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Stock Downgrades: Bad Day for Goodyear


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

Unless you were poor Goldman Sachs (NYSE:GS), whose quarterly revenues tumbled 22%, it was almost impossible not to make money last week. (And, to give the beleaguered bank a break, as far as obnoxious rich types go, they are nowhere near as insufferable as Rachael Sacks.) A quick political fix sent S&P 500 (INDEXSP:.INX) issues up 2.42% to a historic high and, with red ink almost entirely absent, it was indeed easy being green. The emerald isle's own Bank of Ireland (NYSE:IRE) advanced 14.06% and alternative energy outfit SolarCity (NASDAQ:SCTY), of a similar hue, jumped 26.03%. The House of Representatives was, for once, not divided, but the same could certainly not be said for the House of Morgan. JPMorgan (NYSE:JPM) has a multi-billion housing problem - and saw its longtime home bought by Beijing - yet its sibling Morgan Stanley (NYSE:MS) enjoyed an earnings-related 6.2% stock surge. Elsewhere the check was in the mail for FedEx (NYSE:FDX), which rose 9.1% to a record, and England's Royal Mail (LON:RMG), a 10% gainer. Across the pond of course they spell "check" cheque" but Burberry's (OTCMKTS:BURBY) check patterns look like bouncing after it fell 4.9%.

This morning in economics, analysts expect October existing home sales to slip from September's pace at 10:00 a.m. Eastern. On the corporate front, peak earnings week is upon us, with today's announcements due to include Discover Financial Services (NYSE:DFS), Halliburton (NYSE:HAL), Hasbro (NYSE:HAS), McDonald's (NYSE:MCD), Netflix (NASDAQ:NFLX), Philips Electronics (NYSE:PHG), Texas Instruments (NASDAQ:TXN), and VMWare (NYSE:VMW).

Abercrombie & Fitch (NYSE:ANF): Macquarie moves the clothing company to Neutral from Outperform.

Almost Family (NASDAQ:AFAM): Shares are slashed to Underperform from Sector Perform at RBC Capital. Its price objective, previously $18, is now $15 amid Medicare Home Health rebasing issues.

Ariad Pharmceuticals (NASDAQ:ARIA): Three days late and a dollar short? After Friday's 40.67% fall in ARIA, Oppenheimer reduces its recommendation to Perform from Outperform.

Capital Bank (NASDAQ:CBF): Calling the stock fairly valued at current levels, Compass Point cuts the rating to Neutral from Buy. Its target price is $24.

Celestica (NYSE:CLS): Canaccord Genuity gives the electronics outfit a Hold-from-Buy downgrade.

Cereal Stocks: Kellogg (NYSE:K) is cut an unusual 180 degrees, to Underperform from Buy, at Bank of America-Merrill Lynch, which lowers competitor General Mills (NYSE:GIS) to Neutral from Buy.

Chipotle Mexican Grill (NYSE:CMG): The fast food firm, coming off a stellar week, is moved to Hold from Buy at Miller Tabak amid understandable valuation concerns.

First Horizon (NYSE:FHN): Shares are now Neutral from Overweight at JPMorgan.

Goodyear Tire & Rubber (NASDAQ:GT): Deutsche Bank gives GT a Hold-from-Buy downgrade.

Iberdrola (OTCMKTS:IBDRY): The Spanish energy outfit is now Neutral from Outperform at Credit Suisse.

Kaiser Aluminum (NASDAQ:KALU): Shares are cut to Hold from Buy at KeyBanc.

Luxottica (NYSE:LUX): Goldman Sachs slashes the maker of Oakley sunglasses to Sell from Neutral.

Marathon Oil (NYSE:MRO): MRO gets downgraded to Neutral from Buy at ISI Group.

Myriad Genetics (NASDAQ:MYGN): MYGN is now Underperform from Neutral at Credit Suisse.

Reinsurance Group of America (NYSE:RGA): Shares are moved to Market Perform from Outperform at Keefe Bruyette.

Revlon (NYSE:REV): BMO Capital cuts the cosmetics company to Market Perform from Outperform.

TNT Express (OTCMKTS:TNTEY): Shares of the package delivery outfit are taken to Neutral from Buy at UBS.

Turkcell (NYSE:TKC): UBS lowers its rating to Neutral from Buy.

US Silica (NYSE:SLCA): The stock is moved to Market Perform from Outperform with Wells Fargo.

William Morrison Supermarkets (OTCMKTS:MRWSY): The British grocery giant gets downgraded to Sell from Hold at Deutsche Bank.

(See also: New Stock Coverage: Activision Blizzard Set to Party Up a Storm and Stock Upgrades: Unloved at Home, Apple Will Always Have Paris)
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