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Stock Downgrades: Here's the Beef With Wendy's (NASDAQ:WEN)

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

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MINYANVILLE ORIGINAL America's largest dairy producer Dean Foods (DF) took its 12-month gain to 78.69%, while Walgreen (WAG), which invented the malted milkshake, finished the week at a fresh 52-week peak after getting upgraded by Goldman Sachs (GS), itself a big fan of the calcium-filled drink. All of which was enough to make one of our Canadian cousins throw up. And for those who like their beverages slightly stronger, an Onion caused the president of Iran to cry into his beer.

This morning in economics, analysts expect improvements in both August construction spending and September's Institute for Supply Management manufacturing index, each out at 10:00 a.m. Eastern. Today's earnings announcements include Cal-Maine Foods (CALM), Synergetics (SURG), Robbins & Myers (RBN), and Team Inc (TISI).

Alcatel-Lucent (ALU): ALU is now Sell from Neutral at UBS due to weaker fixed line spending in Europe.

Alliant Techsystems (ATK): The stock is now Hold from Buy at Jefferies, whose new lower target is $56.

Allstate (ALL): ALL is downgraded to Perform from Outperform at FBR Capital.

Baidu (BIDU): Shares are downgraded to Hold from Buy at Jefferies on concerns consensus expectations are too high.

Boston Beer (SAM): SAM is slashed to Sell from Neutral at UBS.

Canadian Pacific (CP): CP is cut to Neutral from Buy at Sterne Agee.

Citigroup (C): C is now Neutral from Buy at Sterne Agee, whose price objective is $33.

Emerson Electric (EMR): EMR is now Neutral from Outperform at Macquarie.

Fifth Third Bancorp (FITB): Shares are moved to Market Perform from Outperform at Keefe Bruyette.

JAKKS Pacific (JAKK): The toymaker is taken to Hold from Buy at KeyBanc.

Microsoft (MSFT): The Dow (^DJI) member is moved to Sector Perform from Outperform at RBC Capital.

Molson Coors Brewing (TAP): TAP is taken to Underweight from Equal-Weight at Morgan Stanley.

Nokia (NOK): NOK is now Underperform from Neutral at Credit Suisse.

Owens Corning (OC): OC is now Neutral from Buy at Longbow due to valuation and weaker roofing volumes.

Plum Creek (PCL): Shares are now Neutral from Buy at DA Davidson.

PulteGroup (PHM): Shares are now Neutral from Outperform at Credit Suisse.

Raytheon (RTN): RTN is lowered to Underperform from Neutral at Bank of America-Merrill Lynch.

Sprint (S): S is downgraded to Market Perform from Outperform at Raymond James based on valuation.

Texas Instruments (TXN): TXN is taken to Neutral from Positive at Susquehanna.

Wendy's (NASDAQ:WEN): WEN is now Neutral from Buy at Janney Capital as channel checks indicate a slowdown in North American same-store-sales. The price target is $4.75.

(See also: New Stock Coverage: Pros Say Buy Conns (NASDAQ:CONN) and Stock Upgrades: Callaway Golf (NYSE:ELY) Is in the Green.)
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No positions in stocks mentioned.
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