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Stock Downgrades: Charles River Laboratories Up a Creek

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

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Compared with the open warfare that broke out between the US and UK 201 years ago today, it was but a minor transatlantic tiff. Yet London still caused consternation in America's financial capitals on Monday, with the Financial Times hinting that the Fed will start to taper sooner rather than later.

Netflix (NFLX) surged 7.12% to top the S&P 500 (^GSPC) on a deal with DreamWorks (DWA), and blue chip Boeing (BA) climbed 1.18% to a fresh best as Dreamliner concerns dissipated. Some uncomfortable truths are apparently about to be dug up in our automotive heartland. Hoffa is ancient history, however, in Detroit, where the future is already here and answers to the name of Tesla Motors (TSLA). That stock rode a broker boost to power ahead 1.89%.

The G-8 summit concludes today, so world leaders still have ample time to put their feet firmly in mouth. In a previous such pow wow, the assembled guests dined on duck flambe after an arduous day spent discussing food poverty.

This morning the Federal Open Market Committee starts its two-day policy meeting in Washington, DC. On the earnings front, Adobe Systems (ADBE), FactSet Research Systems (FDS), and La-Z-Boy (LZB) are all due to report results.

BAYERISCHE MOTOREN WERKE AG (BAMXY): The German auto giant better known as BMW gets downgraded to Neutral from Buy at Natixis Bleichroeder.

Charles River Laboratories (CRL): Shares are slashed to Sell from Neutral at Goldman Sachs.

Covance Inc. (CVD): The stock is moved to Underweight from Equal Weight by Barclays.

First Horizon National Corporation (FHN): Wells Fargo moves its rating to Underperform from Market Perform.

GATX Corporation (GMT): The stock is taken to Hold from Buy at Stifel, which says shareholder sentiment could soften.

Genomic Health, Inc. (GHDX): GHDX gets downgraded to Neutral from Buy at Bank of America-Merrill Lynch.

Palo Alto Networks Inc (PANW): Goldman Sachs pulls the tech name from its list of Conviction Buys.

Sanderson Farms, Inc. (SAFM): Shares are cut to Hold from Buy at KeyBanc Capital.

Toronto-Dominion Bank (USA) (TD): Barclays takes TD to Equal Weight from Overweight.

Williams Partners L.P. (WPZ): Goldman lowers the limited partnership to Neutral from Buy.

(See also: New Stock Coverage: LinkedIn Corp Still Doing a Great Job and Stock Upgrades: FLIR Systems, Inc. Is About to Fly.)
No positions in stocks mentioned.
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