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Stock Downgrades: Netflix, Inc. Now Swimming Upstream

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

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Markets worldwide suffered from a bad case of broken China on Monday, although equities did end off their worst levels after a "feral hogs" comment from a Fed official. (Mr. Fischer clearly confused taper with tapir, but with Revlon (REV) surging 11.25% amid the mayhem, at least said pig will have adequate lipstick on it.)

As an aging Apple Inc. (AAPL) device went up for auction, the company now officially appears to have a great future behind it; shares tumbled 2.65% for a fifth straight decline. Bank of America (BAC) slumped 3.07% to lead the Dow (^DJI) lower, the stock a dead man walking hours before it sponsored a viewing of Invasion of the Body Snatchers. National Bank of Greece (NBG) hit an all-time low to take its 12-month tumble to 76.37%.

The ghost of Jimmy Costas, a 1920s Greek greengrocer who gave us the immortal phrase "Yes, We Have No Bananas," fared far better, however, as Chiquita Brands (CQB) rode a broker boost to surge some 6.10%. Enjoy it while it lasts.

Today in economics, May new home sales and June consumer confidence are each out at 10:00 a.m. Eastern. On the corporate front, Apollo Group (APOL), Barnes & Noble (BKS), Carnival Corporation (CCL),Lennar (LEN), Smith & Wesson (SWHC), and Walgreen (WAG) are all due to announce earnings.

Agilent Technologies Inc. (A): Shares get taken to Neutral from Buy at Goldman Sachs.

Allergan, Inc. (AGN): Another downgrade for yesterday's worst performing S&P 500 (^GSPC) stock, which Wells Fargo moves to Market Perform from Outperform this morning.

American Vanguard Corp. (AVD): Piper Jaffray reduces its rating to Neutral from Buy.

Chinese Gaming Stocks: Sands China Ltd. (SCHYY) and WYNN MACAU (WYNMF) are both downgraded to Hold from Buy at Deutsche Bank.

Coach, Inc. (COH): Lazard lowers the upscale retailer to Neutral from Buy due to increased competitive pressures.

Demand Media Inc (DMD): Shares are slashed to Hold from Buy at Stifel, which cites the loss of high margin advertising dollars.

Melco Crown Entertainment Ltd (MPEL): Deutsche Bank moves the equity to Hold from Buy.

Netflix, Inc. (NFLX): The video-streaming service, the top S&P 500 stock of 2013, is now Underperform from Market Perform with a $180 price objective at Sanford Bernstein. Analysts wrote in a note that "Its current valuation reflects unrealistic expectations across all major economic levers of the business." Shares are currently down about 2% as a result.

Pan American Silver Corp. (USA) (PAAS): Shares are cut to Market Perform from Outperform with an amended $10.53 price objective at Cowen, which notes lower silver prices have hampered earnings potential.

Qiwi PLC (QIWI): The electronic online payment provider is moved to Neutral from Buy at JPMorgan.

Sunoco Logistics Partners L.P. (SXL): Bank of America-Merrill Lynch lowers the energy outfit to Neutral from Buy.

Vanguard Health Systems, Inc. (VHS): Shares, no longer trading on fundamentals following yesterday's acquisition offer, get downgraded to Hold from Buy at Deutsche Bank.

Western Gas Partners, LP (WES): The limited partnership gets moved to Neutral from Buy at Bank of America-Merrill Lynch.

(See also: New Stock Coverage: Nike, Inc. Just Keeps on Doing It and Stock Upgrades: Lam Research Corporation Has Bears on the Run.)
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No positions in stocks mentioned.
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