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Stock Downgrades: DuPont Loses Teflon Touch


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

MINYANVILLE ORIGINAL Turning to specific stocks, media empire News Corp. (NWS) jumped 9.5% on the week but JPMorgan (JPM) dropped 22% over the quarter after another ominous report from the New York Times (NYT). A penny for the thoughts of Jamie Dimon on journalists now.

As the world mourned Nora Ephron, of You've Got Mail fame, AOL Inc (AOL) provided a fitting coda with its 48.02% quarterly increase. And an infomercial pioneer also sadly passed away. But wait, there's more! Emboldened by energy being the single best sector last week - Newfield Exploration (NFX) gained 11.5%% all by itself - oil and gas drillers are now setting their eyes on…cemeteries.

It's a quiet start to what will be a holiday-shortened week for quarterly earnings announcements. This morning in economics, analysts expect June's Institute for Supply Management manufacturing index to tick down slightly at 10:00 a.m Eastern.

DuPont (DD): The Dow component is cut to Hold from Buy at Jefferies.

Affymetrix (AFFX): Shares are slashed to Sell from Neutral at Goldman.

Akzo Nobel N.V. (AKZOY): The stock is now Underweight from Neutral at JPMorgan.

Allied World Assurance (AWH): AWH is taken to Underweight from Equal Weight at Barclays.

Analog Devices (ADI): ADI is downgraded to Neutral from Buy with a $42 target at Sterne Agee, which says moderating industrial-auto segments imply an inline second half with reduced opportunity for an upside surprise.

Archer-Daniels-Midland (ADM): Shares are now Neutral from Buy at Citigroup.

Barclays (BCS): The beleaguered British bank gets cut to Hold from Buy at Deutsche Bank.

Cimarex (XEC): Shares are downgraded to Hold from Buy at Stifel Nicolaus.

Cirrus Logic (CRUS): CRUS is cut to Perform from Outperform at Oppenheimer.

Dollar Tree (DLTR): Dual downgrades here, from Neutral from Buy at Nomura and from Hold from Buy at Deutsche Bank

Financials: Lincoln National (LNC) and Symetra Financial (SYA) are each lowered to Underweight from Equal Weight at Barclays.

Helmerich & Payne (HP): HP is now Neutral from Outperform at Macquarie.

ICU Medical (ICUI): Shares are downgraded to Outperform from Strong Buy at Raymond James.

IPC The Hospitalist (IPCM): Citi cuts the stock to Neutral from Buy.

Life Technologies (LIFE): The stock is lower ahead of the open on a downgrade to Sell from Neutral at Goldman.

Nike (NKE): Shares, down 12% last week, are taken to Hold from Buy at Argus amid a near-term slowdown in China.

Oil & Gas: Barclays downgrades Devon Energy (DVN), WPX Energy (WPX), and Forest Oil (FST) to Equal Weight from Overweight. They take Ultra Petroleum (UPL), Quicksilver Resources (KWK), and Penn Virginia (PVA) to Underweight from Equal Weight.

OpenTable (OPEN): OPEN is downgraded to Equal Weight from Overweight by Barclays.

Parametric Technology (PMTC): Shares are downgraded to Hold from Buy at Jefferies.

Pinnacle (PNK): The stock is now Neutral from Outperform at Credit Suisse.

Progressive (PGR): Deutsche Bank downgrades the insurer to Sell from Hold.

Qlik Tech (QLIK): The firm is taken to Hold from Buy at Jefferies.

Red Lion Hotels (RLH): RLH is reduced to Underperform from Perform at Robert W. Baird, whose target is $7.

Sangamo BioSciences (SGMO): The small Cap is cut to Underweight from Neutral at Piper Jaffray.

Seattle Genetics (SGEN) Shares are downgraded to Underweight from Neutral at Piper Jaffray.

United Parcel Service (UPS): UPS is downgraded to Hold from Buy at Deutsche Bank.

(See also: Stock Upgrades: Tiffany Gets Boost at Breakfast and New Stock Coverage: IMAX Mines Gold From Silver Screens.)
No positions in stocks mentioned.
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