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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.)
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