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Stock Downgrades: Fossil Gets Old in a Hurry


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

MINYANVILLE ORIGINAL Caesars Entertainment (CZR) imploded 3.78% to an all-time low, adding insult to injury for Italy on the day its recession officially extended into a year. (They may want to chase up Scotland for that Leonardo da Vinci just found in a farmhouse, though don't expect the Celts to cough it up cheap.) And money laundering accusations sent Standard Chartered (SCBFF) slumping 14.20% in its worst performance in 24 years. Supporters of Liverpool soccer club, whose shirts they sponsor, will hope this at least ensures its clothes are squeaky clean ahead of tomorrow's much anticipated IPO from arch rival Manchester United.

An eerily quiet week in economic data continues but today's earnings announcements are expected to include Almost Family (AFAM), Carlyle Group (CG), Dean Foods (DF), EchoStar (SATS), Kohl's Corp. (KSS), Liberty Media (LMCA), Macy's (M), Nestlé (NSRGY), Polo Ralph Lauren (RL), and Rio Tinto (RIO).

Alexco Resource Corp. (AXU): AXU is downgraded to Neutral from Accumulate at Global Hunter.

Bridgepoint Education (BPI): Citigroup cuts the stock to Neutral from Buy.

Crosstex Energy (XTEX): Shares are moved to Market Perform at Raymond James.

Dril-Quip (DRQ): Bank of America-Merrill Lynch lowers the stock substantially, to Underperform from Buy.

Echelon (ELON): The company is cut to Hold from Buy at Jefferies due to weaker than expected earnings guidance. The target also gets cut in half, to $4.

FirstEnergy (FE): The electric utility is moved to Market Perform from Outperform by BMO Capital.

Fossil (FOSL): Shares, up more than 30% yesterday, are now Neutral from Buy at Citigroup.

Gleacher & Co. (GLCH): GLCH gets downgraded to Market Perform from Outperform at Keefe Bruyette.

Groupon (GRPN): The stock is downgraded to Neutral from Buy at Sterne Agee.

IAMGOLD (IAG): IAG gets downgraded to Neutral from Outperform at Credit Suisse.

Intercontinental Hotels (IHG): Shares are lower before the bell on a downgrade by JPMorgan to Neutral from Overweight.

Jive Software (JIVE): JIVE is now Neutral from Buy at Citi.

Learning Tree International (LRE): LRE is lowered to Neutral from Buy at B. Riley.

MGM Resorts (MGM): MGM is moved to Equal-Weight from Overweight at Morgan Stanley.

Par Pharmaceutical (PRX): Shares are now to Neutral from Buy at UBS. (PCLN): The online travel outfit is downgraded to Hold from Buy at Stifel Nicolaus due to the sharp deceleration in bookings growth.

Sapient (SAPE): Shares are downgraded to Market Perform from Outperform with Wells.

Tesoro Logistics (TLLP): Credit Suisse lowers the limited partnership to Neutral from Outperform.

US Auto Parts (PRTS): Roth Capital reduces its rating to Neutral from Buy.

VeriFone Systems (PAY): PAY is now Neutral from Buy at UBS.

Warner Chilcott (WCRX): Wells moves the shares to Market Perform from Outperform.

Windstream (WIN): WIN is lowered to Reduce from Neutral at Nomura.

(See also: Stock Upgrades: Prayers Answered at Church & Dwight and New Stock Coverage: Tractor Supply Having Fun on the Farm.)
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