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Stock Downgrades: Subsea 7 Is Seriously Under Water

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

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Easter bonnets? Markets were more concerned with Europe constantly going cap-in-hand. (Or rather Red Hat (RHT) handy, with that stock sliding some 3.84% as we speak.) While Cyprus implodes, anything Athens appears to be doing just fine.

AOL Inc. (AOL) employee Arianna Huffington, née Stassinopoulos, saw her stock ride bullish research to advance 8.38%. This as General Mills (GIS) hit the highest level in its history on high hopes for its Greek yogurt while the heirs of Aristotle Onassis at Diana Shipping (DSX) enjoyed a 12.62% jump.

Italy, the land shaped like a boot, continues to implode but Ugg boots maker Deckers Outdoor (DECK) gained 4.60% even as fellow footwear firm Skechers USA (SKX) surged some 6.09%. Its heartwarming homeless story seems ever more sketchy, however.

This is the last day of the first quarter on Wall Street, with the US bond market set for an early 2:00 p.m. Eastern close ahead of the Good Friday holiday, when there will be no trading in equities.

This morning's economic data includes the Chicago Purchasing Managers Index for March, due out at 9:45 a.m. In earnings activity, Accenture (ACN), BlackBerry (BBRY), GameStop (GME), Mosaic (MOS),Signet Jewelers (SIG), and Winnebago Industries (WGO) are all expected to report results.

Advanced Energy (AEIS): Bank of America-Merrill Lynch lowers the stock to Underperform from Neutral.

Exa Corporation (EXA): The application software firm is now Hold from Buy at Needham, which notes disappointing operating leverage demonstrated in yesterday's earnings announcement.

HJ Heinz (HNZ): The ketchup king gets slashed to Sell from Buy at Argus.

Subsea 7 S.A. (PINK:SUBCY): Goldman Sachs gives the British based outfit, whose seabed-to-surface semi-submersibles are widely used in the energy industry, a Neutral from Buy downgrade.

Synnex Corporation (SNX): The business services stock is cut to Outperform from Buy at Crédit Agricole.

Teekay LNG Partners (TGP): RBC Capital lowers the limited partnership to Sector Perform from Outperform.

Valeo S.A. (PINK:VLEEY): The French fuel firm is now Underweight from Neutral at HSBC Securities.

Vanguard Health Systems (VHS): Shares are moved to Market Perform from Outperform with Wells Fargo.

(See also: New Stock Coverage: Everything's Rosy at Madison Square Garden and Stock Upgrades: Fight Europe's Capital Flight With Ryanair.)

Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.
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No positions in stocks mentioned.
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