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: Deere Not Making Dough


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

Mick Jagger - no dummy about financial matters, having attended the London School of Economics – was on to something when he waxed lyrical about Ruby Tuesday. It has been the single best day of the year in stocks and proved so again, helping to turn the market around impressively after Monday's steep tumble.

W.W. Grainger (GWW), which makes nails, surged 7.17% to top the S&P 500 (^GSPC) and Coca-Cola (KO), which removes rust from nails, climbed 5.69% to top the Dow (^DJI). Deckers Outdoor (DECK) jumped 3.4%, it being one of the stocks that Scott London of KPMG allegedly insider traded. A photo of him pocketing $5,000 has gone viral, and shows a True Value store over his shoulder. The dearly departed Pat Summerall, a spokesman for the hardware store, will be watching him like a hawk.

Today in economics, the Fed releases its beige book detailing regional economic conditions in a dozen districts at 2:00 p.m. Eastern. On the earnings front, Hump Day of a peak reporting week sees announcements out of Abbott Labs (ABT), American Express (AXP), Bank of America (BAC), eBay Inc. (EBAY), and Mattel (MAT).

Adecco (PINK:AHEXY) HSBC Securities slashes the staffing solutions stock to Neutral from Overweight.

BASF AG (PINK:BASFY): The German chemical giant is now Neutral from Buy at Nomura.

Continental AG (PINK:CTTAY): BNP Paribas reduces its rating to Neutral from Buy.

DreamWorks Animation (DWA): Two views on the movie studio, upgraded yesterday but this morning moved to Negative from Neutral at Susquehanna.

Essex Property Trust (ESS): Raymond James reduces its recommendation on the residential Real Estate Investment Trust to Outperform from Strong Buy.

Industrial Stocks: Macquarie gives Neutral-from-Outperform cuts to both Caterpillar (NYSE:CAT), a key Dow (^DJI) component, and competitor Deere (NYSE:DE).

Intercontinental Hotels Group (IHG): The accommodation outfit is taken to Equal Weight from Overweight by Barclays.

ITC Holdings (ITC): Deutsche Bank downgrades the firm to Hold from Buy.

M&T Bank (MTB): Keefe Bruyette cuts the company to Market Perform from Outperform.

Mercer International (MERC): MERC is moved to Hold from Buy at TD Securities.

Penn National Gaming (PENN): Susquehanna slashes the stock to Neutral from Positive.

Pepco Holdings (POM): Shares are now Underperform from Neutral at Credit Suisse.

W.W. Grainger (GWW): Yesterday's top S&P 500 (^GSPC) stock is today taken to Neutral from Buy at Longbow.

(See also: New Stock Coverage: Lululemon Stock Is Sheer Bliss and Stock Upgrades: Merrill Says Marissa Mayer's Yahoo Honeymoon Isn't Over.)
< Previous
  • 1
Next >
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.
Featured Videos