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Stock Downgrades: Callaway Golf, All Green of Late, Heading for Rough Day


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

Goodbye Ruby Tuesday.
Who could hang a name on you?
When you change with every new day.
Still I'm gonna miss you.

-- The Rolling Stones

The Rolling Stones' lead singer knows all about finance, having attended the fabled London School of Economics, and his elegiac ode rings truer than ever this morning. Sometimes you never know what you've got till it's gone.

So it is that the Dow's (^DJI) remarkable run of 20 straight winning Tuesdays has come to an end, amid increasing concerns we will soon see the last of QE. (That other QE, the one who once knighted Sir Jagger and also has a thing for rubies, thankfully enjoyed a better day.) Indeed it will always be Mick's market; we just invest in it. "Get Off My Cloud?" International Business Machines (IBM) respectfully begs to differ, buying a cloud-computing outfit for two billion bucks. And as for "Start Me Up," how Microsoft (MSFT) could use some of that 18-year-old magic after slumping 1.69% yesterday and getting downgraded today.

Today in economics, April factory orders and the Institute for Supply Management's May services index are each out at 10:00 Eastern. At 2:00 p.m. the Federal Reserve releases its June beige book, detailing regional financial conditions in a dozen districts.

On the corporate front, expect quarterly earnings announcements from Ascena Retail (ASNA), Brown-Forman (BF-B), Coldwater Creek (CWTR), Francesca's Holdings (FRAN), FuelCell Energy (FCEL), Harvest Natural (HNR), Hovnanian Enterprises (HOV), Jos. A Bank Clothiers (JOSB), Layne Christensen (LAYN), and VeriFone (PAY).

Aircastle (AYR): Shares are lowered to Underperform from Neutral by Bank of America-Merrill Lynch.

American Woodmark (AMWD): Noting that the stock is currently priced for perfection, Griffin Securities resets its rating to Hold from Buy with a price objective of $35.

Ambarella (AMBA): The stock is now Buy from Strong Buy with a new $20 price target at Needham, primarily due to valuation issues.

Callaway Golf (NYSE:ELY): The stock, on an impressive run since late May, is lowered to Neutral from Outperform with Wedbush. Shares are, accordingly, off about 1.41% this morning.

Chevron (CVX): The oil company, a key Dow (^DJI) component, is moved to Equal Weight from Overweight by Barclays.

Carrefour (OTCMKTS:CRRFY): HSBC Securities slashes the French retail firm to Underweight from Neutral.

Joy Global (JOY): Shares are lower this morning after getting moved to Neutral from Buy at Goldman Sachs, which is troubled by soft upcoming demand in the after-market.

Microsoft (MSFT): The Dow member is moved to Hold from Buy at Deutsche Bank.

Occidental Petroleum (OXY): Sterne Agee slashes the energy outfit to Neutral from Buy.

Royal Ahold (OTCMKTS:AHONY): Shares of the Dutch grocery giant are tumbling 1.7% in today's European trading on the back of a Neutral-from-Overweight rating reduction at JP Morgan.

Solar Stocks: Goldman inflicts Sell-from-Neutral slashes on JA Solar (JASO) and Trina Solar (TSL).

US Airways (LCC): Shares are moved to Underperform from Neutral by Bank of America-Merrill.

Zurich Insurance Group (OTCMKTS:ZURVY): Shares get downgraded to Neutral from Buy at Nomura.

(See also: New Stock Coverage: Jump Into Jive Software and Stock Upgrades: Oil's Well With ConocoPhillips.)
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