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Stock Downgrades: GlaxoSmithKline Can't Keep Up With The Joneses


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

MINYANVILLE ORIGINAL A bunch of bears, fresh from consuming 100 cans of ale in Norway, turned their attention to Boston Beer (SAM), which promptly tumbled 2.17%. Futures this morning are on the weak side after Chinese exports in July wildly missed the mark - clearly they didn't ship enough of those Team USA jerseys. This morning soccer club Manchester United is all set to further improve Europe's incomparable ability to kick the can, having priced its IPO at $14.

A distinctly quiet week in economic data concludes with the Treasury's budget for July, out at 2:00 p.m. Eastern. On the corporate front, Bank of Ireland (IRE), Enerplus (ERF), Harman International (HAR), J.C. Penney (JCP), Merrimack Pharmaceuticals (MACK), ThyssenKrupp (TYEKF), and U.S. Energy (USEG) are all due to announce earnings.

Abraxas Petroleum (AXAS): The small cap is cut to Hold from Buy with Wunderlich, which takes its target down by $4 to $3 from $7. A hoped-form turnaround theme is not materializing.

Advance Auto Parts (AAP): AAP is downgraded to Neutral from Outperform at Credit Suisse.

Big Lots (BIG): Shares are downgraded to Underweight from Neutral at JP Morgan.

Brinker International (EAT): The firm is downgraded to Market Perform from Outperform at Raymond James.

Cablevision (CVC): CVC gets cut to Equal Weight from Overweight by Barclays.

CF Industries (CF): Shares are now Neutral from Overweight at Atlantic Equities.

Commerzbank (CRZBY): Shares are slumping in Europe today after rival Deutsche Bank cut it to Hold from Buy.

Convergys (CVG): CVG is downgraded to Neutral from Outperform at Robert W. Baird.

Danske Bank (DNSKY): Shares are now Neutral from Buy at Citi.

FXCM Inc (FXCM): The stock is downgraded to Neutral from Buy at Citigroup.

GlaxoSmithKline (GSK): The giant pharmaceutical firm gets cut to Neutral from Outperform at Cowen & Compamy amid concerns over its slower than expected earnings and margin recovery.

Mechel Steel (MTL): MTL is moved to Underperform from Neutral at Credit Suisse.

Novo Nordisk (NVO): NVO is now Sell from Hold at Société Générale.

Pegasystems (PEGA): Shares are downgraded to Hold from Buy at The Benchmark Company.

Ralph Lauren (RL): RL is reduced to Hold from Buy at Argus based on a weaker outlook and valuation.

Roundy's (RNDY): Shares are downgraded to Neutral from Outperform at Credit Suisse.

Sagent Pharmaceuticals (SGNT): The stock is cut to Sector Perform from Outperform at RBC Capital. (SOHU): SOHU is downgraded to Neutral from Buy at UBS.

Teekay Shipping (TK): TK is taken to Neutral from Outperform at Credit Suisse.

Tessera Technologies (TSRA): Bank of America-Merrill Lynch takes TSRA to Underperform from Neutral.

Ubiquiti Networks (UBNT): Shares are downgraded to Neutral from Buy at UBS.

VeriSign (VRSN): The stock is now Neutral from Outperform at Robert W. Baird.

Yahoo (YHOO): The Internet outfit is moved to Neutral from Buy at Bank of America-Merrill.

(See also: Stock Upgrades: Jive Software Set to Jump and New Stock Coverage: Time to Curb Your Enthusiasm on Cisco?)

No positions in stocks mentioned.
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