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Stock Downgrades: Bank of Ireland Struggles to Stay in Green


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

MINYANVILLE ORIGINAL Yesterday's good gainers included EntreMed (ENMD), which jumped 13.14%. During the millennial madness of the Internet bubble, its shares once rose 330% in a single day, to $51.8125. They now stand at $1.98, something to think about as Facebook (FB) parties like it's again 1999 this morning. The G8 summit starts today at Camp David, where world leaders will once more discuss global poverty over duck flambe and filet mignon. And tomorrow England's Chelsea and Germany's Bayern Munich will contest the right to be crowned Europe's top soccer club. This festival of fútbol allows a continent to forget its current troubles for 90 minutes and come together in a wonderful spirit of camaraderie, in which Londoners will lovingly taunt Teutons about having beaten them in "two World Wars and one World Cup." No top-tier economic data out today, but expect earnings announcements out of Ann Inc (ANN), Brown Shoe (BWS), Donaldson Company (DCI), Foot Locker (FL), Hibbett Sports (HIBB), Kirkland's (KIRK), Progressive Corp (PGR), and Raven Industries (RAVN).

Anglo American (AAUKY): The miner is moved to Sector Perform at RBC Capital.

Bank of Ireland (IRE): The stock is lower ahead of the open after getting downgraded to Sell from Hold at Deutsche Bank.

Bankrate (RATE): RATE gets reduced to Neutral from Buy at Goldman Sachs.

Cavium Networks (CAVM): Shares are now Neutral from Buy at UBS.

Cypress Semiconductor (CY): CY is downgraded to Neutral from Buy at UBS.

Gamestop (GME): GME gets downgraded to Average from Above Average at Caris & Company, which trims its target by $14 to $20 after the company offered disappointing 2Q guidance.

GT Advanced Technologies (GTAT): GTAT gets downgraded to Hold from Buy at Ardour Capital.

Power-One (PWER): Shares are cut to Hold from Buy at Cantor Fitzgerald.

Sysco Corp (SYY): The grocer gets downgraded to Underweight from Equal Weight by Barclays.

Tupperware (TUP) TUP is taken to Hold from Buy at Argus, which anticipated continued disappointing results in developed markets, where revenues fell 3% in 1Q12.

See also: New Stock Coverage: Sun Shines on Hawaiian Holdings and Stock Upgrades: AutoZone on Road to Riches.
No positions in stocks mentioned.
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