Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stock Downgrades: Rude Awakening for DreamWorks Animation


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

A week that started with Summers, ended in fall, and witnessed the return of Winters will ultimately be best known for the surprise Ben Bernanke opted to spring on the stock market. S&P 500 (INDEXSP:.INX) shares hit a historic high after the Federal Reserve unexpectedly opted to continue its policy of quantitative easing. As Nasdaq (INDEXNASDAQ:.IXIC) reached a fresh 13-year peak, constituent component Priceline (NASDAQ:PCLN) boldly went where no such stock had gone before. With shares approaching Pluto, pity its Captain Kirk is scared of flying. Investors jumped off Pier 1 (NYSE:PIR), which nosedived 9.16%, and sent BlackBerry (NASDAQ:BBRY), whose latest launch took place on Pier 36, under water to the tune of 15%.

There isn't any top-tier economic data due today, but Red Hat (NYSE:RHT) is expected to announce its quarterly earnings.

BlackBerry Ltd (NASDAQ:BBRY): The firm from Waterloo, Ontario, is lowered to Hold from Buy at Jefferies and to Underperform from Sector Perform at RBC Capital, whose target is taken to $5 from $15. The stock also scored an analyst upgrade today but these downgrades currently appear to be carrying more weight since shares, which fell 17.06% on Friday, are showing further weakness this morning.

Catamaran Corp (NASDAQ:CTRX): Morgan Stanley moves the stock to Equal-Weight from Overweight.

Darden Restaurants (NYSE:DRI): The Olive Garden owner gets slashed to Equal Weight from Overweight at Stephens.

DreamWorks Animation (NASDAQ:DWA): B. Riley & Co. reduces its rating to Neutral from Buy due to valuation concerns.

FedEx (NYSE:FDX): Stifel Nicolaus slashes the stock to Hold from Buy.

Michael Kors (NYSE:KORS): Shares are cut to Hold from Buy at Jefferies. The price objective, previously $85, is now $80.

Oceaneering International (NYSE:OIS): Global Hunter Securities gives the energy outfit a Neutral-from-Buy downgrade. Its target price goes to $81 from $92.

Rockwell Collins (NYSE:COL): Credit Suisse cuts the aerospace name to Neutral from Outperform.

Sealed Air (NYSE:SEE): The Bubble Wrap maker, fresh from Friday's 4.26% fall, gets slashed to Equal Weight from Overweight by Barclays.

Southwest Airlines (NYSE:LUV): Bank of America-Merrill Lynch lowers its investment opinion to Neutral from Underperform.

Ulta Salon (NASDAQ:ULTA): Jefferies cuts the cosmetics company to Hold from Buy.

(See also: New Stock Coverage: Stratasys Stock Going Through the Stratosphere and Stock Upgrades: Sherwin-Williams Paints Town Red, Tape Green.)

Disclosure: Minyanville Studios, a division of Minyanville Media, has a business relationship with BlackBerry.
< Previous
  • 1
Next >
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos