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Stock Downgrades: Hasbro's Toy Story Has Unhappy Ending


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

MINYANVILLE ORIGINAL Wisconsin's own Spectrum Brands (SPB) surged 16.79% while Paul Ryan, native of the same state, saw Stillwater (SWC) sink 17.0% even as his own glass was anything but becalmed. In the week we celebrated Columbus sailing the ocean blue, stocks were enveloped in a sea of red. Phone companies fared the worst among all industries, much to the disappointment of an Extra Terrestrial on his anniversary. AT&T (T) fell 5.9%, which was a desperately poor performance -- no ifs, ands, or butts.

This morning in economics, analysts expect August business inventories to slip slightly at 10:00 a.m. Eastern. The first full week of third quarter earnings season is upon us, with today's results expected to include Brown & Brown (BRO), Charles Schwab (SCHW), Citigroup (C), Gannett (GCI), Packaging Corp. of America (PKG), and WD-40 Co. (WDFC).

BMC Software (BMC): Shares are downgraded to Market Perform from Outperform at Raymond James, whose surveys indicate operational and sales headwinds.

Brookfield Asset Management (BAM): BAM is downgraded to Hold from Buy at Canaccord, whose $37.50 price objective is intact.

BT Group (BT): Shares are lower in London after a Barclays to Equal Weight from Overweight.

CBS Corp. (CBS): CBS is now Neutral from Overweight at Atlantic Equities based on near-term concerns regarding ratings performance. The target is taken to $39 from $40.

Celgene (CELG): The stock is downgraded to Perform from Outperform at Oppenheimer.

CF Industries (CF): Citing high 2013 expectations, Dahlman Rose downgrades the fertilizer firm to Hold from Buy.

Children's Place (PLCE): Shares are downgraded to Above Average from Buy at Caris due to valuation concerns.

Coca-Cola (KO): Crédit Agricole cuts the key Dow (^DJI) component to Underperform from Outperform, as it sees slower than expected growth. The price target is lowered to $40 from $42.50.

Elan (ELN): Shares are lowered to Underperform from Perform at Leerink Swann.

Freightcar America (RAIL): UBS slashes the stock to Sell from Neutral.

Hasbro (NASDAQ:HAS) Shares are lower this morning after Goldman Sachs took the toy-maker to Sell from Neutral due to accelerating industry declines, secular declines in Games and Puzzels, and slowing growth in Boys Toys. The target is taken to $32 from $34.

Hercules Offshore (HERO): Macquarie moves the company to Neutral from Outperform.

Mining Stocks: BHP Billiton (BHP) gets pulled from the Conviction Buy List at Goldman Sachs, which reduces Rio
Tinto (RIO) to Neutral from Buy. Both equities are trading lower in London this morning as a result.

Progressive Corp. (PGR): Shares are downgraded to Sell from Neutral at Citigroup.

Travelzoo (TZOO): TZOO is now Neutral from Buy at Ascendiant Capital Markets.

Wells Fargo (WFC): Shares are now Neutral from Buy at Compass Point.

(See also: New Stock Coverage: Is Owning ADT a Cause for Alarm? and Stock Upgrades: Lowe's Aims High.)
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No positions in stocks mentioned.
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