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Stock Downgrades: No Sugar High for Nestle


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

MINYANVILLE ORIGINAL Facebook (FB) fell a further 2.2%, taking its post-IPO tumble to 29%. This as buttoned-down Swiss bank UBS AG (UBS) may have $350 million in losses from the fateful offering. Suits and hoodies do indeed make strange bedfellows. Especially on a Tempur Pedic (TPX), which tumbled 40.8%. And speaking of sleeping with the fishes, the Mafia are making out like bandits in Italy's current financial climate. Although in engaging in money laundering, they are merely undertaking an activity fit for a queen on the eve of her Diamond Jubilee.

No top-tier economic data due today but Enzo Biochem (ENZ), Finisar (FNSR), Majesco Entertainment (COOL), and Synergetics USA (SURG) are all expected to announce earnings.

Walt Disney (DIS): The Dow component gets downgraded to Above Average from Buy with a $52 target at Caris & Company due to valuation issues following recent out-performance.

AK Steel (AKS): Shares are lower ahead of the open after getting slashed to Sell from Neutral at Goldman and to Hold from Buy at Dahlman Rose. There are additional balance sheet risks and cash flow concerns as a result of recent market movements and quarterly performance.

Marvell Technology (MRVL): MRVL is moved to Neutral from Positive at Susquehanna.

Nestlé (NSRGY): The Swiss confectionery company is now Hold from Buy at Société Générale.

Progressive (PGR): The insurance outfit gets downgraded to Underweight from Equal Weight at Evercore.

Southern Company (SO): Shares are now Neutral from Outperform at Credit Suisse.

Watson Pharmaceuticals (WPI): Piper Jaffray reduces its rating to Neutral from Overweight.

(See also: Stock Upgrades: Hospital Stocks Nursed Back to Health and New Stock Coverage: Broadcom Gets a Boost.)
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