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Stock Downgrades: FedEx Check Goes Missing In Mail


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

MINYANVILLE ORIGINAL Stocks rose again and the Nasdaq (^IXIC) is now positive for December. This despite The Trouble With Harry, with Senator Reid saying a deal in DC is increasingly unlikely by Christmas. John Wiley (JW-A) - whose most iconic offering our politicians are presently in desperate need of - imploded 8.47% to a new low but fiscal cliff concerns were a molehill for McGraw-Hill (MHP), which hit a multi-year high, and Hill-Rom Holdings (HRC), which gained 2.21% on an upbeat research assessment.

Positive analyst comments also helped Monster Beverage (MNST) add on 3.90% as another soft drink maker splashed some serious cold hard cash. And Chinese matchmaker (DATE) slid 6.29% but shareholders should cheer up, for12/12/12 is a date with destiny in matrimonial aisles everywhere.

Today at 12:30 p.m. Eastern the Federal Open Market Committee announces its decision on interest rates, and Fed head Ben Bernanke holds a press conference at 2:00 p.m. In corporate earnings action, Costco (COST), Joy Global (JOY), and Restoration Hardware (RH) are all due to report results.

Boston Properties (BXP): Shares are downgraded to Hold from Buy at Stifel Nicolaus due to valuation.

Energy Stocks: Crédit Agricole cuts National Oilwell Varco (NOV) to Outperform from Buy and does the same to Patterson-UTI Energy (PTEN).

E.ON AG (PINK:EONGY) Credit Suisse cuts the European energy company to Underperform from Neutral.

FedEx (NYSE:FDX) Raymond James reduces its recommendation to Outperform from Strong Buy amid reduced earnings visibility and expectations for a cautious tone to guidance. The target is lowered to $100 from $106.

Knight Transportation (KNX): Shares are now Neutral from Buy at Bank of America-Merrill Lynch.

Mondelez International (MDLZ): The stock is moved to Hold from Buy at Argus.

Novartis (NVS): NVS is now Hold from Buy at Deutsche Bank.

Royal Caribbean (RCL): Shares are reduced to Neutral from Buy at Longbow.

Seagate Technology (STX): STX gets downgraded to Underweight from Neutral at JPMorgan.

Stifel Financial (SF): Shares are downgraded to Underperform from Market Perform with Wells Fargo.

Teva Pharmaceutical (TEVA): TEVA is taken to Market Perform from Outperform at Leerink.

(See also: New Stock Coverage: Ugg Owner Deckers Outdoor Looking 'Bootiful' and Stock Upgrades: Coinstar Set to Go Ka-Ching?)
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No positions in stocks mentioned.
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