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: Facebook Fatigue Becoming Epidemic

By

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

PrintPRINT
Shares fell on light volume, with concerns about Spain's slush fund just about winning out over a snow clean-up in New York. The Year of the Snake thus started in typically ominous fashion, for its last incarnation came in 2001, when stocks fell 13.1%. Back then, we spent a silly summer spellbound by sharks when true terror lay mere months away. (Let us sincerely hope history is not about to repeat.)

Regeneron (REGN), whose headquarters are in the headless horseman heartland of Tarrytown, rose 2.69%, and Tesco plc (PINK:TSCDY) – whose "Everyday Value" Spaghetti Bolognese contains 60% horsemeat - rode an analyst increase to end at a one-month high. News Corp (NWSA) made its Wall Street Journal free over the weekend - who knew Mr. Murdoch cared not a jot about making money? - and Tesla Motors (TSLA) thinks the New York Times (NYT) isn't worth the paper its written on after a scathing review of the car company saw it tumble 2.09%.

It's another quite quiet day in economic data, but corporate earnings announcements are expected out of América Móvil (AMX), Avon Products (AVP),Barclays (BCS), Buffalo Wild Wings (BWLD), Clearwire (CLWR), Cliffs Natural Resources (CLF), Coca-Cola (KO), Fossil (FOSL), Goodyear Tire & Rubber (GT), Huntsman (HUN), Level 3 Communications (LVLT), McGraw-Hill (MHP), Michael Kors (KORS), Rackspace (RAX), and ThyssenKrupp (PINK:TYEKF).

Amyris (AMRS): Raymond James reduces its recommendation to Underperform from Market Perform.

Boyd Gaming (BYD): The casino company gets clashed to Sell from Neutral at Goldman Sachs.

Capstead Mortgage (CMO): CMO gets taken to Perform from Outperform at JMP Securities.

Corporate Office Properties (OFC): Evercore reduces its assessment to Equal Weight from Overweight.

Cubic Corporation (CUB): Saying 2013 is a transitional year with lower growth in its transportation business, Benchmark cuts the company to Hold from Buy with a $46 target price.

Danone (PINK:DANOY): Shares are trading lower in Europe today after Morgan Stanley cut it to Underweight from Equal Weight.

Facebook (NASDAQ:FB): The social networking stock is moved to Market Perform from Outperform by Bernstein Research, which also reduces its price objective by 18% to $27 from $33. Its analysts wrote in a note that "much of [the] upside is now in consensus." Shares are tumbling 2.23% in today's pre-market trading as a result.

Owens Corning (OC): OC is cut to Neutral from Buy at Citigroup, whose new target is $48.

Qualcomm (QCOM): JPMorgan takes the tech name to Neutral from Overweight.

Questar (STR): Shares are now Neutral from Buy at UBS.

Reed Elsevier (RUK): RUK is reduced to Neutral from Buy at HSBC Securities, sending the LexisNexis owner lower in London this morning.

Ritchie Brothers (RBA): Bank of America-Merrill Lynch moves the stock to Neutral from Buy.

Seadrill (SDRL): BNP Paribas slashes the stock to Underperform from Neutral.

(See also: New Stock Coverage: Get Your Kicks With Manchester United and Stock Upgrades: With a Name Like Smucker's, It Has to be Good.)
< 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.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE