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

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

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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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No positions in stocks mentioned.
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