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Stock Downgrades: Xerox's Burns Gets the Third Degree


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

Many moons ago, Minyanville profiled Xerox (NYSE:XRX) CEO Ursula Burns under a "Rags to Riches" rubric that perfectly encapsulated her remarkable journey from New York housing project to advanced Ivy League degree, before ultimately conquering the corporate world. Alas, stock in the photocopy king looks like its going from riches to rags this morning, as it is currently off 1.21% on a rating reduction. Lately many in the analyst community have soured on the equity following a strong recent run. Still, with a dividend yield of approximately 2%, investors are effectively being paid to wait out a rebound.
Matador Resources (NYSE:MTRD) rose 2.92% to a historic high but nothing, it seems, can kill the bull after the S&P 500 (INDEXSP:.INX) concluded its sixth straight winning quarter. The start of Wall Street's vacation-shortened week saw anemic trading volume akin to watching paint dry, although PPG Industries (NYSE:PPG) -- which jumped 2.99% after buying a Mexican coatings company for $2.3 billion -- wasn't complaining. On the show's 25th anniversary, it was indeed a Seinfeld market where nothing much happened. (Although Apple (NASDAQ:AAPL), which advanced 1.03% on an otherwise desultory day, would say "Not that there's anything wrong with that."
Its arch rival Microsoft (NASDAQ:MSFT), meanwhile, dropped a Dow (INDEXDJX:.DJI)-worst 1.03% in a bad day for both Bill Gates and Janet Yellen's gated community. As for Community itself, the show is now owned by Yahoo (NASDAQ:YHOO), which rose 2.57% on a broker boost.
Today in 10:00 a.m. EDT economic data, May construction spending and June's Institute for Supply Management manufacturing index are each expected to tick up. On the corporate front, Paychex (NASDAQ:PAYX) is the pick of quarterly earnings announcements.
Now let's look at this morning's rating reductions, an eclectic bunch featuring cable and clothing companies, plus headline stock Xerox.

Franklin Resources (NYSE:BEN): Shares are now Neutral from Buy at UBS.
Goldman Sachs (NYSE:GS): Sanford Bernstein cuts the key Dow component to Perform from Outperform.
Heritage-Crystal Clean (NASDAQ:HCCI): The stock gets reduced to Neutral from Outperform with a $19 target price by Robert W. Baird, whose concerns include upcoming earnings volatility.
MannKind (NASDAQ:MNKD): Amid a rich valuation after yesterday's stock price surge, MLV & Co moves its rating to Hold from Buy. Its refreshed price objective is $11.
Sunstone Hotel (NYSE:SHO): Shares get downgraded to Market Perform from Outperform with Wells Fargo.
Symantec (NASDAQ:SYMC): BMO Capital slashes the online security equity to Perform from Outperform due to a risk/reward ratio that is now roughly in balance.

Time Warner (NYSE:TWX): The cable company is now Neutral from Buy at Goldman Sachs.
Triumph Group (NYSE:TGI): A defeat for Triumph, taken to Underperform from Perform at RBC Capital amid uncertainty regarding Boeing's (NYSE:BA) 747-8 plans.
21st Century Fox (NASDAQ:FOXA): Goldman pulls the company from its list of Conviction Buys.
Urban Outfitters (NASDAQ:URBN): Concerned about promotional activity at the apparel outfit's Anthropologie division, Wedbush cuts its investment assessment to Neutral from Outperform.
Xerox: Citigroup lowers today's headliner to Neutral from Buy.
Also see:

New Stock Coverage: Priceline Goes to Pluto With Captain Kirk

Stock Upgrades: Yo, Adrian! Netflix Doesn't Need Rocky to Pack a Punch
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