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Stock Downgrades: More Woe for Big Banks


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

MINYANVILLE ORIGINAL German and English finance ministers attended the continent's soccer final, which featured five yellow cards for infractions and a penalty kick for an unsportsmanlike play; so much for European harmony. And the NATO summit concludes today in Chicago, which the defender of the Western world insists is the capital of Illinois. No top-tier economic data due today but Campbell Soup (CPB), Krispy Kreme Doughnuts (KKD), Lowe's (LOW), Tidewater (TDW), and Urban Outfitters (URBN) are all due to report results.

Advertising agencies: Interpublic Group (IPG) and Publicis Groupe (PUBGY) are each downgraded to Neutral from Outperform at Macquarie.

Avon Products (AVP): AVP is downgraded to Sell from Neutral at UBS.

Best Buy (BBY): BBY is downgraded to Hold from Buy at BB&T Capital.

Large cap financials: JMP Securities cuts Goldman Sachs (GS) and Morgan Stanley (MS) to Underperform from Outperform, and takes Bank of America (BAC), JPMorgan (JPM), and Citigroup (C) to Underperform from Market Perform.

TJX Cos (TJX): Shares are now Hold from Buy at Canaccord Genuity.

XL Capital (XL): XL is downgraded to Sell from Neutral at Goldman.

Zebra Technologies (ZBRA): ZBRA is now Neutral from Overweight at JPMorgan.

(See also: New Stock Coverage: 'Liking' Facebook? Meh, Not So Much and Stock Upgrades: Boeing Flies High.)
No positions in stocks mentioned.
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