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Stock Downgrades: Apple Falls Further From Money Tree

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

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MINYANVILLE ORIGINAL Apple Inc. (AAPL) fell 4.4% and is now down in eight of the past 10 weeks, with rioting Chinese now a fast-fading memory for the firm. Adding insult to injury at the Cupertino cult, its arch nemesis Adobe Systems (ADBE) jumped 5.71% on Friday, finishing at a post-recession peak.

Student favorite John Wiley (JW-A), publisher of CliffsNotes, plunged 13.35%, which will have college presidents crying all the way to the bank. Boston Beer (SAM) surged 16.76%, all the better for pride of New England and Ugg endorser Tom Brady to cry into his ale as Deckers Outdoor (DECK) dropped 13%.

Earnings announcements expected today include Diamond Foods (DMND), SHFL Entertainment (SHFL), and Stewart Enterprises (STEI).

Apple Inc. (NASDAQ:AAPL) Late Sunday night, Citigroup cut the slumping tech titan to Neutral from Buy amid "near-term supply-chain order cuts" that "bring into question the strength of iPhone 5," analysts wrote in a note. The new price objective is $575, down from $675, and shares are off ahead of this morning's opening bell.

Baker Hughes (BHI): Morgan Stanley moves the stock to Equal Weight from Overweight.

Finish Line (FINL): Shares get downgraded to Hold from Buy at Canaccord Genuity.

Gartner (IT): IT is moved to Market Perform from Outperform at Northland Securities.

Royal KPN (PINK:KKPNY): Shares are slashed to Underweight from Equal Weight at HSBC Securities.

SandRidge Energy (SD): SD is slashed to Sell from Hold at Canaccord Genuity.

Texas Instruments (TXN): The semiconductor stock is taken to Underperform from Neutral with a $27 target at Sterne Agee, whose concerns include the company's exit from the wireless segment.

W.R. Berkley (WRB): RBC Capital cuts the insurance outfit to Perform from Outperform.

(See also: New Stock Coverage: Milk Dean Foods for All It's Worth and Stock Upgrades: Travelers on Road to Riches.)
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No positions in stocks mentioned.
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