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: Target Corporation Is in the Crosshairs

By

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

PrintPRINT
It was the sort of session only David Rosenberg could love. He may see a Rosie scenario amid another day of carnage in the Dow (^DJI), but most investors can't wait for August to end. (The influential Canadian economist has a perma-bear reputation, but you would too if your first day working on Wall Street was Monday, October 19, 1987.) Staples (SPLS), we feel your Bain as that stock dropped an S&P 500-worst (^GSPC) 15.29%. An upgraded Garmin (GRMN) topped the index with a 4.76% advance on high hopes for its fancy new satellite navigation offerings. Elsewhere Chesapeake Energy (CHK), whose ex-CEO was more partial to $12 million antique maps, ended lower on a ratings reduction. And Goldman Sachs (GS) suffered a potentially multimillion-dollar "programming error." Might the bank like to bring back the programmer it recently helped put in prison? As the old expression goes, often a change is as good as arrest.

Today in economics, consensus calls for an increase in The Conference Board's July leading indicators index at 10:00 a.m. Eastern. In earnings action, Abercrombie & Fitch (ANF), Aéropostale (ARO), Autodesk (ADSK), China Zenix Auto (ZX), Dollar Tree (DLTR), GameStop (GME), Gap Inc.(GPS), Gold Fields (GFI), Hormel Foods (HRL), Marvell Technology (MRVL), Pandora Media (P), Patterson Companies (PDCO), Ross Stores (ROST), and Sears Holdings (SHLD) are all due to report results.

CRH Plc. (CRH): The cement stock gets slashed to Sell from Hold at Société Générale.

H.B. Fuller (FUL): Longbow lowers the specialty chemicals company to Underperform from Neutral.

John Wood Group (WDGJF): The British engineering outfit gets downgraded to Neutral from Overweight at HSBC Securities.

NII Holdings (NIHD): Morgan Stanley moves the wireless communications company to Underweight from Equal-Weight.

Target Corporation (TGT): Triple trouble for the retailer, which slumped 3.61% on Wednesday after its Q2 earnings announcement. Today it is taken to Buy from Strong Buy at ISI Group, Neutral from Buy at Janney Capital, and Underperform from Market Perform by William Blair.

Telecom Italia (TI): Société Générale cuts the company to Hold from Buy.

Vanguard Health Systems (VHS): Shares are reduced to Sector Perform from Outperform at RBC Capital Markets.

(See also: New Stock Coverage: Time to Hit the Brakes on Tesla Motors Inc? and Stock Upgrades: If It's Thursday, Microsoft Corporation Must Be Back in Favor.)
< 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.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE