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Stock Downgrades: Smithfield Foods Can't Keep Up With The Joneses


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

MINYANVILLE ORIGINAL Yesterday VeriFone (PAY) rose 10.93% on news it won a contract to equip taxis in Washington, DC, with backseat entertainment. Something New Yorkers could use more of, especially with a 17% cab price hike set to be approved this afternoon.

Today's earnings announcements are expected to include AngioDynamics (ANGO), Fastenal (FAST), and Infosys (INFY).

ADTRAN (ADTN): The stock, which fell 15.37% yesterday, is downgraded to Underperform from Neutral with a $20 target at Mizuho, which has concerns regarding gross margin deterioration.

Alternative Energy: LDK Solar (LDK) is downgraded to Underweight from Neutral at Piper Jaffray, which takes Trina Solar (TSL), Yingli Green (YGE), and JA Solar (JASO) to Neutral from Overweight.

American States Water (AWR): Shares are downgraded to Hold from Buy by Brean Murray due to valuation issues.

Amerigroup (AGP): The company is cut to Perform from Outperform at Raymond James.

Archer-Daniels (ADM): ADM is downgraded to Equal Weight from Overweight at Morgan Stanley.

Banco Bilbao Vizcaya (BBVA): The Spanish financial firm is downgraded to Neutral from Outperform at Credit Suisse.

DragonWave (DRWI): Shares are downgraded to Perform from Outperform at Raymond James.

El Paso Electric (EE): EE is taken to Hold from Buy at Jefferies.

Family Dollar (FDO): FDO is lowered to Underperform from Neutral at Bank of America-Merrill Lynch.

Hormel Foods (HRL): The Spam maker is moved to Sell from Neutral at Janney Montgomery Scott.

L'Oreal (LRLCY): Shares are downgraded to Sell from Hold at ING Groep.

Perrigo (PRGO): PRGO is cut to Hold from Buy at Canaccord Genuity.

Smithfield Foods (SFD): Bank of America-Merrill Lynch lowers the world's largest pork producer an unusual 180 degrees, to Underperform from Buy. Surging corn prices are cited.

Statoil (STO): Shares are now Reduce from Neutral at Nomura.

Supervalu (SVU): The stock is moved to Neutral from Overweight at JPMorgan.

Tyson Foods (TSN): Morgan Stanley moves the company to Underweight from Equal Weight.

(See also: New Stock Coverage: Dollars in Donuts at Dunkin' and Stock Upgrades: Merck Nursed Back to Health.)
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No positions in stocks mentioned.
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