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Stock Downgrades: Bad Day for Goodyear (NYSE:GT)


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

MINYANVILLE ORIGINAL An analyst upgrade of Victoria's Secret owner Limited Brands (LTD) sent it up 3.50% to within a whisker of a fresh peak. Alas its lingerie was long ago deemed less sexy than Apple (AAPL), and that stock continued to tempt on the eve of this morning's iPhone 5 launch. The head of J.C. Penney (JCP) likely regrets leaving the tech titan after his present employer imploded another 11.21%.

Bed Bath & Beyond (BBBY) nosedived after an earnings miss, although any Rip van Winkles snoozing in its stores could tell you it was ever thus. Mattress Firm Holding (MFRM) tumbled 3.95% in a week that hasn't been noted for holding mattresses firmly. And it's quadruple witching day in September, traditionally the worst month of the year in equities. If that's not scary enough, horror writer Stephen King today turns 65, wondering where his Social Security went.

No top-tier economic data due today, but both Darden Restaurants (DRI) and KB Home (KBH) are expected to announce quarterly results.

Celanese (CE): CE gets cut to Market Perform from Outperform with Wells Fargo.

Discount Brokers: Charles Schwab (SCHW) and E*Trade Financial (ETFC) are each downgraded to Underweight from Equal Weight at Evercore.

IHS Inc (IHS): Shares are now Neutral from Outperform at Robert W. Baird, which takes its target price down to $105 from $116. Accelerating organic subscription growth is unlikely to occur in the next couple of quarters, in its view.

MakeMyTrip (MMYT): MMYT is moved to Hold from Buy at Deutsche Bank.

National Grid (NGG): NGG is now Underweight from Neutral at JPMorgan.

Peabody Energy (BTU): Citing reduced metallurgical coal forecasts and an overall lack of catalysts, Brean Murray cuts the company to Hold from Buy.

Tire Makers: KeyBanc Capital cuts Cooper Tire & Rubber (CTB) and Goodyear Tire & Rubber (NYSE:GT), each now Hold from Buy. Concerns include uncertainty over Chinese tariffs. Shares are lower before this morning's opening bell as a result.

(See also: Stock Upgrades: Potential Rewards of Investing in Mastercard (NYSE:MA)? Priceless and New Stock Coverage: Sea of Green at Blue Nile (NASDAQ:NILE).)
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