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Stock Downgrades: No Miracle on 34th Street for Macy's


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

MINYANVILLE ORIGINAL There was no crying over spilt milk at Dean Foods (DF) after America's largest dairy producer ended up 27.4% in May. But misery loved company at Facebook (FB), where millions of shareholders teared up along with Sheryl Sandberg at a stock that has now lost 27% in the short time since going public. Today in economics, April factory orders are expected to tick up at 10:00 a.m. Eastern. In earnings action, American Superconductor (AMSC), Dollar General (DG), Gold Reserve (GRZ), Hooker Furniture (HOFT), Shuffle Master (SHFL), and Zuoan Fashion (ZA) are all due to report results.

Cheesecake Factory (CAKE): Shares are moved to Market Perform from Outperform by William Blair, which cites potential earnings estimate risk from choppy casual dining trends.

Cummins (CMI): The stock is downgraded to Market Perform from Outperform at Wells Fargo.

Discount brokers: Charles Schwab (SCHW) and TD Ameritrade (AMTD) are both taken to Neutral from Buy at Citigroup, the latter having its price target cut to $18 from $22. Concerns include weakening global economic prospects and the flattening rate curves.

Dun & Bradstreet (DNB): The stock is downgraded to Equal Weight from Overweight at Barclays.

Interline Brands (IBI): IBI is reduced to Neutral from Buy at Robert W. Baird.

Macy's (M): The stock is removed from the Top Picks Live List at Citigroup.

Regions Financial (RF): RF is reduced to Hold from Buy at Deutsche Bank.

YUM Brands (YUM): The parent of Pizza Hut and KFC is cut to Market Perform from Outperform at Raymond James, sending shares lower ahead of the open.

(See also: New Stock Coverage: WageWorks Hits Pay Dirt and Stock Upgrades: Bank of America Back in Business?)
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