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Stock Downgrades: Now's Not the Time to Be Overweight Vivus


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

As Sesame Street celebrated National Grouch Day, Wall Street was equally grumpy. The Dow (INDEXDJX:.DJI) snapped a four-session winning streak amid more governmental gridlock. The MIT brainiacs at data storage device titian Teradata (NYSE:TDC) saw that stock implode an S&P 500 Index (INDEXSP:.INX)-worst 18.39%, but Angela Ahrendts, attendee of the 59th best party school in America, had a Ball as Apple Inc. (NASDAQ:AAPL) poached her from Britain's Burberry (OTCMKTS:BURBY).

ATM maker Diebold (NYSE:DBD) dropped 2.29% on a downgrade. The industry has clearly yet to recover from a run on its machines earlier this year in Cyprus, money laundering paradise. No, if you want to keep clean, and stay above the law, coin-operated laundromat owner Mac-Gray (NYSE:TUC) is instead the way to go. Yesterday it jumped 41.59% to top all NYSE issues.

Today in economics, the Fed will release its Beige Book, detailing economic conditions in a dozen districts, at 2:00 p.m. Eastern. Hump Day of the first full week for third quarter earnings announcements is upon us, with American Express (NYSE:AXP), Bank of America (NYSE:BAC), eBay Inc (NASDAQ:EBAY), International Business Machines (NYSE:IBM), and PepsiCo (NYSE:PEP) among a multitude of big names due to report results.

Achillion Pharmaceuticals (NASDAQ:ACHN): Credit Suisse takes the shares to Neutral from Outperform.

Arch Coal (NYSE:ACI): Morgan Stanley cuts the commodity stock to Underweight from Equal-Weight.

Canadian National Railway (NYSE:CNI): Shares are reduced to Market Perform from Outperform at Raymond James.

Chiquita Brands (NYSE:CQB): The banana behemoth is now Neutral from Buy at Janney.

Cisco Systems (NASDAQ:CSCO): MKM Partners cuts the key Dow (INDEXDJX:.DJI) component to Neutral from Buy.

Elli Mae (NYSE:ELLI): The equity is moved to Market Perform from Outperform at JMP Securities.

FedEx (NYSE:FDX): Yesterday's high flier is today taken to Neutral from Buy at Buckingham Research.

First Republic Bank (CNYSE:FRC): Shares are reduced to Equal Weight from Overweight at Evercore.

Green Dot (NYSE:GDOT): GDOT gets slashed to Sell from Neutral at Janney.

Hologic (NASDAQ:HOLX): Shares are now Neutral from Buy at Citigroup.

Netflix (NASDAQ:NFLX): The top S&P 500 Index (INDEXSP:.INX) stock of 2013 is today taken to Hold from Buy at Hudson Square due to understandable valuation issues.

Teradata (NYSE:TDC): The stock is lowered to Long-Term Buy from Buy at Hilliard Lyons.

TNT Express (OTCMKTS:TNTEY): HSBC Securities downgrades the Dutch package delivery powerhouse to Underweight from Neutral.

Vivus (NASDAQ:VVUS): Piper Jaffray downgrades the diet drug darling to Neutral from, well, Overweight.

(See also: Stock Upgrades: Alaska Air Comes in From the Cold and New Stock Coverage: Mice at Whole Foods? Fat Cats Don't Care.)
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