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Stock Downgrades: Losing Faith in True Religion Apparel, Inc.

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

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Dow Industrials (^DJI) advanced for a fourth straight session as investors turned their attention from Tahrir Square to Pershing Square. Egypt's appointment of an economist as prime minister revealed the true depth of its desperation, but it was Bill Ackman's mooted interest in FedEx (FDX) that sent the stock surging 4.37% and set the tone for another up session in equities. On this, Marcel Proust's birthday, Apple Inc. (AAPL) could be excused for remembering things past. Especially as the fifth app anniversary fell only hours after one of its old computers was sold at auction. Maybe nostalgia ain't what it used to be, however, for the stock's 1.76% advance indicates its future may hold more promise than many think. And on the day Italy was downgraded, insult was added to injury as an unloved Intuitive Surgical (ISRG), whose da Vinci robots honor Leonardo's incomparable genius, nosedived a Nasdaq (^IXIC)-worst 16.15%.

Today in economics, May wholesale inventories are expected to increase from April's amount at 10:00 a.m. Eastern. In earnings action, Burberry Group (BURBY), Chevron (CVX), Family Dollar Stores (FDO), Supervalu (SVU), and Yum Brands (YUM) are all due to report results.

Alon USA Energy, Inc. (ALJ): Macquarie moves the stock to Underperform from Neutral.

Bemis Company, Inc. (BMS): The container company gets cut to Neutral from Overweight at JPMorgan.

Famous Dave's of America, Inc. (DAVE): Brokerage boutique B. Riley reduces its recommendation on the restaurant stock to Neutral from Buy with an amended price objective of $14.65. Shares are now due a breather after a strong recent run, in the analyst's assessment.

Fulton Financial Corp (FULT): BB&T Capital lowers the stock to Hold from Buy.

Meredith Corporation (MDP): MDP is now Neutral from Buy at Citigroup amid valuation issues after a strong recent run.

Norfolk Southern Corp. (NSC): Shares are now Hold from Buy at Deutsche Bank.

Pan American Silver Corp. (USA) (PAAS): CIBC World Markets slashes the mining stock to Underperform from Sector Perform.

Parker-Hannifin Corporation (PH): Robert W. Baird reduces its rating to Neutral from Outperform.

Ritchie Bros. Auctioneers (USA) (RBA): RBA is moved to Market Perform from Outperform at Raymond James.

TW Telecom Inc (TWTC): Time Warner Telecom gets taken to Neutral from Buy at Citigroup.

True Religion Apparel, Inc. (TRLG): Brean Capital cuts the clothing company to Hold from Buy.

Wells Fargo & Co (WFC): The bank is downgraded to Hold from Buy at Sandler O'Neill.

Wolverine World Wide, Inc. (WWW): The shoe stock is cut to Hold from Buy at KeyBanc.

(See also: New Stock Coverage: Mister Market Falls Head Over Heels for Yahoo Inc.'s Marissa Mayer and Stock Upgrades: Bubble Wrap Maker Sealed Air Corp Poised for Nice Pop.)
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No positions in stocks mentioned.
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