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Stock Downgrades: Teekay Tankers Set to Sink

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

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Shipping stock Teekay Tankers (NYSE:TNK) may indeed tank today after being taken to "Underperform" (Wall Street analyst-speak for "Sell") by Bank of America Merrill Lynch. Its analyst wrote in a note "We caution that tanker spot rates have softened in 2014...and the company has not yet announced a replacement for its CEO."
 
After hitting 1900 for the first time in its history yesterday, the S&P 500 (INDEXSP:.INX) did indeed Party Like It's 1999. London's FTSE 100 (INDEXFTSE:UKX), having simultaneously surged to its highest since December 30, 1999, joined in the celebrations and Microsoft (NASDAQ:MSFT) - which attained an all-time best back on that very day - jumped 1.84% to lead all Dow Industrials (INDEXDJX:.DJI). 

Nothing Compares 2 U was another song by the artist formerly known as Prince. Ain't that the truth; 2U Inc (NASDAQ:TWOU) skyrocketed 23.96% to easily top all Nasdaq (INDEXNASDAQ:.IXIC) issues. (Alas, Marissa Mayer's Purple Reign may now be over at Yahoo (NASDAQ:YHOO), which slipped another 0.15% having just endured its worst week since 2011.)

The company formerly known as Green Mountain Coffee Roasters, meanwhile, is now named Keurig Green Mountain (NASDAQ:GMCR) and advanced some 7.55%.

Elsewhere, Elizabeth Arden (NASDAQ:RDEN) - who ill-advisedly changed her name from the wonderful Florence Nightingale Graham - tumbled 22.82% after releasing results.
 
There aren't any top-tier economic data due today, but quarterly earnings announcements include Agilent (NYSE:A), Cisco Systems (NASDAQ:CSCO), Deere (NYSE:DE), Macy's (NYSE:M), Plug Power (NASDAQ:PLUG), SeaWorld (NYSE:SEAS), Sodastream (NASDAQ:SODA), and Sony (NYSE:SNE).
 
Now let's look at this morning's rating reductions, which includes a couple of commodity companies plus headline stock Teekay Tankers.

Dr. Reddy's (NYSE:RDY): Troubled by "limited new launch visibility" amid other concerns, Morgan Stanley downgrades the Indian drug giant to Equal Weight from Overweight.
 
Nomura Holdings (NYSE:NMR): NMR gets cut to Neutral from Outperform at Credit Suisse.
 
Novo Nordisk (NYSE:NVO): The Danish diabetes powerhouse is now Neutral from Buy at UBS.
 
Randgold Resources (NASDAQ:GOLD): JP Morgan reduces its rating to Neutral from Overweight.
 
Sibanye Gold (NYSE:SBGL): Shares are slashed to Neutral from Overweight, again at JP Morgan.
 
Teekay Tankers (NYSE:TNK): Bank of America Merrill Lynch lowers to today's headline equity to Underperform from Neutral. Its price objective, previously $5, falls to $3.50.
 
Walgreen (NYSE:WAG): The stock is cut to Perform from Outperform at Cowen.

Also see:

New Stock Coverage: IMS Health Holdings Has Prescription for Profit

Stock Upgrades: Rubicon Restores Pride to Los Angeles

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No positions in stocks mentioned.
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