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Stock Downgrades: No Medal of Honor for Electronic Arts


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

MINYANVILLE ORIGINAL In yesterday's euro 2012 action, penniless Portugal bounced the Czechs thanks to a sole goal from the most expensive player in the sport's history. Today Germany takes on, of all teams, Greece. But before attending that match, Angela Merkel must head to the Italian capital for yet another crisis summit, and on the very day Woody Allen's To Rome With Love opens on the silver screen.

No top-tier economic data due this morning but Carnival Corp. (CCL) and Darden Restaurants (DRI) are expected to announce earnings.

Procter & Gamble (PG): The blue chip is removed from Credit Suisse's US Focus List.

Chimera Investment (CIM): Shares are downgraded to Underweight from Equal Weight by Barclays.

Ecopetrol (EC): Citigroup slashes the Colombian crude oil company Sell from Neutral.

Electronic Arts (EA): The video game maker, whose titles include Madden NFL, Medal of Honor, and The Sims, is slumping ahead of this morning's open after being moved to Neutral from Buy at Citi.

ITT Industries (ITT): ITT is taken to Underperform from Perform at FBR Capital, which takes its target to $15.50 from $24. Concerns include it having nearly one-third of revenue exposure to weak markets in Europe.

Key Energy (KEG): KEG gets cut to Perform from Outperform at FBR Capital.

Nike (NKE): The company is now Sell from Hold at McAdams Wright Ragen.

Ryder System (R): The stock, down sharply this morning, is moved to Market Perform from Outperform with Wells.

(See also: New Stock Coverage: American Express is Off to the Races and Stock Upgrades: Jack in the Box Has Spring in Its Step.)
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