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

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

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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.)
No positions in stocks mentioned.
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