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Stock Downgrades: All Is Not Well Inside Intel

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

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On World Sight Day, Boehner blinked. (Although equity futures would later experience temporary tears before bedtime from his famous crying eyes as nighttime talks on the shutdown and debt ceiling appeared to make little progress.) Earlier, signs of compromise in DC sent the Dow (INDEXDJX:.DJI) to its second best point gain of 2013. On a day everyone laughed all the way to the bank, Yahoo (NASDAQ:YHOO), whose leader has the geekiest guffaw in Silicon Valley, gained 2.61%, and Amazon (NASDAQ:AMZN), whose leader's chuckle is much more ominous than we ever knew, advanced 2.33%. Elsewhere, Darling International (NYSE:DAR) jumped 5.19%, and wedding ring king Tiffany (NYSE:TIF) rode a broker boost to rise 1.99%, so love was certainly in the air. Except in Brooklyn, where men of the cloth will come after you with cattle prods to force divorce.

Today in economics, the University of Michigan's first take on October consumer confidence is seen slipping from September's pace at 9:55 a.m. Eastern. In earnings action, Bank of the Ozarks (NASDAQ:OZRK), JPMorgan (NYSE:JPM), Infosys (NYSE:INFY), and Wells Fargo (NYSE:WFC) have all already released results this morning.

Annie's Inc. (NYSE:BNNY): SunTrust Robinson Humphrey reduces its rating to Neutral from Buy.

Chesapeake Energy (NYSE:CHK): The energy outfit is slashed to Hold from Buy at Stifel.

Corning (NYSE:GLW): The glass name gets downgraded to Neutral from Overweight at Piper Jaffray.

Deutsche Bank (NYSE:DB): Macquarie moves the stock to Underperform from Neutral.

Dr Pepper Snapple (NYSE:DPS): Shares are moved to Market Perform from Outperform with Wells Fargo amid pricing problems and soft industry volumes.

Drug Stocks: AstraZeneca (NYSE:AZN) and Eli Lilly (NYSE:LLY) are each downgraded to Underperform from Hold at Jefferies, which moves Dow (INDEXDJX:.DJI) member Merck (NYSE:MRK) to Hold from Buy.

Intel (NASDAQ:INTC): The semiconductor stock and key Dow component, whose long-running "Intel Inside" campaign is an advertising industry icon, gets cut to Neutral from Outperform at Macquarie.

Iron Mountain (NYSE:IRM): Shares are taken to Underweight from Equal Weight by Barclays.

L Brands (NYSE:LTD): Credit Suisse cuts the Victoria's Secret owner, which missed out on yesterday's fun by falling 4.07%, to Neutral from Outperform.

Micron (NASDAQ:MU): MU is moved to Underperform from Market Perform with Wells Fargo.

Sonoco (NYSE:SON): Goldman Sachs slashes the energy stock to Sell from Neutral.

Synaptics (NASDAQ:SYNA): Shares are now Neutral from Overweight at JPMorgan.

(See also: New Stock Coverage: Lady Luck Likes Look of Manpower and Stock Upgrades: Johnson & Johnson Is Head & Shoulders Above the Rest.)
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No positions in stocks mentioned.
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