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: Trouble Brewing in the BlackBerry Patch


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

Markets and mercury both reached fresh peaks last week, with New York temperatures topping out at a record 71 degrees for yesterday's first full day of winter. Thus does the S&P 500 Index (INDEXSP:.INX) stand on the brink of its best year since 1998, back when 98 Degrees ruled the radio. That was the year Henry Blodget made a career by announcing (NASDAQ:AMZN) would hit $400 within 12 months; on Friday, its split-adjusted shares finally did. 1998 was also when Pfizer's (NYSE:PFE) iconic little blue pill was approved, and last week it inked an agreement for a generic version of Viagra. (Alas, it was tough getting investors to stand at attention, what with so much else going on in equities.) Herbalife (NYSE:HLF), which Bill Ackman intends to haunt to the "end of the Earth" surged 17.89% to a historic high but Mr. End of the World sadly didn't live to see it. If Camping can no longer go camping in a Winnebago (NYSE:WGO) that may be for the best, after its stock fell 15.9%.

It's slim pickings for earnings announcements at the start of this holiday-shortened week, but Mechel Steel (NYSE:MTL) released results earlier this morning. In terms of economic events that may move US stock markets today, the University of Michigan's final figure for December consumer confidence is predicted to improve from its preliminary pace at 9:55 a.m. Eastern.

BlackBerry (NASDAQ:BBRY): It may be back down to Earth for BlackBerry today, which surged some 15.52% on Friday. This morning Hudson Square slashes the stock to Sell from Hold.

Coleman Cable (NASDAQ:CCIX): BB&T Capital Markets cuts Coleman Cable stock to Hold from Buy. The shares are no longer trading on fundamentals following an acquisition offer.

Micron Technology (NASDAQ:MU): The maker of DRAM (Dynamic Random-Access Memory) memory chips gets lowered to Underperform from Neutral by Bank of America-Merrill Lynch. As a result, Micron Technology stock is currently tumbling 3.02% in today's pre-market trading.

Navios Maritime Partners (NYSE:NMM): JPMorgan moves the limited partnership to Neutral from Overweight.

Responsys (NASDAQ:MKTG): Application software outfit Responsys gets reduced to Neutral from Outperform at Credit Suisse. Shares surged 40.34% on Friday after being bought by Oracle (NASDAQ:ORCL) for $1.5 billion.

(See also: New Stock Coverage: Extended Stay America Has Room at the Inn This Christmas and Stock Upgrades: Fall Head Over Heels for Skullcandy)
< 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