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Stock Downgrades: Morgan Stanley May Have a Bad Case of the Mondays

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

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A just-right May jobs report the pundits universally characterized as "Goldilocks" sent bulls surging on Wall Street, notwithstanding that the fairytale will always be inextricably linked with three bears. Investors cheered an employment rate of 7.6%, although it is the missing 7.6 million that may ultimately matter more. Bullish nonfarm payroll data only added insult to injury at FarmVille maker Zynga (ZNGA), which slumped 16% after announcing substantial layoffs.

TiVo Inc. (TIVO) tumbled a Nasdaq (^IXIC)-worst 19.04% on Friday, its wardrobe malfunction glory days now but a distant memory. There were no such problems at clothing company Gap Inc. (GPS), with casual Friday clearly suiting it just fine as shares ended the week at a 13-year high. Alas Apple Inc. (AAPL) tumbled another 2% after unwillingly trying on a patent lawsuit for size.

No top-tier economic data due today, the start of what is quite a quiet week for such releases. On the earnings front, Annie's (BNNY), Lululemon Athletica (LULU), Navistar International (NAV), and Pep Boys – Manny, Moe & Jack (PBY) are all expected to reveal results.

Bank of Ireland (IRE): Goldman Sachs gives the stock a downgrade to Sell from Neutral, sending it tumbling 2.1% today.

China Southern Airlines (ZNH): The stock is cut to Neutral from Buy at UBS.

C.H. Robinson (CHRW): The transportation stock is moved to Underweight from Equal-Weight at Morgan Stanley.

CVR Energy (CVI): Shares get slashed to Sell from Neutral at Goldman.

Dexcom (DXCM): DXCM is downgraded to Hold from Buy with a $20 target price at Wunderlich, which says the current valuation appears excessive.

Lennar (LEN): LEN is lowered to Neutral from Overweight at JPMorgan.

Maxim Integrated Products (MXIM): The tech name, which fell 1.25% in a strong market on Friday, is now Neutral from Overweight at JPMorgan.

Micron (MU): Wells Fargo moves MU to Market Perform from Outperform.

Moody's (MCO): Shares are lowered to Neutral from Buy at Lazard.

Morgan Stanley (NYSE:MS): The financial firm is reduced to Perform from Outperform at Oppenheimer, which notes that a recent surge has taken the stock to tangible book value. Additionally, Oppenheimer's 2014 earnings per share projection is already about 10% above consensus estimates.

Occidental Petroleum (OXY): The energy outfit is now Neutral from Buy at UBS.

Telecom Italia (TI): TI gets downgraded to Underweight from Neutral at JPMorgan.

Titan International (TWI): Jefferies takes TWI to Hold from Buy.

Zurich Insurance Group (OTCMKTS:ZURVY): JP Morgan moves the stock to Underweight from Neutral.

(See also: New Stock Coverage: Time to Go Long Tallgrass Energy? and Stock Upgrades: AT&T Gets Good Reception.)
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No positions in stocks mentioned.
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