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Stock Downgrades: Should Nokia Shareholders Jump Out of Windows?

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

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"Extra! Extra! Read all about it – S&P 500 Index (INDEXSP:.INX) hits third straight record!" Or, "S&P 500 ekes out an infinitesimal 0.01% increase on desultory trading day." As ever, it's all how you spin it. Truth be told, the headlines weren't great for either "McPaper," with USA Today owner Gannett (NYSE:GC) tumbling 2.15% after releasing results, or McDonald's (NYSE:MCD), which fell 0.64% on iffy earnings of its own. Among standout stocks, My Little Pony parent Hasbro (NASDAQ:HAS) jumped 5.25% to a historic high, so if Ann Romney is still being picked on for her expensive equestrian inclinations, she should turn the other cheek. Or at least the North Face, with her husband's jacket of choice enjoying a 3.39% advance in its owner VF Corp. (NYSE:VFC), which also ended at a fresh best. And life imitated art as Facebook (NASDAQ:FB) fell 0.69% after its site went down. This as Mark Zuckerberg's sister wrote a book urging nerds to cut the cord and actually get out of the house for once.

Today in economics, August construction spending is expected to slip from the prior month's pace at 10:00 a.m. Eastern. In earnings action, expect announcements out of Amgen (NASDAQ:AMGN), Broadcom (NASDAQ:BRCM), Delta Air Lines (NYSE:DAL), DuPont (NYSE:DD), Harley-Davidson (NYSE:HOG), Kimberly-Clark (NYSE:KMB), Travelers (NYSE:TRV), United Technologies (NYSE:UTX), and India's Wipro (NYSE:WIT).

Advanced Micro Devices (NYSE:AMD): The semiconductor stock gets slashed to Underperform from Market Perform by Sanford Bernstein.

Bonanza Creek Energy (NYSE:BCEI): Wunderlich reduces its rating to Hold from Buy with an amended price objective of $59.

Bon-Ton Stores (NASDAQ:BONT): Shares are now In-line from Outperform at Imperial Capital, whose concerns include anticipation of softer than expected fiscal Q3 earnings. The price objective, previously $14, is taken to $11.

Forest Oil (NYSE:FST): Goldman Sachs is sending the stock lower this morning after slashing it to Sell from Neutral amid an unattractive relative valuation.

Gap Inc. (NYSE:GPS): GPS gets downgraded to Market Perform from Outperform by BMO Capital.

Marriott Vacations (NYSE:VAC): SunTrust takes the stock to Neutral from Buy.

Nokia (NYSE:NOK): The recently-resurgent tech titan, which today unveils its Windows tablet, is slashed all the way to Sell from Buy at Nordea.

Real Estate Investment Trusts: Office REITs CoreSite Realty (NYSE:COR) and Digital Realty (NYSE:DLR) are each cut to Hold from Buy at Jefferies.

Ruckus Wireless (NYSE:RKUS): Goldman gives the stock a Neutral-from-Buy downgrade.

SeaDrill (NYSE:SDRL): Shares are now Neutral from Overweight at JPMorgan.

Sovran Self Storage (NYSE:SSS): The industrial REIT gets reduced to Perform from Outperform at Raymond James.

Steel Stocks: Reliance Steel (NYSE:RS) and US Steel (NYSE:X) are each now Neutral from Buy at UBS, which slashes AK Steel (NYSE:AKS) to Sell from Neutral.

Sonic Corp. (NASDAQ:SONC): Barclays cuts the quick-service drive-in restaurant operator to Underweight from Equal Weight.

Zions Bancorp (NASDAQ:ZION): The regional bank is taken to Neutral from Buy at its fellow financial firm Citigroup.

(See also: New Stock Coverage: Texas Instruments Is Messing With Us and Stock Upgrades: Netflix Stock Going to Outer Spacey)
No positions in stocks mentioned.
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