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Stock Downgrades: Autodesk Takes a Back Seat


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

MINYANVILLE ORIGINAL As the S&P 500 (INDEXSP:.INX) endured its worst day since June 21, the official start of summer, Apple (NASDAQ:AAPL) fell a further 3.83% and is now down 20.8% from its all-time peak on September 21, the official start of fall. It is now officially in a bear market and bears evidently have no hesitation gobbling up apples. After President Obama, the deluge?

Bank of America (BAC), in whose stadium his convention speech was abruptly cancelled due to a severe storm, slid 7.14% in the Dow's (^DJI) single worst showing. Less logically, writing instrument outfit A.T. Cross (ATX) imploded 8.34% even though our Commander in Chief once used 22 pens to sign a single bill. And an analyst upgrade sent HCA Holdings (HCA) up 9.44% on an otherwise dire day. The company is based in Tennessee, where everyone apparently fiddles around with accounting. Bain Capital owns a 20 percent stake in the hospital operator, which should be some consolation for an otherwise down-in-the-dumps Mitt Romney.

This morning in economics, analysts anticipate an increase in the University of Michigan's preliminary November consumer sentiment survey at 9:55 a.m. Eastern, and September wholesale inventories arrive at 10:00 a.m. On the earnings front, results are expected out of Adidas (ADDYY), Commerzbank (CRZBY), Deutsche Telekom (DTEGY), Duke Energy (DUK), FirstEnergy (FE), Kohl's Corp. (KSS), Nordstrom (JWN), Public Storage (PSA), Repsol (REPYY), Siemens (SI), and Walt Disney (DIS).

Arkansas Best (ABFS): Shares are downgraded to Underperform from Neutral at Sterne Agee.

Autodesk (NASDAQ:ADSK) The name is now Hold from Buy at Jefferies.

Borg Warner (BWA): Shares are removed from the Best Ideas List at Morgan Stanley.

Cameco (CCJ): JP Morgan cuts the company to Neutral from Overweight.

Clean Harbors (CLH): The stock is downgraded to Market Perform from Strong Buy at Raymond James.

Concur Technologies (CNQR): Piper Jaffray takes the technical software firm to Underweight from Neutral.

Corcept Therapeutics (CORT): CORT is cut to Underweight from Neutral at Piper.

Credit Suisse (CS): Shares are now Neutral from Overweight at HSBC Securities.

Devon Energy (DVN): DVN gets downgraded to Neutral from Buy at Citigroup.

Lan Airlines (LFL): LFL is lowered to Neutral from Buy at Citigroup.

Peugeot (PEUGY): Shares are downgraded to Sell from Hold at Citi.

Randgold Resources (GOLD): GOLD gets downgraded to Neutral from Buy at Bank of America-Merrill Lynch.

Seattle Genetics (SGEN): Shares are slashed to Sell from Hold at Cantor Fitzgerald, which takes its target to $20 from $30. ADCETRIS to treat Hodgkin's lymphoma has started to stall.

Tata Motors (TTM): TTM is taken to Add from Buy at Spark Capital.

Universal Display (PANL): Shares, tumbling 27% before the bell, are now Neutral from Outperform with Wedbush, which cites "major disruptions" in customer demand.
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