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: Danone Better Beware Greeks Bearing Gifts

By

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

PrintPRINT
Despite the best efforts of both a financial firm noted for never sleeping and a biotech famous for its iron-deficiency treatments, stocks endured another somnambulant session amid anemic trading. An utterly unloved Citigroup (NYSE:C), which fell 5.40%, and an analyst-inspired 1.82% advance in Amgen (NASDAQ:AMGN) each stood in stark contrast to another dreary day for Dow Industrials (INDEXDJX:.DJI). Currency markets were more exciting after President Obama, evidently unaware that Italy adopted the euro a dozen years ago, opined at a press conference about the importance of getting the best value "for every dollar or lira that we're spending." The common currency quickly cratered to three-week lows as a result. On this, the 66th birthday of the incomparable Dianne Wiest, our Commander in Chief would likely reflect that sometimes "don't speak" is indeed the best advice. Mind you, Charles Schwab (NYSE:SCHW) must already regret jettisoning that iconic "Talk to Chuck" ad campaign. Its stock spectacularly failed to make money talk, tumbling some 2.27%.
 
Today in economics, the University of Michigan's March consumer sentiment survey is expected to tick up slightly from February's pace at 9:55 a.m. Eastern. On the corporate front, BlackBerry (NASDAQ:BBRY) and Finish Line (NASDAQ:FINL) each released results earlier this morning.
 
Blackhawk Network (NASDAQ:HAWK): Shares are now Neutral from Overweight at Piper Jaffray.
 
Ciena (NYSE:CIEN): Amid iffy earnings, RBC Capital reduces its rating to Perform from Outperform. Its price objective is established at $28.
 
Citigroup (NYSE:C): Additional woe for the financial firm, downgraded more than once yesterday. Today it is slashed to Hold from Buy at Societe Generale. The target price, previously $58, is now $52.
 
Danone (OTCMKTS:DANOY): With ever-more covetous glances being cast in the direction of Chobani Greek yogurt, competitor Danone gets downgraded to Underweight from Equal Weight by Barclays. Shares are trading lower in Europe today as a result.
 
Genesis Energy (NYSE:GEL): Citi lowers the limited partnership to Neutral from Buy.
 
JDS Uniphase (NASDAQ:JDSU): The tech name gets taken to Perform from Outperform with a $15 price objective at RBC Capital, which sees better current value elsewhere in the optical industry.
 
Nestle (OTCMKTS:NSRGY): Credit Suisse cuts the confectionery king to Neutral from Outperform on account of its excessive valuation.
 
PG&E Corporation (NYSE:PCG): Citigroup (Neutral from Buy, target trimmed by $6 to $46) and Deutsche Bank (Hold from Buy) each downgrade the electric utility, sending it tumbling 3.41% as we speak.
 
Pinnacle West (NYSE:PNW): Shares are lowered to Neutral from Buy by Bank of America-Merrill Lynch.
 
Remy Cointreau (OTCMKTS:REMYF): Goldman Sachs gives the French cognac firm a Neutral-from-Buy downgrade.
 
Rose Rock Midstream (NYSE:RRMS): RRMS is reduced to Neutral from Buy at Citigroup.

Also see:

New Stock Coverage: Oracle's Ellison Is Happy as Larry

Stock Upgrades: Fear Not, 76ers Fans, as Alcoa Proves Pennsylvania Still Has Some Pride
< 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.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE