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Stock Downgrades: Toy Story Has Unhappy Ending for Hasbro


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

Wall Street's March of Dimes slowed substantially, with the S&P 500 (^GSPC) falling for the first time all month amid anemic volume. When a previously plunging JC Penney (JCP), up 3.99%, is one of the day's standout stocks, you know the rally may be on its last legs.

That German politician who said "let them eat horse"? One worries what he has done to the poor animals since Glu Mobile (GLUU) surged some 16.94%, this after his hometown hero Henkel (HENOY), the largest adhesives company on Earth, recently hit its highest level since August of 1992.

With all eyes on a Papal election in the eternal city, teaming up with Roma soccer did nothing for Nike (NKE), which lost 1.91%. Meanwhile Tyco International (TYC), whose CEO was sent to prison shortly after wearing a toga inspired by ancient Rome, slid 1.86%.

The pace of economic data, previously quiet this week, picks up with January business inventories due out at 10:00 a.m. Eastern. In earnings action, Adecco (PINK AHEXY), Cathay Pacific Airways (PINK:CPCAY), Coldwater Creek (CWTR), E.ON (PINK:EONGY), Express (EXPR), Guess (GES),Kronos (KRO), Men's Wearhouse (MW), TravelCenters of America (TA), and Vera Bradley Inc. (VRA) are all expected to report results.

Akzo Nobel (PINK:AKZOY): Shares are now Underweight from Equal Weight at Barclays.

América Móvil (AMX): A second downgrade in two days for the Mexican telecom titan, which is this morning taken to Neutral from Overweight at HSBC Securities.

Calamos Asset Management (CLMS): Pointing to "soft" fund performance, Goldman Sachs slashes the stock to Sell from Neutral and also trims its target price to $9 from $9.50.

El Paso Pipeline (EPB): Credit Suisse lowers the limited partnership to Neutral from Outperform with an updated price objective of $44.

European Aeronautic Defence & Space Co. (PINK:EADSY): The stock gets reduced to Sector Perform from Outperform at RBC Capital.

Hasbro (NYSE:HAS): KeyBanc cuts the toy-maker, whose iconic brands include G.I. Joe, My Little Pony, and Nerf, to Hold from Buy due to its rich current valuation.

HollyFrontier (HFC): The energy name is now Neutral from Outperform at Macquarie.

Infineon (PINK:IFNNY): Morgan Stanley moves the stock to Underweight from Equal-Weight.

National Australia Bank (PINK:NABZY): The stock is now Neutral from Buy at Citigroup after a strong recent run.

Pawnbrokers: Troubled by an excessive valuation, Sterne Agee cuts both Cash America International (CSH) and First Cash Financial Services (FCFS) to Neutral from Buy.

Target (TGT): The stock is now Neutral from Buy at Buckingham Research.

Texas Instruments (TXN): Sanford Bernstein takes the semiconductor stock to Market Perform from Outperform with an intact target price of $38. It would instead opt to put fresh money into the likes of Broadcom (BRCM) and Qualcomm (QCOM).

Velti (VELT): The small cap is reduced to Market Perform from Outperform at Raymond James.

W.W. Grainger (GWW): GWW gets downgraded to Hold from Buy by BB&T Capital.

(See also: New Stock Coverage: Animal Spirits Are Alive and Well at Zoetis and Stock Upgrades: Here's Why It Pays to Discover.)
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