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: Slap in the Face for Botox Maker Allergan, Inc.


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

When you can no longer rely on the Swiss to make watches - Swatch Group (SWGAY) endured its single worst session in almost two years last week - and Brazil turns its back on soccer, as hometown hero Gol Linhas Aéreas Inteligentes (GOL) tumbled 20.39%, all is clearly not right with the world.

A building called the "Cheesegrater" became the tallest in London's financial district and, right on cue, Britain's FTSE 100 Index (INDEXFTSE:UKX) had its worst week in 13 months. Similarly showing that Mr. Market retains his mischievous sense of humor,
in-flight Wi-Fi provider Gogo Inc. (GOGO) plunged 5.88% in its initial public offering, just as our skies are finally becoming more friendly for approved electronic devices.

Bullion company Newmont Mining (NEM) nose-dived 9.5% as the yellow metal hit its lowest level since 2010. This despite the best efforts of The Scotsman newspaper, which announced that the visiting Bill Clinton "played a round of gold in St Andrews."

There are no top-tier economic reports or earnings announcements expected today, although the pace of each will pick up notably as the week progresses.

Allergan, Inc. (AGN) Shares of the Botox maker are off about 1% in today's pre-market trading after being downgraded by both Deutsche Bank (Hold from Buy) and Leerink Swann (Market perform from Outperform.) Possible generic competition for Restasis is a risk.

Anheuser-Busch InBev NV (BUD): Société Générale moves the brewing behemoth to Hold from Buy.

Deere & Company (DE): The tractor titan gets taken to Underweight from Neutral at JPMorgan, sending it tumbling roughly 2% this morning.

Illinois Tool Works Inc. (ITW): Shares get slashed to Sell from Neutral at Goldman Sachs.

Landstar System, Inc. (LSTR): LSTR is moved to Market Perform from Outperform with Wells Fargo.

Teekay Offshore Partners L.P. (TOO): Citigroup lowers the limited partnership to Neutral from Buy.

Walgreen Company (WAG): Citing a plump current valuation, Cantor Fitzgerald cuts the company to Hold from Buy. Its amended price objective is $49.

Warner Chilcott Plc (WCRX): Jefferies reduces its rating on the British generic drugmaker to Hold from Buy.

(See also: New Stock Coverage: First Solar, Inc. Basks in Summer Sun and Stock Upgrades: Chiquita Brands International Inc Won't Drive You Bananas.)
< 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