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: Staples Still the 'Bain' of Investors Lives


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

That fabled USA-UK special relationship may be in tatters over Syria but yesterday transatlantic cooperation was instrumental in equities scoring a second straight advance. This as America's Verizon (NYSE:VZ) rose 2.71% to top all Dow Industrials (INDEXDJX:.DJI) after closing in on a $130 billion deal with Vodafone (NASDAQ:VOD) of England, whose own 8.13% increase lead the entire Nasdaq-100 Index (INDEXNASDAQ:NDX). Elsewhere Michael Jackson's AutoNation (NYSE:AN) rose 3.06%, which was a nice way to celebrate his birthday. The zombies of Thriller are making for an impressively lucrative afterlife for the King of Pop. His bank balance likely swelled even further yesterday after an analyst inspired 3.21% increase in Walking Dead owner AMC Networks (NASDAQ:AMCX).

Today in economics, this month's Chicago Purchasing Managers' Index is out at 9:45 a.m. Eastern, followed by the University of Michigan's final figure for August consumer confidence at 9:55 a.m. On the earnings front, Big Lots (NYSE:BIG), Hermès International (OTCMKTS:HESAY), ReneSola (NYSE:SOL), Sears Hometown and Outlet Stores (NASDAQ:SHOS), and Yingli Green Energy (NYSE:YGE) are all due to report results.

Chinese Internet Stocks: Dangdang (NYSE:DANG) gets downgraded to Underweight from Neutral at JP Morgan, which moves NetEase, Inc. (NASDAQ:NTES) and Youku Tudou Inc (NYSE:YOKU) to Neutral from Overweight.

Joy Global Inc. (NYSE:JOY): BB&T Capital takes the maker of earth-moving equipment, which has endured a tough time of late, to Hold from Buy.

Nokia Corporation (NYSE:NOK): The telecom titan from Finland is now Reduce from Neutral at Swedbank, sending shares tumbling about 2.25% as I write.

OmniVision Technologies, Inc. (NASDAQ:OVTI): Troubled by competitive issues and an overall lack of earnings visibility, Oppenheimer slashes the semiconductor stock to Perform from Outperform. Shares are tumbling about 12% today and Craig-Hallum (Hold from Buy) adds to the agony.

Staples, Inc. (NASDAQ:SPLS): The office supply superstore launched by Bain Capital in the 1980s is now Neutral from Overweight at JP Morgan. Last week the stock suffered its single worst session for more than two years.

(See also: New Stock Coverage: Going Nowhere Ahead of Labor Day and Stock Upgrades: Splunk Looks Like a Slam Dunk)
< 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