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Stock Downgrades: Mannkind Suffers the Cruelest Cut

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

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The "rule of three" worked a treat in equities, with all three major indices up for a third straight session to start September. (Don't get too complacent, though, for double trouble looms with an ominous increase in bold yields to 3% and an imminent third bailout in Athens.) On the downside, AT&T Inc. (NYSE:T) dropped a Dow (INDEXDJX:.DJI)-worst 1.19%, although yesterday a Today host tried to inadvertently enliven a terrible telecom tape. Moving swiftly from Hoda to Yoda, Star Wars creator and megabucks Starbucks (NASDAQ:SBUX) investor George Lucas saw his stock score a broker boost, yet still drop. Clearly, there was a twist in the tail for the coffee company. So to speak.

Today's quarterly earnings announcements are expected to include Layne Christensen (NASDAQ:LAYN), Mattress Firm Holding (NASDAQ:MFRM), Smithfield Foods (NYSE:SFD), and UTi Worldwide (NASDAQ:UTIW).

Andersons, Inc. (NASDAQ:ANDE): The agribusiness outfit gets downgraded to Hold from Buy at BB&T Capital.

InterXion (NYSE:INXN): Oppenheimer cuts the Internet information provider to Perform from Outperform amid market oversupply and migration to more internal data traffic.

Mannkind Corporation (NASDAQ:MNKD): The biotech is lowered to Underperform from Neutral by Bank of America-Merrill Lynch, sending it falling more than 4% before the opening bell.

M&T Bank (NYSE:MTB): Credit Suisse reduces the regional bank to Neutral from Outperform.

(See also: New Stock Coverage: Don't Be a Jerk -- Buy BMW and Stock Upgrades: Days of Wine and Roses at Constellation Brands.)
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No positions in stocks mentioned.
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