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

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

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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.

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No positions in stocks mentioned.
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