Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stock Downgrades: Nike Just Not Doing It


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

MINYANVILLE ORIGINAL American Greetings (AM) gained 3.37% after announcing earnings. Apple Inc. (AAPL) may receive one of its birthday cards on today's occasion of the iPhone turning five. Just don't expect BlackBerry maker Research In Motion (RIMM) to join in the festivities. It is slumping 16.43% before the bell and Wall Street researchers are rushing to downgrade.

This morning in economics, June's Chicago Purchasing Managers Index is due at 9:45 a.m. Eastern, with the University of Michigan's final figure for this month's consumer confidence arriving at 9:55 a.m. In earnings action, quarterly results are expected from Constellation Brands (STZ), Finish Line (FINL), and KB Home (KBH).

Caterpillar (CAT): The Dow member is moved to Market Perform from Outperform at Raymond James.

Anthera Pharmaceuticals (ANTH): Citi cuts the stock to Sell from Neutral.

BlackRock (BLK): Shares are now Neutral from Outperform at Macquarie.

Caesars Entertainment (CZR): The casino company is cut to Underperform from Neutral at Bank of America-Merrill Lynch.

Quicksilver Resources (KWK): The stock is downgraded to Neutral from Add at Capital One and to Outperform from Buy at Crédit Agricole.

Limited Partnerships: Energy outfits Buckeye Partners (BPL) and LRR Energy (LRE) are each lowered to Perform from Outperform at Oppenheimer.

Nike (NKE): Shares, slumping 11% before the bell following the first fall in fourth-quarter for three years, are now Neutral from Buy at Robert W. Baird. Its target is taken down by $10, to $85 from $95. Identical Neutral-from-Buy downgrades come from DA Davidson and Sterne Agee.

Progress Energy (PGN): PGN gets taken to Hold from Buy at Canaccord Genuity.

Research In Motion (RIMM): RIMM is reduced to Underperform from Perform by both CIBC World Markets and Scotia. Shares are also slashed to Sell from Hold at Société Générale.

Tata Motors (TTM): TTM is taken to Hold from Buy at Jefferies and Neutral from Buy by Bank of America-Merrill Lynch.

Universal Health (UHS): In the wake of the managed care ruling, shares are moved to Market Perform from Outperform with Wells.

Vodafone (VOD): The European telecom firm is taken to Hold from Buy at Jefferies.

(See also: New Stock Coverage: Hillshire Has Mountain to Climb and Stock Upgrades: BMW on Road to Riches.)
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
Featured Videos