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Stock Downgrades: Tempur Pedic Sleeps With the Fishes


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

MINYANVILLE ORIGINAL Green Mountain Coffee Roaster (GMCR) gained 6.86% but over in the Emerald Isle Starbucks (SBUX) is in hot water. Guinness is much more popular in Dublin anyway and its owner Diageo (DEO) ended up 4.24% on a billion pound investment in Scotch whisky. (Or whiskey; it can certainly afford to buy a vowel.) Ireland's own budget carrier Ryanair (RYAAY) shrugged of a research reduction at JPMorgan (JPM), whose head flies private jets, to head 3.10% higher. Its shareholders are in a good mood and will be seated accordingly. And as for "Sex or Sleep"?" it's no contest after mattress maker Tempur Pedic (TPX) tumbled 48.73%.

Today in economics, Fed head Ben Bernanke begins congressional testimony at 10:00 a.m. Eastern and April consumer credit is expected to contract at 3:00 p.m. On the earnings front, Altera (ALTR), Bio-Reference Labs (BRLI), Cascade Corp (CASC), Isle of Capri Casinos (ISLE), J.M. Smucker (SJM), Lululemon Athletica (LULU), and Titan Machinery (TITN) are all due to release results.

Analogic (ALOG): ALOG is downgraded to Hold from Buy with a $66 target at Needham.

Juniper Networks (JNPR): Shares are lower before the bell on a downgrade to Hold from Buy at Needham.

Oil Services: Patterson-UTI Energy (PTEN) and Baker Hughes (BHI) get downgraded to Neutral from Outperform at Macquarie.

Regional Banks: Bridge Capital (BBNK) is downgraded to Market Perform from Outperform at Raymond James, which does the same to Central Valley Bancorp (CVCY).

Tempur Pedic (TPX): The mattress maker is moved to Neutral from Overweight at Piper Jaffray.

(See also: Stock Upgrades: Britain's Burberry Looks Like Royalty and New Stock Coverage: Money Talks at Charter Communications.)
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No positions in stocks mentioned.
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