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Stock Downgrades: Railing Against Canadian Pacific

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

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That much-discussed "Hindenburg Omen" looks like hot air, especially as today is an iconic anniversary in the history of such balloons. Shares started June, historically the start of many a market swoon, with their best day in weeks. Those bubble references ominously proliferating on Twitter were no sweat for Bubble Wrap owner Sealed Air (SEE), which rose 2.08% as investors found the shares as irresistible as its best known product.

One stock that missed out on all the fun was Brazil's GOL Linhas Aéreas Inteligentes (NYSE:GOL), which fell 4.71% on a decidedly lukewarm analyst initiation. Still, surely far better to own GOL than own goal.

Today's quarterly earnings announcements are due to include American Woodmark (AMWD) and Dollar General (DG).

Ahold (OTCMKTS:AHONY): JPMorgan moves the Dutch grocery giant to Neutral from Overweight.

Air China (OTCMKTS:AIRYY): Shares get downgraded to Underperform from Hold at Jefferies.

Buffalo Wild Wings (BWLD): The fast food firm is pulled from Robert W. Baird's Focus Idea list, although its overall Outperform rating remains intact.

Canadian Pacific Railway (NYSE:CP): CP is cut to Underperform from Sector Perform at RBC Capital on news that Bill Ackman's Pershing Square is to sell up to 29% of its stake.

Deutsche Börse (OTCMKTS: DBOEY): The exchange operator is downgraded to Neutral from Overweight at JPMorgan.

First Defiance Financial (FDEF): Keefe Bruyette cuts the company to Market Perform from Outperform.

PVH Corp. (PVH): The clothing company formerly known as Phillips-Van Heusen is cut to Outperform from Top Pick at RBC Capital.

Rigel Pharmaceuticals (RIGL): Shares are reduced to Neutral from Overweight at Piper Jaffray.

Ulta Salon Cosmetics & Fragrance (ULTA): The company gets taken to Neutral from Buy at Goldman Sachs, which cites sluggishness in its e-commerce initiatives.

(See also: New Stock Coverage: Mo' Money, No Problems for MoSys and Stock Upgrades: Happy Headlines at USA Today Owner Gannett.)
No positions in stocks mentioned.
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