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Stock Downgrades: Under Armour Under Water

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

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MINYANVILLE ORIGINAL As 98 degrees - and 98 Degrees - each made unwelcome comebacks in the Northeast, Consolidated Edison (ED) - charged with keeping New Yorkers cool - declined 2.05%. In today's Euro 2012 action the Czechs play the first of the PIIGS, Portugal proving equally adept at bouncing fútbols as bouncing checks. Indeed Lisbon can claim the sport's most expensive player. Cristiano Ronaldo, named after arch capitalist Ronald Reagan, cost €94 million when signed in 2009 by Real Madrid, proving that, when something really serious like soccer is at stake, Europe can still come up with the cash.

Today in economics, May Leading indicators and existing home sales, along with the Philadelphia Fed Index for June, are all out at 10:00 a.m. Eastern. In earnings action, American Software (AMSWA), Apollo Group (APOL), CarMax (KMX), Carnival Corp (CCL), ConAgra (CAG), and Rite Aid (RAD) are all due to report results.

CenterPoint (CNP): CNP is cut to Neutral from Outperform at Credit Suisse.

Chimera Investment (CIM): The stock is now Underperform from Neutral at Bank of America-Merrill Lynch.

DCT Industrial Trust (DCT): DCT is moved to Underperform from Market Perform with Wells Fargo.

Heico (HEI): Credit Suisse cuts the company to Neutral from Outperform.

Koninklijke KPN (KKPNY): The Dutch telecom titan is trading sharply lower in Europe this morning after getting cut to Neutral from Buy at UBS.

NII Holdings (NIHD): Shares are now Market Perform from Outperform with Wells.

Under Armour (UA): The athletic apparel outfit is now Neutral from Buy at UBS, sending the stock lower ahead of the opening bell.

Wright Express (WXS): Shares are slashed to Sell from Neutral at Citigroup.

(See also: New Stock Coverage: 1-800-Flowers Coming Up Roses and Stock Upgrades: TJX Taking It to the Maxx.)
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No positions in stocks mentioned.
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