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

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

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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.)
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No positions in stocks mentioned.
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