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Stock Downgrades: Post Party Hangover at Booz Allen


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

MINYANVILLE ORIGINAL In yesterday's analyst action Goldman Sachs (GS) upgraded Wynn Resorts (WYNN), whose CEO once put his elbow through a priceless Picasso; poor Spain really can't catch a break. And a downgrade of America's largest poultry processor Pilgrim's Pride (PPC) sent it down 5.61%. The check, if not the chicken, is in the mail. Today in economics, analysts expect an increase in May's Chicago Purchasing Managers Index at 9:45 a.m. Eastern. In earnings activity, Ascena Retail Group (ASNA), Canadian Imperial Bank of Commerce (CM), Ciena Corp (CIEN), Descartes Systems (DSGX), Esterline Technologies (ESL), Joy Global (JOY), Movado Group (MOV), OmniVision Technologies (OVTI), SAIC Inc (SAI), and Vera Bradley Inc (VRA) are all due to report results.

ABB Limited (ABB): The Swiss industrial conglomerate is lower in Europe this morning after being cut to Neutral from Outperform by BNP Paribas.

Amylin Pharmaceuticals (AMLN): Shares are now Neutral from Outperform with a $28 target at Robert W. Baird, which says their contrarian thesis from last November has now nearly fully played out.

Ariba (ARBA): ARBA is downgraded to Sell from Hold at Argus.

Booz Allen Hamilton (BAH): Shares, which surged 13.31% yesterday, are moved to Market Perform from Outperform at brokerage William Blair.

C.H. Robinson (CHRW): The stock is moved to Market Perform from Outperform at FBR Capital, which takes its target down to $65 from $74.

Cliffs Natural Resources (CLF): Bank of America-Merrill Lynch cuts CLF to Neutral from Buy.

Elan (ELN): The Irish drugmaker is now Neutral from Buy at UBS due to valuation and concerns that Bapineuzumab's economic potential may be lower than expected.

Finish Line (FINL): Shares are downgraded to Neutral from Buy at Sterne Agee.

(See Stock Upgrades: Hung Up on Spain? Try Telefonica and New Stock Coverage: Intel Is Left With a Chip on Its Shoulder.)
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