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Stock Downgrades: Gogo Is Grounded


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

Socialism may have its merits. Indeed Hugo Chavez's heirs have seen their stocks surge about 300% this year, this after equities in Caracas posted the planet's best performance last year. And in Venezuela, Miss Universe is every bit as impressive as Mr. Market. But I'll still take capitalism any day, and especially on one when the Dow (INDEXDJX:.DJI) hits yet another historic high. With US stock markets at fresh peaks, even recently troubled Tesla Motors (NASDAQ:TSLA) ended up 4.89%. This as the victim of its latest car fire claimed "I would buy another one in a heartbeat." (Heartthrobs in Hollywood beg to differ.) Alas India's Tata Motors (NYSE:TTM), whose Jaguar is courting cougar Julia Roberts - along with the omnipresent Clooney - fell 4.84% on a rating reduction. Lifelong bachelor George has a legendary way with women, and lady luck - figuratively, although sadly not literally - was similarly with Royal Bank of Scotland (NYSE:RBS), which rose 4.35%. Elsewhere Morgan Stanley (NYSE:MS), whose wealth managers apparently also have impressively robust romantic lives, advanced 2.21% as financials continued their recent bounce.

There isn't any top-tier economic data due today to move US markets. In terms of specific stocks, Ascent Capital (NASDAQ:ASCMA), Babcock & Wilcox (NYSE:BWC), Dean Foods (NYSE:DF), Dish Networks (NASDAQ:DISH), DR Horton (NYSE:DHI), EchoStar (NASDAQ:SATS), MBIA Inc (NYSE:MBI), Potbelly (NASDAQ:PBPB), Sina Corp (NASDAQ:SINA), Vodafone (NASDAQ:VOD), and WuXi PharmaTech (NYSE:WX) are all due to release results.

British Sky Broadcasting (OTCMKTS:BSYBY): Shares, which tumbled 10.89% on Monday after losing a blockbuster $1.4 billion soccer bidding war to rival BT Group (NYSE:BT), are today taken to Underperform from Neutral at Credit Suisse.

Clean Harbors (NYSE:CLH): Credit Suisse cuts the company to Neutral from Outperform.

Costco (NASDAQ:COST): Costco is now Neutral from Buy at UBS. Since November 2012, retail giant Costco stock has gained 28.17%.

FedEx (NYSE:FDX): FedEx gets moved Market Perform from Outperform at Cowen, whose new price objective is $136. Absent any air freight pricing increases, they feel FedEx is now fairly valued.

GlaxoSmithKline (NYSE:GSK): Panmure gives the giant European pharmaceutical firm a Hold-from-Buy downgrade.

Gogo Inc (NASDAQ:GOGO): It's back down to Earth for in-flight Wi-Fi provider Gogo Inc, whose 28.80% increase made it Monday's top Nasdaq (INDEXNASDAQ:.IXIC) stock. Valuation issues loom understandably large as UBS downgrades Gogo Inc to Neutral from Buy.

Heartland Payment Systems (NYSE:HPY): Citing slowing organic revenue growth, Robert W. Baird reduces its rating to Neutral from Buy.

Hologic (NASDAQ:HOLX): Shares are now Sector Perform from Top Pick at RBC Capital. Its price target is also taken down by $4 to $21.

Intel (NASDAQ:INTC): The semiconductor stock, a key Dow component, is cut to Neutral from Buy at MKM Partners.

Randgold Resources (NASDAQ:GOLD): GOLD gets downgraded to Sector Perform from Outperform at RBC Capital due to valuation issues after its third-quarter earnings announcement.

Royal Bank of Scotland (NYSE:RBS): Goldman Sachs gives its fellow financial firm a downgrade to Neutral from Buy.

Symantec (NASDAQ:SYMC): The Internet security stock is now Neutral from Outperform at Macquarie, which also trims its target by $2 to $24. The brokerage's concerns relate to the departure of Symantec President Francis deSouza.

ViroPharma (NASDAQ:VPHM): JPMorgan moves the stock to Neutral from Overweight.

(See also: New Stock Coverage: Unconfined Joy for The Container Store and Stock Upgrades: SeaWorld Set to Make a Splash)
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