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Stock Downgrades: Nordstrom Sleepless in Seattle


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

MINYANVILLE ORIGINAL Yesterday's analyst activity saw Goldman Sachs (GS), a.k.a. the "great squid," upgrade JPMorgan (JPM), home of the "London whale." There's a movie in there somewhere. Goldman concurrently took Morgan Stanley (MS) off its list of "conviction" buys. And speaking of convicts, Anna Gristina - the madam arrested in February after attending a fundraiser at Morgan Stanley - was released from prison.

Today in economics, May pending home sales are out at 10:00 a.m. Eastern. On the corporate front General Mills (GIS), Herman Miller (MLHR), Lennar (LEN), and Monsanto (MON) are all expected to announce earnings.

Procter & Gamble (PG): The Dow member gets downgraded to Sector Perform from Outperform at RBC Capital.

Aviva (AV): AV is downgraded to Hold from Buy at Jefferies.

Department Stores/Retailers: Citigroup moves Macy's (M), Saks Inc (SKS), and Seattle-based Nordstrom (JWN) to Neutral from Buy.

Hasbro (HAS): The toymaker is slashed to Sell from Neutral at Citi.

Infineon (IFNNY): The tech stock is lower this morning after getting taken to Neutral from Overweight with HSBC Securities.

(See also: Stock Upgrades: Quantum Jump for Leap Wireless and New Stock Coverage: Facebook Makes Enemies, Fair Weather Acquaintances, and Best Friends Forever.)
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