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Stock Downgrades: ThyssenKrupp No Longer Such a Steal

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

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It looks like the Dow (INDEXDJX:.DJI), already down for three straight weeks, took yesterday's "Fall Preview" featuring one of Wall Street's own a little too literally. Shares slumped again as the skies over Syria and a coming debt ceiling crisis here at home pointed to storm clouds overhead. As we apparently prepare to lay down on a bed of nails in Damascus, "I had a hammer" was one way to make money. Auction house Sothebys (NYSE:BID) advanced 2.99% and Home Depot (NYSE:HD) gained 2.08% to best all blue chips. Procter & Gamble (NYSE:PG) was, by contrast, the index's poorest performer, down 1.84% in a setback for its commuting CEO. Penniless J.C. Penney (NYSE:JCP), whose corporate culture similarly encourages corporate jets, imploded another 1.11%. Little wonder, then, that Embraer (NYSE:ERJ), a maker of fancy business airplanes, scored a broker boost.

Today's economic data includes August consumer sentiment from The Conference Board at 10:00 a.m. Eastern, with consensus calling for a fall from the prior month's pace. In earnings action, Bank of Montreal (NYSE:BMO), Brown Shoe (NYSE:BWS), Donaldson Company (NYSE:DCI), LDK Solar (NYSE:LDK), Movado (MOV), Sanderson Farms (NASDAQ:SAFM), Tiffany (NYSE:TIF), TiVo Inc. (NASDAQ:TIVO), and Workday (NYSE:WDAY) are all due to report results.

Accretive Health, Inc. (NYSE:AH): Shares are lowered to Perform from Outperform at Oppenheimer due to accounting concerns and turnover in the executive suite.

Apache Corporation (NYSE:APA) The energy outfit, which has endured a difficult August amid Egyptian issues, gets downgraded to Neutral from buy at Guggenheim, Its price objective, previously $104, is taken to $92.

SYNNEX Corporation (NYSE:SNX): Raymond James reduces the business services stock to Underperform from Market Perform.

ThyssenKrupp AG (ETR:TKA): The giant German steelmaker is now Neutral from Buy at Nomura, sending its stock tumbling in today's European trading.

(See also: Stock Upgrades: Hugh Grant Eyes Hollywood Ending at Monsanto Company and New Stock Coverage: Are You Ready for Some Football? DIRECTV Is Just the NFL Sunday Ticket.)
No positions in stocks mentioned.
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