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Stock Downgrades: Seagate Set to Sink?


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

MINYANVILLE ORIGINAL The Eurovision Song Contest was won by Sweden - Scandinavian rival Norway won no "Friends" for adopting Mark Zuckerberg's hoodie in the current environment, and San Marino's "The Social Network Song" flopped for similar reasons. Paul Krugman, whose latest book is called End This Depression Now!, dined on salade niçoise and foie gras at New York's expensive Time Warner (TWX) Center, though the parent company appears to prefer the cheap seats. And Jerry Seinfeld surmised that the first-ever tweet was "sex, worms," which is a bit more memorable than Goldman's (GS) initial effort. This morning in economics, analysts expect an increase in May consumer confidence at 10:00 a.m. Eastern. It's a quiet start to a holiday-shortened week in corporate earnings, with Bank of Nova Scotia (BNS) and Sanderson Farms (SAFM) among today's notable announcements.

Exxon Mobil (XOM): The blue chip is removed from the Conviction Buy List at Goldman.

LRR Energy LP (LRE): LRE is lowered to Sector Perform from Outperform at RBC Capital.

Mechel Steel (MTL): Shares are moved to Sell from Buy at Société Générale.

Tech stocks: Hard disc drive makers Western Digital (WDC) and Seagate (STX) are each downgraded to Equal Weight from Overweight by Barclays, sending shares lower before the opening bell.

(See New Stock Coverage: Adidas Running on Empty? and Stock Upgrades: Vail Resorts' Rocky Mountain High.)
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