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Stock Downgrades: Chipotle Mexican Gets Grilled


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

MINYANVILLE ORIGINAL Safeway (SWY) - which was launched the same month as Titanic, in April 1912 - sank 4.18%. Our current heat wave was no help to swimming pool operator Pool Corp (POOL), which plunged 9.01%, while Chesapeake Energy (CHK), whose endlessly entertaining CEO Aubrey McClendon is the cousin in law of Sports Illustrated swimsuit model Kate Upton, cratered 4.79%. And continuing our nautical theme New Oriental Education (EDU) jumped 17.89% after it vigorously denied accusations of wrongdoing leveled at it by research firm Muddy Waters.

No top-tier economic data due today but the first full week of Q2 earnings season concludes with American Electric Power (AEP), Baker Hughes (BHI), General Electric (GE), Ingersoll-Rand (IR), SunTrust (STI), and Xerox (XRX) expected to report results.

Advanced Micro Devices (AMD): The semiconductor stock is downgraded to Hold from Buy at Canaccord, whose concerns include a prolonged slowdown in PCs.

Astoria Financial (AF): Shares are downgraded to Sell from Hold at Stifel Nicolaus.

Chipotle Mexican Grill (CMG): Shares, slumping 16.5% before the bell, are downgraded to Hold from Buy by Deutsche Bank, pulled from the Conviction Buy List at Goldman, and downgraded to Neutral from Buy at Janney.

Cubist Pharmaceuticals (CBST): Shares are downgraded to Above Average from Buy at Caris on a lack of near-term catalysts.

Fresenius Medical (FMS): The company is downgraded to Hold from Buy at Jefferies.

JA Solar (JASO): JASO is downgraded to Underperform from Neutral at Macquarie.

Johnson Controls (JCI): JCI is now Neutral from Overweight at Piper Jaffray.

LaSalle Hotel (LHO): LHO is lowered to Neutral from Outperform at Cowen.

Momenta Pharmaceuticals (MNTA): UBS moves MNTA to Neutral from Buy.

Perrigo (PRGO): Shares are downgraded to Neutral from Buy at UBS.

Snap-On (SNA): The stock is downgraded to Market Perform from Outperform at Barrington.

Union Pacific (UNP): Shares are downgraded to Sector Perform from Outperform at RBC Capital.

Verizon (VZ): The Dow member is lower before the opening bell on the back of a Neutral-from-Outperform ratings reduction at Credit Suisse.

(See also: New Stock Coverage: Sluggish Start for Finish Line and Stock Upgrades: Ample Cash in eBay's Attic.)

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No positions in stocks mentioned.
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