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Stock Downgrades: E I Du Pont De Nemours and Co Loses That Teflon Touch


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

After several days decked out in the same scruffy dungarees, Mr. Market took a trip to Men's Wearhouse (MW) - which surged 5.68% on strong tuxedo rentals - and decided to don its top hat and tails again. (Although Red Hat (RHT), which went cap-in-hand after slumping 1.19% on what was the second strongest day of the year in equities, clearly still needs to work on its wardrobe.) Shares snapped their first three-day slump of year in spectacular fashion.

A media mogul, not content with merely splitting his company this week, decided to also split with his wife. Thankfully the sector chose not to follow suit in filing separation. Indeed, Gannett (GCI) 34.01% and Belo Corp (BLC) 28.33% jumped a respective 34.01% and 28.33% after finding love in each other's arms.

Elsewhere, investors wisely opted to wear, rather than smell, Calvin Klein. PVH Corp. (PVH), which sells his clothes, surged 10.17% even as perfume maker Coty Inc. (COTY), which sells his fragrance, eased off 0.80% in an inauspicious market debut.

And on the day its annual race was rained off, JPMorgan Chase (JPM) still had investors running to Adidas (ADDYY). Its upgrade of the sneaker stock sent it 2.33% higher.

Today in economics, June's Thomson Reuters/University of Michigan consumer sentiment index will be released at 9:55 a.m. EDT. (Or 9:54:58, if you are among the favored few to get it two seconds early.) On the corporate front, American Superconductor (AMSC), Magnum Hunter (MHR) and Smithfield Foods (SFD) report results.

American Express Company (AXP): Barclays downgrades the charge card king, a key Dow (^DJI) component, to Equal Weight from Overweight.

AngloGold Ashanti Limited (ADR) (AU): UBS cuts the commodity company to Sell from Neutral.

E I Du Pont De Nemours And Co (DD): The blue chip is lowered to Neutral from Buy at Bank of America-Merrill Lynch after the chemicals company issued disappointing 2013 net income guidance.

Fidelity National Information Services (FIS):The stock is reduced to Neutral from Outperform at Robert W. Baird primarily due to valuation concerns.

Progress Software Corporation (PRGS): Shares are now Hold from Buy at Needham, which notes constrained current revenue growth prospects.

Rubicon Technology, Inc. (RBCN): Shares get slashed to Sell from Neutral at Goldman Sachs.

SunTrust Banks, Inc. (STI): UBS reduces the regional bank to Neutral from Buy.

The Southern Company (SO): The electric utility is taken to Hold from Buy at Jefferies.

Wells Fargo & Co (WFC): Sterne Agee cuts its fellow financial firm to Neutral from Buy amid concerns over its moderating earnings growth.

(See also: Stock Upgrades: Groupon Inc Is Today's Deal of the Day and New Stock Coverage: Anheuser-Busch InBev NV Gets the Party Started.)
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