59.

Also see:

New Stock Coverage: Strike While MobileIron Is Hot

Stock Upgrades: King Digital Entertainment Can Candy Crush the Competition
< 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.
Featured Videos