Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stock Downgrades: Not Even John Stamos Can Save Danone

By

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

PrintPRINT
This has historically been the single worst month in equities, and superstitious sorts will note with trepidation that a film about the Fed is due to open on Friday the 13th. Yet so far, "see you in September" has proved profitable in equities. Shares advanced in a holiday-shortened week, paced by a 1.95% increase in the tech-heavy Nasdaq (INDEXNASDAQ:.IXIC). It suffered six more minutes of angst but for arguably its most famous member, it was all about lucky 7s. Apple Inc. (NASDAQ:AAPL) advanced 2.3% after an analyst assigned a $777 price objective and a 77-year-old senator played poker on his iPhone during a war debate. Markets moved higher despite the labor force participation rate dropping to 63.2%, its lowest level since 1978. Back then Donna Summer, not Larry Summers, dominated the day. That truly was an unimaginably distant age, when cassette tapes were all the rage and the humble wristwatch was the height of technology.

Today in economics, analysts call for a contraction in July consumer credit at 3:00 p.m. Eastern. In earnings action, Hovnanian Enterprises (NYSE:HOV), Palo Alto Networks (NASDAQ:PANW), Pep Boys-Manny, Moe & Jack (NYSE:PBY), and PVH Corp (NYSE:PVH) are all due to report results.

Apache Corporation (NYSE:APA): ISI Group gives the energy company a downgrade to Buy from Strong Buy.

Community Health Systems (NYSE:CYH): Shares are now Neutral from Buy at Citigroup.

Fifth Third Bancorp (NASDAQ:FITB): Raymond James reduces its rating to Market Perform from Outperform.

HollyFrontier (NYSE:HFC): The stock is moved to Equal-Weight from Overweight at Morgan Stanley.

Multimedia Games (NASDAQ:MGAM): MGAM is taken to Neutral from Buy at Janney.

Danone (OTCMKTS:DANOY): The French food firm, best known for its yogurt brands including Activia and the John Stamos-endorsed Greek Oikos, is now Neutral from Outperform at BNP Paribas.

Halliburton (NYSE:HAL): Wells Fargo moves the oil services stock to Market Perform from Outperform.

Heineken (OTCMKTS:HEINY): The Dutch brewing giant gets downgraded to Underperform from Neutral at Credit Suisse.

Hercules Technology (NYSE:HTGC): Keefe Bruyette cuts the mortgage investment name to Perform from Outperform.

IAC/InterActiveCorp (NASDAQ:IACI): The owner of Match.com gets moved to Hold from Buy at Canaccord Genuity.

Phillips 66 (NYSE:PSX): Citing an excessive valuation with shares up 32.24% in the past year, Argus cuts its rating on the energy company to Hold from Buy.

(See also: New Stock Coverage: Downward Dog Days Are Over at Lululemon and Stock Upgrades: Pucker Up to Estee Lauder.)
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE