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: Diageo Cries Into Its Guinness

By

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

PrintPRINT
Compared with what happened exactly half a decade earlier, when the Dow (INDEXDJX:.DJI) wrapped up the most hellish month in its entire history, yesterday's triple-digit gain was manna from Heaven. (Pennies from Heaven? Not so much, after J.C. Penney (NYSE:JCP) plunged 8.27% to a lifetime low.) Playtex owner Hanesbrands (NYSE:HBI), whose legendary Wonderbra ad will take some topping at Sunday's Super Bowl, gained 11.40% to a historic best but, cross your heart, can it tell when you are in love? "'If I Had a Hammer?' Well, what's stopping you? Go to the hardware store; they're about a buck-ninety, tops." James Lileks, clearly no fan of folksy Pete Seeger, once wrote that about the icon who died the other day. Had he lived 72 more hours, he would have learned thieves in midtown Manhattan used said tool to rob Cartier of $700,000 worth of watches. No matter; its corporate owner Compagnie Financiere Richemont (VTX:CFR) still nailed it with a 1.68% advance. And who says variety is the spice of life? Spice stock McCormick (NYSE:MKC) was downgraded for the first time in 17 years, way back when the Spice Girls were big.

Today in economics, we get the University of Michigan's final figure for January consumer confidence at 9:55 a.m. Eastern. In earnings action, Autoliv (NYSE:ALV), Chevron (NYSE:CVC), Honda (NYSE:HMC), MasterCard (NYSE:MA), Mattel (NASDAQ:MAT), National-Oilwell Varco (NYSE:NOV), Tyson Foods (NYSE:TSN), and Weyerhaeuser (NYSE:WY) are all due to release results.

ADT Corp (NYSE:ADT): Yesterday was indeed an alarming session for this home security stock, whose 16.95% slide to a historic low made it easily the S&P 500's (INDEXSP:.INX) poorest performer. The news is no better today, for shares are taken to Hold from Buy at Stifel amid excessive uncertainty about its investment thesis.

ADTRAN (NASDAQ:ADTN): Shares are now Neutral from Buy at Goldman Sachs.

Akzo Nobel (OTCMKTS:AKZOY): BNP Paribas cuts the company to Neutral from Outperform.

Capstead Mortgage (NYSE:CMO): Citing a steep valuation, Keefe Bruyette moves the stock to Market Perform from Outperform.

Carbo Ceramics (NYSE:CRR): The stock gets downgraded to Sell from Neutral at Guggenheim.

Chefs' Warehouse (NASDAQ:CHEF): Canaccord Genuity gives the equity a Hold-from-Buy rating reduction.

Deutsche Bank (NYSE:DB): Shares are tumbling about 2% in today's European trading after getting downgraded to Equal Weight from Overweight by Barclays.

Diageo (NYSE:DEO): They say you don't buy beer, you rent it, but you probably don't want to do either with stock in this owner of Guinness. The company, which also makes Johnnie Walker and Ketel One, fell 5.19% yesterday in its worst such showing since February 2011. Today it is tumbling another 2.42% in London after getting taken to Neutral from Conviction Buy at Goldman Sachs. "There are no meaningful signs of a [developed markets] recovery for Diageo, and with competitive intensity picking up in US vodka, we see a risk that DM growth deteriorates from here," its analysts wrote in a note.

TIBCO Software (NASDAQ:TIBX): Barclays takes the tech name to Underweight from Equal Weight.

See also:

New Stock Coverage: Headwaters Will Keep Its Head Above, Well, You Know

Stock Upgrades: Are You Ready for Some Baseball? Hillshire Brands Hits It Out of the Ballpark
< 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

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE