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Stock Downgrades: Lowe's Hits Rock Bottom


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

MINYANVILLE ORIGINAL JPMorgan (JPM), the poorest performing blue chip, had a bad case of the Mondays, falling 2.93% after noted London School of Economics attendee Mick Jagger made fun of the firm on Saturday Night Live. Brown Shoe (BWS) jumped 9.01% but Campbell Soup (CPB) can't help Greece kick the can - sorry, pouch - after losing 1.95%. Captain Kirk's Priceline (PCLN) gained 4.06% and Dr. Spock's Vulcan Materials (VMC) advanced 5.09% as Scotty prepared to be beamed up to outer space. Closer to home, US Airways (LCC) advanced 6.46%. Shareholders should enjoy the view, just not from window or isle seats. Today in economics, April existing home sales are out at 10:00 a.m. Eastern. In earnings action, AutoZone (AZO), Best Buy (BBY), Collective Brands (PSS), Dell Inc (DELL), Express Inc (EXPR), Ralph Lauren (RL), Take-Two Interactive (TTWO), Vodafone (VOD), and Williams-Sonoma (WSM) all report results.

Abiomed (ABMD): The stock is lowered to Hold from Buy at Lazard.

Baker Hughes (BHI): Shares are downgraded to Underperform from Outperform at Crédit Agricole.

Charles Schwab (SCHW): Shares are downgraded to Underperform from Market Perform at Raymond James.

Cooper Industries (CBE): The stock is moved to Perform from Outperform, as it no longer trades on fundamentals after being bought out. The target is $72.

Devon Energy (DVN): DVN gets downgraded to Market Perform from Outperform with Wells Fargo.

Knight Transportation (KNX): Shares are cut to Hold from Buy at Keybanc Capital.

Lowe's (LOW): Shares, down 10.11% yesterday, is now Neutral from Overweight at Piper Jaffray due to weak fundamentals following the company's Q1 results.

Newfield Exploration (NFX): The stock is lower before the bell after being moved to Market Perform from Outperform at BMO Capital.

Redwood Trust (RWT): RWT is reduced to Underperform from Mkt Perform at FBR Capital.

(See also: New Stock Coverage: Zipcar Is Off to the Races and Stock Upgrades: Check's in the Mail at Aeropostale.)
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