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: PetSmart Is in the Doghouse


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

Twenty-four hours after markets sent out a Mayday distress call, a rising tide once again lifted all yachts on Wall Street. Shares reached fresh peaks amid impressive earnings, among them Estée Lauder (EL). The lipstick leader advanced 2.63% to an all-time best, but you would never know it based on the quartet of cosmetics companies being cut by equity analysts this morning. (Actually, on second thought one can see why they may be hesitant to pucker up to the sector.)

Moving swiftly on from cadmium, chromium, and aluminum to iron ore, Cliffs Natural Resources (CLF) - America's largest producer of the product - fell 5.71% in again posting the S&P 500′s (^GSPC) poorest performance. Thus does Robert Downey Jr. arrive in just the nick of time this morning to rescue the metal's reputation. And it was a bad day by the bonnie banks of James River (JRCC), which nosedived 9.86%. And that wasn't even the most distressing news item to emerge from the body of water this week.

Today in economics, analysts expect April's Institute for Supply Management non-manufacturing report to fall from the prior month's pace at 10:00 a.m. Eastern.

On the corporate front, the final full week of reporting season finishes with Air France-KLM (PINK:AFLYY), Berkshire Hathaway (BRK-A), CBOE Holdings (CBOE), Duke Energy (DUK), Host Hotels (HST), Leucadia National (LUK), Madison Square Garden (MSG), Moody's (MCO), Newell Rubbermaid (NWL), Orbitz (OWW), Regeneron (REGN), Royal Bank of Scotland (RBS), and YRC Worldwide (YRCW) all due to release results.

AngloGold (AU): Shares are lower after getting slashed to Sell from Neutral at Goldman Sachs.

Annaly Capital Management (NLY): NLY is now Equal Weight from Overweight at Evercore.

Bed Bath & Beyond (BBBY): The stock is downgraded to Perform from Outperform at Oppenheimer.

Bon-Ton Stores (BONT): KeyBanc cuts the company to Hold from Buy.

DuPont (DD): The Dow (^DJI) member gets downgraded to Hold from Buy at BGC Partners.

Elizabeth Arden (RDEN): The cosmetics company is moved to Market Perform from Outperform by BMO Capital Markets.

Healthcare Realty (HR): Shares are downgraded to Market Perform from Outperform at BMO Capital.

Landstar System (LSTR): Goldman lowers LSTR to Sell from Neutral.

L'Oréal (PINK:LRLCY): Goldman Sachs pulls the French cosmetics firm from its pan European Conviction Buy list.

Lululemon Athletica (LULU): The maker of yoga apparel gets lowered to Neutral from Outperform with Wedbush.

MercadoLibre (MELI): The Argentine auction site, often called "Latin America's Yahoo (YHOO)", is lowered to Neutral from Buy at Bank of America-Merrill Lynch.

Nu Skin Enterprises (NUS): NUS is now Hold from Buy at Stifel.

Oil States International (OIS): Shares get downgraded to Neutral from Strong Buy at ISI Group.

PetSmart (NASDAQ:PETM): The stock is cut to Perform from Outperform at Oppenheimer.

Royal Bank of Scotland (RBS): Shares, sliding this morning, are downgraded to Sell from Hold at Investec. The broker is not impressed with today's earnings announcement.

RPX Corp (RPXC): The business services outfit is now Neutral from Buy at JPMorgan.

Sally Beauty (SBH): Shares are slashed to Equal Weight from Overweight by Barclays.

Sysco Corporation (SYY): The stock is cut to Sell from Hold at Cantor Fitzgerald due to valuation issues.

Tenaris (TS): BNP Paribas takes the steel stock to Neutral from Outperform.

Valero Energy (VLO): Shares are now Neutral from Outperform at Credit Suisse.

Verisk Analytics (VRSK): The stock is moved to Market Perform from Outperform at Keefe Bruyette.

(See also: New Stock Coverage: Put Fresh Money to Work in Fossil and Stock Upgrades: Make a Mint (Julep) in Jim Beam Ahead of Kentucky Derby.)
< 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.
Featured Videos