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Stock Downgrades: Storm Clouds Ahead for Weatherford


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

MINYANVILLE ORIGINAL Facebook (FB) fell 2.63% despite receiving several bullish initiations from many of the same firms who helped take it public. (No snickering in the back, please.) For compliance reasons, underwriters had to wait 40 days before officially assigning coverage - not that chief compliance officers are currently covering themselves in glory.

And in Euro 2012 action, the bookend battle of the PIIGS saw Portugal lose to Spain 4-2 on penalty kicks. An unfair way to decide a contest, according to proud Iberian professor Ignacio Palacios-Huerta at the London School of Economics. Inarguable, although one would have thought the continent's economists could be employed on more productive pursuits in light of what is presently occurring across the Atlantic.

Today's earnings announcements are expected to include American Greetings (AM), Family Dollar (FDO), Nike (NKE), Research In Motion (RIMM), and Smith & Wesson (SWHC).

Actuant (ATU): Citigroup cuts the industrial outfit to Neutral from Buy.

Anthera Pharmaceuticals (ANTH): Shares are downgraded to Market Perform from Outperform at JMP Securities.

Cooper Industries (CBE): CBE is cut to Market Perform from Outperform at Wells.

Infineon (IFNNY): Shares are now Neutral from Add at WestLB.

LKQ Corp. (LKQ): LQK is lowered to Neutral from Outperform at Robert W. Baird, whose target is $37. Valuation concerns are cited at current levels.

Mechel Steel (MTL): Shares are lower before the bell on a downgrade to Neutral from Buy at Goldman.

Seagate Tech (STX): The firm is now Hold from Buy at ThinkEquity.

Territorial Bancorp (TBNK): TBNK gets taken to Neutral from Buy at Sterne Agee.

Weatherford (WFT): The stock is moved to Market Perform from Outperform at Bernstein.

Xylem (XYL): Shares are downgraded to Sell from Neutral at Goldman.

(See also: Stock Upgrades: McGraw-Hill Scales Fresh Peaks and New Stock Coverage: Coach Stuck in Neutral.)
No positions in stocks mentioned.
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