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Stock Downgrades: Inc. Takes a Licking


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

1996 and its "irrational exuberance" seems positively quaint after the Dow (^DJI) rose 19.96 to hit its 26th historic high of 2013. The Nasdaq-100 Index (INDEXNASDAQ:NDX) jumped for a 14th straight session, a streak unmatched since May 1990. (Back then Bush the elder was in the White House; plus ça change, plus c'est la même chose.) Stocks shrugged off iffy retail sales data, with would-be shoppers apparently opting against buying while being so closely watched by Big Brother.) Current corporate poster child Citigroup (C) gained 1.97%, even as a cover girl best known for her eerily prescient warning on the bank on October of 2007 learns that success is cyclical. Wall Street's current favorite blonde is in charge of Yahoo's (YHOO). Marissa Mayer's stock took its one-year gain to 73.70% after a broker boost. Today is in fact her first anniversary at the company. Mister Market could do worse than buy her a gift at a beloved Tiffany (TIF), which just jumped 3.58%.

Today's quarterly earnings announcements are due to include Charles Schwab (SCHW), Coca-Cola (NYSE:KO), CSX Corp (CSX), Goldman Sachs (GS), Johnson & Johnson (JNJ), Mosaic (MOS), Rio Tinto (RIO), and Yahoo (YHOO).

Air Products (APD): The chemicals company is cut to Equal Weight from Overweight at First Analysis.

Bloomin' Brands (BLMN): Shares are now Neutral from Buy at JPMorgan.

Buffalo Wild Wings (BWLD): Shares are now Neutral from Outperform at Robert W Baird

Chesapeake Utilities (CPK): Brean Capital cuts the company to Hold from Buy as the stock has now hit its $57 price objective.

DaVita (DVA): Goldman Sachs slashes the stock to Sell from Neutral.

DCP Midstream (DPM): DPM gets downgraded to Underperform from Perform at Credit Suisse.

Delphi Automotive (DLPH): The stock is now Neutral from Buy at Goldman.

Discover Financial Services (DFS): Shares are taken to Neutral from Overweight at JPMorgan.

Fast Food: Brinker International (EAT) and Texas Roadhouse (TXRH) are each taken to Neutral from Buy at JPMorgan. Valuation is a concern.

Ford Motor (F): Goldman Sachs pulls the auto outfit from its Conviction Buy list.

Joe's Jeans (JOEZ): Roth Capital reduces its recommendation to Neutral from Buy.

McGraw-Hill Financial (MHFI): Raymond James reduces its rating to Outperform from Market Perform.

Nautilus Group (NLS): The gym giant gets downgraded to Neutral from Buy at B Riley, whose price target is $10.

Norsk Hydro (NHYDY): Shares are now Neutral from Buy at HSBC Securities.

ShoreTel (SHOR): Lazard lowers its opinion to Neutral from Buy. Inc. (STMP): The stock is slashed to Neutral from Buy at B. Riley.

Tenneco (TEN): TEN is taken to Neutral from Buy at Goldman Sachs.

Trina Solar (TSL): Shares are moved to Underperform from Market Perform at Raymond James.

(See also: New Stock Coverage: Facebook Inc Finds a Friend and Stock Upgrades: General Motors Company Is on Road to Riches.)
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