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Stock Downgrades: Heineken, Secret Service Hungover in Holland


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

Stocks shrugged off the Monday blues on turnaround Tuesday, thanks to Big Blue and The Blues Brothers. International Business Machines (NYSE:IBM) advanced 3.61% to top all Dow Industrials (INDEXDJX:.DJI) and Ray-Ban owner Luxottica (NYSE:LUX), outfitter of Messrs. Aykroyd and Belushi, surged 4.34% to hit a historic high. Spice stock McCormick (NYSE:MKC) surged an S&P 500 Index (INDEXSP:.INX)-best 5.47% even as a prodigal daughter of India, the world's biggest spice producer, berated the quality of her homeland's cuisine at Whole Foods (NASDAQ:WFM). Better hurry to get Mindy Kaling's micro-blogging musings before they disappear from Twitter (NYSE:TWTR) entirely. (Her one on salons really nailed it.) Moving to hammers, auction house Sotheby's (NYSE:BID) is still getting hit by Dan the Man. JPMorgan (NYSE:JPM) reached an all-time best before Jamie bid his protégé goodbye, so he can afford all those fancy French accents on the "e." Still, it must hurt to know that, where protégés are concerned, what goes around, comes around. You just must wait a Weill.
Today's quarterly earnings announcements include H.B. Fuller (NYSE:FUL), Movado Group (NYSE:MOV), and Paychex (NASDAQ:PAYX).
Abraxas Petroleum (NASDAQ:AXAS): Canaccord Genuity cuts the small-cap company to Hold from Buy.
Arch Coal (NYSE:ACI): Shares are now Neutral from Buy at UBS, which also trims its target price by $2 to $5.
CONSOL Energy (NYSE:CNX): UBS reduces its rating to Neutral from Buy. The price objective, previously $48, is amended to $42.
Global Cash Access (NYSE:GCA): The equity, imploding 8.95% even as we speak, is cut to Hold from Buy at Craig Hallum.
Heineken (OTCMKTS:HEINY): Those totally trashed Secret Service agents sent home after an inebriated outing in Amsterdam over the weekend bolstered the bottom line of this Dutch brewing behemoth in vain. The owner of brands including Amstel, Dos Equis, and Fosters gets downgraded to Hold from Buy at Deutsche Bank, whose homeland knows a thing or two about beer.
Home Properties (NYSE:HME): Citigroup slashes the stock to Neutral from Buy.
Panera Bread (NASDAQ:PNRA): Shares get downgraded to Hold from Buy with Wunderlich, which expects an increasingly volatile operating performance going forward. The target is also taken lower, to $190 from $205.
Telefonica (NYSE:TEF): Bank of America-Merrill Lynch moves the equity to Underperform from Neutral.
Walgreen (NYSE:WAG): After yesterday's 3.28% advance in the stock, Macquarie cuts the pharmacy company to Neutral from Outperform.

Also see:

New Stock Coverage: Tesla Motors Stuck in Neutral

Stock Upgrades: Garmin Finds Paradise by the Dashboard Light
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No positions in stocks mentioned.
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