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Stock Downgrades: No Gifts for National Bank of Greece


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

MINYANVILLE ORIGINAL Three years to the day after Michael Jackson died, Michael Jackson saw his AutoNation (AN) slump 4.32% on an analyst downgrade. The King of Pop expired in June 2009, the very month the Great Recession officially did. Alas Jacko is currently performing far better than our economy, even from beyond the grave.

Today at 10:00 a.m. consensus calls for a slight slippage in June consumer confidence. On the earnings front AeroVironment (AVAV), H&R Block (HRB), LDK Solar (LDK), Robbins & Myers (RBN), Sealy (ZZ), and TigerLogic (TIGR) are all due to release results.

Business Software: Cognizant (CTSH) and Sapient (SAPE) both get slashed to Sell from Neutral at Goldman.

Dow Chemical (DOW): The stock is slumping before the bell after being moved to Neutral from Overweight at JPMorgan.

Edwards Lifesciences (EW): EW is now Neutral from Buy at UBS.

Methanex (MEOH): Shares are reduced to Market Perform from Outperform at Raymond James.

Morgan Stanley (MS): Goldman pulls the financial firm from its list of Conviction Buys.

National Bank of Greece (NBG): The beleaguered bank is now Reduce from Neutral at Nomura.

Oil & Gas: Precision Drilling (PDS) and Patterson-UTI Energy (PTEN) are each reduced to Sector Perform from Outperform at RBC Capital.

Public Service (PEG): PEG gets downgraded to Hold from Buy at Jefferies.

ValueClick (VCLK): The stock is now Neutral from Overweight at Piper Jaffray.

Yingli Green Energy (YGE): The Chinese alternative energy outfit gets downgraded to Sell from Neutral at Goldman.

(See also: New Stock Coverage: Google Still Searching for Answers and Stock Upgrades: JPMorgan Scores Whale of an Upgrade.)
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