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Stock Downgrades: Advanced Semiconductor in Retreat


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

MINYANVILLE ORIGINAL Polish vodka purveyor Central European Distribution (CEDC) imploded 8.74% as the dreaded realization dawned that the country, whose economy is relatively booming, drew the short straw and is about to kick off Europe's quadrennial soccer contest against…Greece. A sell initiation saw Facebook (FB) tumble a further 2.96% at a site that may soon court the under-13 set. (Presumably with the sort of parental supervision that was noticeably lacking in its recent IPO.) And Bank of America (BAC) dropped 1.71% despite positive research comments, the roof falling in on a firm where a would-be robber just got stuck in a debt ceiling air duct. Today in economics, analysts expect May's Institute for Supply Management Index services index to slip slightly at 10:00 a.m. Eastern. On the earnings front, American Woodmark (AMWD), Bob Evans Farms (BOBE), Christopher & Banks (CBK), Mattress Firm Holding (MFRM), and Oxford Industries (OXM) are all due to report results.

Advanced Semiconductor (ASX): ASX gets downgraded to Hold from Buy at BNP Paribas.

Brocade Communications (BRCD): The stock is lower before the opening bell on a Hold-from-Buy ratings reduction at ThinkEquity.

DigitalGlobe (DGI): Shares are now Neutral from Overweight at JPMorgan.

Navistar (NAV): NAV is downgraded to Neutral from Outperform at Robert W. Baird, which takes its price target to $31. The brokerage is expecting disappointing Q2 earnings on June 7.

(See also: Stock Upgrades: Buckeye Is a Bull's Eye and New Stock Coverage: Iron Mountain Scaling the Peaks.)
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