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Stock Downgrades: Diana Containerships Inc Not Fit for a Princess

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

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Silence is certainly not golden, not with unloved bullion miner Barrick (ABX) imploding another 8.26% to a ten-year low, but money continued to scream from the rafters elsewhere on Wall Street. The Dow (^DJI) jumped by triple-digits on bad-news-is-good-news economic data.

A much-praised Pandora (P) did indeed find Paradise by the Dashboard Light, advancing 8.04% after announcing its online radio service has been integrated into the dashboard of over 100 new autos. Barnes & Noble (BKS), bouncing back from Tuesday's tumble, jumped 5.45% after abandoning its aging Nooks and grannies in favor of a young demographic shown to be surprisingly prone to old school page-turning.

Elsewhere, pawnbroker First Cash Financial Services (FCFS) nosedived 10.51% in posting the Nasdaq's (^IXIC) poorest performance. Which was no way to welcome a pawnshop to the stars on the day it opened in New York's diamond district.

Today in economics, May pending home sales are out at 10:00 a.m. Eastern. In earnings action,Accenture (ACN), Commercial Metals (CMC), ConAgra (CAG), KB Home (KBH), McCormick (MKC), Nike (NKE), Winnebago Industries (WGO), Worthington Industries (WOR), Shaw Communications (SJR), and Schnitzer Steel (SCHN) are all due to release results.

Air Products & Chemicals, Inc. (APD): Bank of America-Merrill Lynch lowers its rating to Underperform from Neutral.

BASF SE (BASFY): The giant German chemical company gets cut to Underweight from Neutral at JPMorgan.

Diana Containerships Inc (DCIX): Wells Fargo downgrades the shipping stock to Market Perform from Outperform.

Rogers Communications Inc. (USA) (RCI): BMO Capital Markets moves RCI to Market Perform from Outperform.

Seaspan Corporation (SSW): The company is cut to Underperform from Market Perform with Wells.

Solvay S.A. (SVYZY): JPMorgan moves the shares to Underweight from Neutral.

Subsea 7 SA (SUBCY): BNP Paribas slashes the stock to Neutral from Outperform.

TELUS Corporation (USA) (TU): The wireless communications company is taken to Market Perform from Outperform by BMO Capital.

(See also: New Stock Coverage: Regal Entertainment Group Fit for a King and Stock Upgrades: Trimble Navigation Limited Finds a Friend.)
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No positions in stocks mentioned.
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