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Stock Downgrades: Diamondback Energy Is Strictly Rhinestone


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

Equities couldn't even muster an increase for Gordon Gekko's birthday, with the S&P 500 Index (INDEXSP:.INX) falling for a fifth straight session in its worst streak of 2013. Truth be told, the old corporate raider of the '80s is now both an AARP cover boy and, as he enters his 70th year, a lion in winter. Still, he would be the first to tell us it's a shark-eat-shark world on Wall Street and, as such, would have enjoyed Mako (NASDAQ:MAKO) surging some 82.19%. (Not to be outdone, London Whale alum JPMorgan (NYSE:JPM) jumped 2.74% to best all blue chips.) Investors were eager to own Tesla Motors (NASDAQ:TSLA), which rose 1.59% to another record high even as Hertz (NYSE:HTZ) suggested renting rather than buying the cult car company. Have you seen Hertz's punk performance this morning? No thanks.

In analyst action, Men's Wearhouse (NYSE:MW) gained 3.39% after being boosted by Goldman Sachs (NYSE:GS), whose own employees tend to prefer suits that cost much more of an Armani leg. Elsewhere, Indian outsourcer Infosys (NYSE:INFY) similarly bucked a bad tape to end up after an upgrade. (Mercifully, Joe Kernen couldn't be reached for comment.) And on an especially ominous day in nautical history - yesterday was the birthday of HMS Bounty mutiny leader Fletcher Christian in 1764 - Carnival Corporation (NYSE:CCL) cratered another 5.33% on a rash of rating reductions. Things may look mighty bleak for it at the moment but, as Oracle's (NYSE:ORCL) Larry Ellison can freshly attest, on the high seas it ain't ever over till it's over.

Today's economic data includes August pending home sales at 10:00 a.m. Eastern, with analysts calling for a fall. In earnings action, consulting company Accenture (NYSE:ACN), fashion firm Hennes & Mauritz (OTCMKTS:HNNMY), spice stock McCormick (NYSE:MKC), and Dow (INDEXDJX:.DJI) newbie Nike (NYSE:NKE) are all due to release results.

Arrow Electronics (NYSE:ARW): Shares are now Neutral from Buy at UBS.

Coldwater Creek (NASDAQ:CWTR): CWTR is cut to Neutral from Buy at Ascendiant.

Diamondback Energy (NASDAQ:FANG): Canaccord Genuity downgrades the independent oil and gas outfit to Hold from Buy with a new target price of $47. Acreage issues and its pad drilling timetable are among the concerns.

DryShips (NASDAQ:DRYS): Nordea Securities takes the tanker stock to Hold from Buy.

HomeAway (NASDAQ:AWAY): The online vacation rental stock is lowered to Equal-Weight from Overweight at Morgan Stanley. Shares are slumping before the bell as a result.

Hubbell Incorporated (NYSE:HUB.B): The electronics company gets cut to Equal Weight from Overweight by Barclays.

Intrepid Potash (NYSE:IPI): BMO Capital Markets moves the fertilizer firm to Underperform from Market Perform.

MAKO Surgical (NASDAQ:MAKO): Shares, no longer trading on fundamentals after being bought for about $1.4 billion, are taken to Market Perform from Outperform with Wells Fargo.

Omnicell (NASDAQ:OMCL): B. Riley & Co. reduces its rating to Neutral from Buy.

(See also: Stock Upgrades: Diamond Foods Looks Like a Gem and New Stock Coverage: Diamond Seller Blue Nile Set to Sparkle.)
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