Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stock Downgrades: AutoNation Hits a Speed Bump

By

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

PrintPRINT
In a tug-of-war between PIIGS and pigs, the former unfortunately held sway. All 18 major markets in Europe fell after the Organisation for Economic Co-operation and Development warned that the continent's periphery "remains in a dire situation." Markets subsequently slumped stateside, despite the best efforts of pork producer Smithfield Foods (SFD), which surged 28.42% after being bought for $4.7 billion by the land of baby bok choy.

Babies are about to arrive en masse nine months after the lights went out in Manhattan. It's just as well we can rely on Father's Little Dividend, for yield concerns are presently plaguing Big Apple electricity outfit Consolidated Edison (ED). It slumped 1.40% as an implosion in utilities extended to a fifth straight session. Banks were the only sector to end up, but little good that did De La Rue (OTCMKTS:DELRF). The world's largest printer of banknotes fell 4.32% for its worst day all year after announcing iffy revenue. Maybe the euro wasn't such a license to print money after all.

Today in economics, April pending home sales are out at 10:00 a.m. Eastern. In corporate earnings action, Big Lots (BIG), China Ming Yang Wind Power (MY), Costco (COST), Esterline Technologies (ESL), Fred's, Inc. (FRED), Guess (GES), Joy Global (JOY), Lions Gate Entertainment (LGF), Royal Bank of Canada (RY), and Sanderson Farms (SAFM) are all due to report results.

AutoNation (NYSE:AN): Shares are slashed to Sell from Neutral at UBS.

BlackRock (BLK): The stock is now Neutral from Positive at Susquehanna.

Carnival (CCL): The cruise company is trading lower in London's FTSE 100 (INDEXFTSE:UKX) today on the back of an Underperform-from-Neutral cut by BNP Paribas.

CGGVeritas (CGG): The oil and gas equipment outfit is slashed to Underweight from Equal-Weight at Morgan Stanley.

Dean Foods (DF): The dairy giant gets downgraded to Market Perform from Outperform by BMO Capital.

EnerSys (ENS): Ardour Capital takes the industrial electrical equipment outfit to Reduce from Hold with an amended price objective of $44. Concerns include a plump valuation and global macro headwinds.

Halliburton (HAL): Morgan Stanley moves the shares to Underweight from Equal-Weight, sending it lower ahead of the open.

Mondelez International (MDLZ): Shares are pulled from the Conviction Buy List at Goldman Sachs.

Noble Corporation (NE): NE is now Neutral from Overweight at JPMorgan.

PacWest Bancorp (PACW): Keefe Bruyette cuts the company to Market Perform from Outperform.

Renault (OTCMKTS:RNSDF): Shares are tumbling more than 2% overseas this morning after Goldman Sachs slashed the French car firm to Sell from Neutral. The bank believes that 2015 consensus earnings estimates appear overly optimistic.

Smithfield Foods (SFD): The pork producer, no longer trading on fundamentals following yesterday's buyout bid, is clipped to Market Perform from Outperform by BMO Capital.

Stanley Black & Decker (SWK): Argus takes the tool titan to Hold from Buy with a $78 target price amid macroeconomic issues.

(See also: New Stock Coverage: Check Out Marriott's Five-Star Welcome and Stock Upgrades: Facebook Finds Friends.)
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE