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Stock Downgrades: Budget Airlines Not Worth a Dime?


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

MINYANVILLE ORIGINAL The inventor of dynamite (whose name now sponsors a peace prize) is tightening its belts, new found austerity arriving four years late as far as Estonia is concerned. Far more flush with cash is Warren Buffett, who once opined, "If a farsighted capitalist had been present at Kitty Hawk, he would have done his successors a huge favor by shooting Orville down." Yesterday, Omaha's oracle and owner of NetJets spent $9.6 billion on private planes. And all who despair that our latest generation of leaders lack the old iron will to extricate the western world from its current economic crisis were given fresh ammunition. A quarter of a century to the day after iconic Cold Warrior Margaret Thatcher became the first British prime minister for more than 160 years to win three successive terms of office, England awoke to news that her successor lost his kid in a pub. My, how the mighty have fallen. It's another quiet day for economic data but Casey's General Stores (CASY), FactSet Research Systems (FDS), and Michael Kors Holdings (KORS) are all due to announce earnings.

Budget airlines: easyJet (ESYJY) and Ryanair Holdings (RYAAY) are each now Neutral from Overweight at HSBC Securities, which cites a lack of immediate catalysts. The stocks are lower in London this morning after the downgrade.

Citigroup (C): The financial firm is removed from the US 1 List at Bank of America-Merrill Lynch.

Dick's Sporting Goods (DKS): Bank of America-Merrill pulls the name from its US 1 List.

IntegraMed (INMD): Shares are downgraded to Neutral from Overweight at Piper Jaffray.

Sanofi (SNY): Shares are slashed to Sell from Neutral at Goldman Sachs.

Shanda Games (GAME): GAME gets lowered to Neutral from Buy at Lazard.

TeleNav (TNAV): Shares are taken to Underperform from Neutral at Robert W. Baird, whose target is slashed to $4 from $8. The broker expects Apple's mapping service to increasingly pressure results.

(See also: Stock Upgrades: TomTom in Cruise Control and New Stock Coverage: Profit From Pawn Stars.)
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No positions in stocks mentioned.
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