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Stock Downgrades: Analyst Has Reservations About OpenTable

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

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The S&P 500 Index (^GSPC), now up 5.7% this month, continues going to Pluto, where it joins Iran's unfortunate monkey in Outer Space. Corning (GLW), which well remembers the Internet-era when even chimps could make money, ended up after reporting Gorilla Glass sales surged 68%. And Apple (AAPL) advanced 1.88%, with the umpteenth iteration of its iPad exciting orangutans if no one else.

Marissa Mayer's Yahoo (YHOO) fell 3.00% yet her résumé-padding predecessor shouldn't exhibit undue schadenfreude, for LinkedIn (LNKD) lost 2.10%. Ford (F) fell 4.64%, and is down further on dual downgrades ahead of the open. Its CEO called results "spectacular" but, to quote a certain Seinfeld episode, the guy needs to get real.

Today the Federal Open Market Committee concludes its two-day policy meeting, and an interest rate announcement expected at 2:15 p.m. Eastern. It's Hump Day of peak week for earnings reports, with Boeing (BA), ConocoPhillips (COP), Electronic Arts (EA), Facebook (FB), Fiat (PINK:FIATY), Hennes & Mauritz (PINK:HNNMY), Nintendo (PINK:NTDOY), Northrop Grumman (NOC), Phillips 66 (PSX), Qualcomm (QCOM), and Roche Holding (PINK:RHHBY) all due to release results.

Affiliated Managers Group (AMG): The company is cut to Neutral from Buy at Citigroup, although its price objective actually increases by $20 to $155.

Amazon.com (AMZN): Shares, surging 8.99% ahead of the open after announcing earnings, are cut to Outperform from Buy at Crédit Agricole. Issues include an extended investment cycle and attendant near-term margin pressures. The new price target is $290.

Antofagasta (PINK:ANFGY): Bank of America-Merrill Lynch lowers the British copper company to Neutral from Buy.

ArcelorMittal (MT): HSBC Securities slashes the steel stock to Underweight from Neutral and also lowers its target price to $16.

Exxon Mobil (XOM): Macquarie moves the Dow (^DJI) member to Neutral from Outperform as it envisages flat production growth for 2013 and 2014. The target price is now $99, trimmed from $101.

Ford Motor (F): Another day, another downgrade for the car company. Actually two, for the firm is taken to Hold from Buy at Craig Hallum and to Underperform from Outperform at Crédit Agricole. A lack of earnings growth in 2013 are among the concerns, and Agricole's target is trimmed to $14 from $15.

Fossil (FOSL): The watchmaker, written about favorably in a recent issue of Barron's, is slashed to Sell from Hold with an $85 price objective at Brean Capital. Europe's domestic markets remain under pressure.

Harley-Davidson (HOG): Troubled by a steep valuation, Goldman Sachs downgrades the motorcycle icon to Neutral from Buy with an amended target of $58. A sharp run up since mid-October "limits upside potential," analysts wrote in a note.

Hawaiian Holdings (HA): The airline is clipped to Hold from Buy at Deutsche Bank, which cites yen weakness and excess supply in key markets.

JetBlue Airways (JBLU): Raymond James reduces its recommendation to Underperform from Market Perform on account of relatively high costs and low ROIC (Return On Invested Capital.)

OpenTable (NASDAQ:OPEN): Oppenheimer takes the stock to Perform from Outperform amid potential risk from the company's cloud-based Electronic Reservation Book (ERB) roll-out. The $54 objective is intact.

POSCO (PKX): Morgan Stanley moves the Korean steel stock to Equal-Weight from Overweight at Morgan Stanley.

Saipem SpA (PINK:SAPMY): Shares are now Neutral from Outperform at Credit Suisse and Hold from Buy at Deutsche Bank.

Select Comfort (SCSS): The recently-slumping bedding behemoth is taken to Hold from Buy at KeyBanc, which simultaneously upgraded its competitor Tempur-Pedic (TPX) this morning.

UBS AG (UBS): The Swiss financial giant gets downgraded to Neutral from Outperform by BNP Paribas.

Union Pacific (UNP): Atlantic Equities reduces the railroad to Neutral from Overweight.

(See also: New Stock Coverage: Buffalo Wild Wings Earthbound Ahead of Super Bowl? and Stock Upgrades: Cisco Back In Business)
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No positions in stocks mentioned.
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