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: Polar Vortex? Las Vegas Sands Visited by the Curse of 'The Cooler'


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

The Miracle on 34th Street turned out to be but a mirage on Wall Street. Macy's (NYSE:M), riding a broker boost, surged some 7.64% to top the S&P 500 Index (INDEXSP:.INX), yet most stocks still ended lower. This as investors sat on the sidelines awaiting this morning's awful employment report, with the Fed's freshly anointed cover girl similarly content to mark Time. (Given that watchmaker Fossil Group (NASDAQ:FOSL) was just cut, that may not be the smartest strategy.) The Dow (INDEXDJX:.DJI) and S&P 500 Index staggered to a split decision, this in a week when investors definitely weren't "minding their P's and Q's.". Please please me? With all due respect to those four lads from Liverpool, oh puleeze. No, thanks. J.C. Penney (NYSE:JCP) just tumbled 10% after announcing it was "pleased" with holiday sales while providing no specifics. The Container Store (NYSE:TCS) has endured a similar sell-off week despite equity analysts declaring themselves "pleased" with its performance. And a shunned Sprint (NYSE:S) shed another 5.61% even as it claimed to be, well - you know- with its NextRadio App. (Shia, you should be afraid. Be very afraid, for that word is clearly the kiss of death.) Elsewhere, diamond retailer Zale Corporation (NYSE:ZLC) endured a dog day in dropping (so to speak) an NYSE-worst 14.29%.

In this morning's economic action, November wholesale inventories are expected to contract from the prior month's pace when they are announced at 10:00 a.m. Eastern. On the earnings front, Indian outsourcing and information technology outfit Infosys (NYSE:INFY) beat Street estimates when it released its results earlier today.

Ambarella (NASDAQ:AMBA): Shares get downgraded to Hold from Buy at Deutsche Bank.

Barracuda Networks (NYSE:CUDA): Bank of America-Merrill Lynch lowers the tech name to Neutral from Buy.

BlackRock (NYSE:BLK): BlackRock stock is now Neutral from Buy at Goldman Sachs.

BP Plc (NYSE:BP): BNP Paribas cuts the British petroleum firm to Neutral from Overweight, sending it lower in today's London trading.

Budget European Airlines: EasyJet (OTCMKTS:ESYJY) and Ryanair (OTCMKTS:RYAAY) are each lowered to Hold from Buy at Liberum.

Drug Stocks: Eli Lilly (NYSE:LLY) is now Underweight from Equal Weight at Barclays. Meanwhile Dow member Johnson & Johnson (NYSE:JNJ), upgraded only yesterday, gets taken to Equal Weight from Overweight.

Fossil Group (NASDAQ:FOSL): KeyBanc Capital moves the company to Underweight from Hold, saying that wearable technology trend could represent a competitive threat.

Las Vegas Sands (NYSE:LVS): In this, the week of a deep freeze that may cost the country five billion bucks, it looks like Las Vegas Sands stock has been struck by the curse of the "cooler." (Nothing to do with hepcats like Dean, Sammy, and Frank. In the casino world, "coolers" are people who inflict misfortune upon other players by their mere presence at the table, as depicted in a 2003 movie.) FBR Capital cuts the casino company to Perform from Outperform amid a less favorable risk:reward ratio. Its amended price objective is $85, up from $80.

Pacific Sunwear (NASDAQ:PSUN): Shares are now Neutral from Buy at Janney.

Pfizer (NYSE:PFE): Cowen cuts stock in Pfizer, a key Dow component, to Market Perform from Outperform.

Royal Caribbean (NYSE:RCL): RCL is reduced to Hold from Buy at DNB Markets.

Splunk (NASDAQ:SPLK): Barclays slashes Splunk stock to Equal Weight from Overweight.

Unisys (NYSE:UIS): Shares are now Neutral from Positive at Susquehanna.

See also:

New Stock Coverage: Cloud Peak Energy Reigns Supreme

Stock Upgrades: There's Nothing Two-Faced About Janus Capital Group This Month
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.
Featured Videos