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Stock Downgrades: Sell SunPower Ahead of Summer Solstice


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

We are but 72 hours away from the lightest day of the year, but some dark times may lie ahead for SunPower (NASDAQ:SPWR). Shares have been on a remarkable run recently, gaining 4.32% yesterday alone, but an analyst who says the stock has come too far, too fast is sending it off 1.67% even as we speak. SunPower, America's second largest solar-panel maker, has benefited of late from both a $200 million loan for its residential projects and yesterday's Nasdaq (INDEXNASDAQ:.IXIC)-best 17.58% surge in industry competitor SolarCity (NASDAQ:SCTY).
On a day For Dummies publisher John Wiley & Sons (NYSE:JW-A) surged 5.88% to the highest level in its entire history, the smart money continues to say stocks are the only place to be. Whether that will be the case for much longer, with peace prospects in pieces from Iraq to Ukraine, remains highly debatable, but for now the Dow (INDEXDJX:.DJI) is up for three straight days. For the long term, however, Mr. Market might want to keep a copy of Wiley's own Wealth, War and Wisdom -- written by the late, great Wall Street guru Barton Biggs -- by his bedside table. Paint producer Valspar (NYSE:VAL) poignantly gained 1.05% at an all-time best, even as Iraq's circa-2005 purple fingers at the ballot box appear all for naughtWe Need to Talk About Kevin, to quote a book from the aughts by Lionel Shriver, was spot on. This, as Mr. Spacey's E Trade (NASDAQ:ETFC) surged 7.74% to top all S&P 500 (INDEXSP:.INX) issues and Netflix (NASDAQ:NFLX), whose House of Cards he made such compelling viewing, jumped 3.11% after getting upgraded at Morgan Stanley (NYSE:MS), which apparently is an expert about such housesTwitter (NYSE:TWTR) snapped a six-session winning streak, its best-ever run as a public company. Mind you, it didn't exactly decline either. No, the stock ended exactly unchanged, budging $0.00 or 0.00%. Appropriate, on a day an antidote-to-insomnia 0-0 tie between Brazil and Mexico still attracted over 8.95 million tweets. And it was an unhappy anniversary for Domino's Pizza (NYSE:DPZ), two decades to the day after O.J.'s flight from justice saw it do the best business in its history. The stock dropped 1.63% on a rating reduction.
This afternoon in economics, the Federal Open Market Committee concludes its two-day policy meeting at 2:00 p.m. EDT, and Janet Yellen's press conference commences at 2:30 p.m. On the corporate front, expect earnings announcements from FedEx (NYSE:FDX), Hennes & Mauritz (OTCMKTS:HNNMY), Jabil Circuit (NYSE:JBL), and Red Hat (NYSE:RHT).
Now let's look at this morning's downgrades, an eclectic bunch that features vitamin retailers, financial firms, and tech stocks, plus headline stock SunPower.

Amdocs (NASDAQ:DOX): Shares get moved to Market Perform from Outperform with Wells Fargo.
Covidien (NYSE:COV): Barclays cuts COV to Equal Weight from Overweight.
C.R. Bard (NYSE:BCR): The stock is taken to Equal Weight from Overweight, again at Barclays.
GNC Holdings (NYSE:GNC): A second downgrade of the week for the suffering stock, now Neutral from Overweight at JPMorgan.
Melco Crown Entertainment (NASDAQ:MPEL): Morgan Stanley slashes shares to Equal Weight from Overweight.
Micros Systems (NASDAQ:MCRS): With valuation issues looming large after Tuesday's 14.94% increase, Janney cuts the computer hardware company to Neutral from Buy.
NewBridge Bancorp (NASDAQ:NBBC): The stock is downgraded to Perform from Outperform by Keefe Bruyette.
Outerwall (NASDAQ:OUTR): B. Riley reduces its rating on the owner of Red Box DVD rental kiosks to Neutral from Buy.
SunPower: Today's headline downgrade is now Neutral from Overweight at JPMorgan, whose price objective is $40.
Wynn Resorts (NASDAQ:WYNN): Morgan Stanley cuts the casino company to Underweight from Equal Weight.

Also see:

Stock Upgrades: Gap Back to Its Lewinsky Glory Days?

New Stock Coverage: Royal Mail Isn't Fit for a King, Even as Stamp Shatters Auction Record
Disclosure: Minyanville Media has a business relationship with E Trade.
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