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: Scotts Miracle-Gro Not Hitting Pay Dirt


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

Wall Street's old saw "Sell in May and go away" cut no ice with investors this year, perhaps not surprising since tool titan Stanley Black & Decker (SWK) was just taken down a notch. Dow Industrials (^DJI) advanced a lucky 21 points and are poised to round out a surprisingly strong month.

Some stocks did buck a broadly higher tape, however. Alcoa (AA) was the worst performing blue chip, dropping 1.05% after Moody's (MCO) - which rated Enron investment grade until essentially the bitter end - cut the company to junk. Pig processor Smithfield Foods (SFD) gave back 1.83% as an analyst, on the birthday of Porky Pig, decided "That's all folks!", opting to cut the shares after the prior session's 28.42% surge.

Conversely Facebook (FB) - whose CEO could always work in a hog abattoir if this social networking thing doesn't take off - rose an impressive 5.27% on a ratings increase.

This morning in economics, analysts expect improvements in the May Chicago Purchasing Managers' index at 9:45 a.m. Eastern and this month's University of Michigan consumer sentiment survey at 9:55 a.m. On the corporate front, Genesco (GCO) and Graham Corporation (GHM) are the pick of a quiet day for earnings announcements.

Aon PLC (AON): The insurance outfit is cut to Market Perform from Outperform at Keefe Bruyette due to valuation issues.

Canadian Imperial Bank of Commerce (CM): Bank of America-Merrill Lynch lowers the financial firm to Neutral from Buy.

Charles River Laboratories (CRL): The stock gets lowered to Underperform from Market Perform at Raymond James.

Mellanox Techologies (MLNX): Shares are taken to Neutral from Buy at UBS.

Myriad Genetics (MYGN): Jefferies cuts the company to Hold from Buy.

Panera Bread (PNRA): Lazard lowers the stock, which traded at an all-time high yesterday, to Neutral from Buy.

Scotts Miracle-Gro (NYSE:SMG): A plump Price:Earnings multiple sees BMO Capital reduce its rating to Underperform from Market Perform.

(See also: New Stock Coverage: Tiffany Boosted by the Bling Ring and Stock Upgrades: There's No Place Like HomeAway)
< 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