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: Spark Networks Loses That Loving Feeling


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

Misao Okawa, planet Earth's oldest person, yesterday entered her 117th year in fine fettle. Alas the Dow Average (INDEXDJX:.DJI), which also arrived on the scene in the second half of the 1890s, fared far less well, falling after its heroics of 24 hours earlier. They say money never sleeps, but maybe the market needed a nap. After all, Ms. Okawa attributes her longevity to plenty of bed rest. The equity rally literally ran out of energy, with that sector being the poorest-performing S&P 500 Index (INDEXSP:.INX) industry on a day Exxon Mobil (NYSE:XOM) tumbled 2.82% to lead blue chips lower. This after the Fed's Beige Book, although a model of brevity compared with this week's monstrous 1,656-page Federal budget, managed to mention the word "weather" 119 times as an excuse for an iffy economic landscape. Facebook (NASDAQ:FB) jumped 4.03% to top all stocks, so it can certainly afford to pay a community cop $200,000 for a year's work. (Or, for Ben Bernanke, half an hour's pay.) Raytheon (NYSE:RTN) rode a broker boost to rise to hit a historic high. This as Beijing went all Johnny Cash on us by announcing a 12% increase in its military spending. Its soldiers, busy jumping through the singer's "Ring Of Fire," would certainly be better advised to do that rather than light it up with Spark Networks (NYSE:LOV), as we shall soon see.

Today in economics, factory orders for January are forecast to post an improvement from the prior month's pace at 10:00 a.m. Eastern. On the corporate front, expect earnings announcements out of Costco (NASDAQ:COST), H&R Block (NYSE:HRB), and Staples (NASDAQ:SPLS).

Adidas (OTCMKTS:ADDYY): The German athletic apparel giant, recently in a bit of Brazilian bother, is now Neutral from Buy at Citigroup. The stock is also pulled from Citi's European Focus List of favored equities.

Bed Bath & Beyond (NASDAQ:BBBY): Shares get downgraded to Neutral from Outperform with Wedbush.

Brixmor Property (NYSE:BRX): UBS cuts the company to Neutral from Buy.

Continental Resources (NYSE:CLR): Shares are taken to Neutral from Buy, again at UBS. Its amended price objective is $130.

Lowe's (NYSE:LOW): LOW gets lowered to Neutral from Outperform with Wedbush.

Lumber Liquidators (NYSE:LL): Wedbush cuts the company to Neutral from Outperform.

MarkWest Energy (NYSE:MWE): The limited partnership is moved to Neutral from Overweight at JPMorgan, which also trims its target price by $8 to $71.

Redwood Trust (NYSE:RWT): Jefferies reduces RWT to Hold from Buy with a fresh objective of $22.

Spark Networks: The Righteous Brothers weren't wrong, what with the owner of ChristianMingle and JDate today downgraded by both Canaccord Genuity (Hold from Buy, target taken to $6 from $10) and William Blair (Market Perform from Outperform.) Shares, which fell some 4.17% on Wednesday, are slumping a further 6.10% as we speak as a result of these dual post-earnings downgrades. A soft subscriber base is cited by both brokers as among key concerns.

See also:

New Stock Coverage: Ascena Doesn't Need a Spark to Be Barn Burner (MVPRO article)

Stock Upgrades: Tiffany Set to Sparkle (MVPRO article)
< Previous
  • 1
Next >
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