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Stock Downgrades: Rotten Day for Apple

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

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MINYANVILLE ORIGINAL Whirlpool (WHR), whose Maytag repairmen aren't exactly overworked, slid 7.56%, while Herman Miller (MLHR), inventor of the office cubicle designed to make us all more productive, lost 4.99%. The day's other Debbie Downers included Downers Grove-based Devry (DV), a 24.53% tumbler, and Dover Downs (DDE), which gave up 2.37%. Hertz (HTZ), which once turned to a famous football player for inspiration, dropped 5.29%. Rent-A-Center (RCII), which does the same rather more successfully, rose 6.54%.

Today in economics, analysts expect an increase in June new home sales at 10:00 a.m. Eastern. It's Hump Day of another frenzied week for Q2 earnings announcements, with ArcelorMittal (MT), Boeing (BA), Caterpillar (CAT), Daimler (DDAIF), Ford (F), GlaxoSmithKline (GSK), Nintendo (NTDOY), RadioShack (RSH), and Visa (V) all due to report results.

AmSurg (AMSG): The stock is downgraded to Hold from Buy at Jefferies.

Apple Inc. (AAPL): Shares are downgraded to Outperform from Strong Buy at Raymond James to reflect reduced iPhone growth. The target is taken down to $730.

Avery Dennison (AVY): AVY is downgraded to Underperform from Neutral at Bank of America-Merrill Lynch.

Buckle (BKE): Shares are downgraded to Underweight from Hold at KeyBanc.

CH Robinson (CHRW): CHRW gets downgraded to Hold from Buy at Deutsche Bank.

Cymer (CYMI): The stock is downgraded to Hold from Buy at Stifel Nicolaus.

Deckers Outdoor (DECK): DECK is now Neutral from Buy at Lazard Capital.

ENI SpA (E): Shares are downgraded to Neutral from Overweight with HSBC Securities.

Gentex (GNTX): The stock is downgraded to Hold from Buy at Craig Hallum.

International Game Technology (IGT): IGT gets cut to Neutral from Outperform at Credit Suisse.

MWI Veterinary Supply (MWIV): Shares are downgraded to Neutral from Overweight at Piper Jaffray.

Netflix (NFLX): NFLX is now Neutral from Overweight at Piper Jaffray. Shares are slumping before the bell.

RadioShack (RSH): RSH is downgraded to Hold from Buy at Stifel Nicolaus.

RF Micro Device (RFMD): The stock is downgraded to Sell from Neutral at UBS.

Sigma-Aldrich (SIAL): Crédit Agricole cuts the company to Outperform from Buy.

Southwest Gas (SWX): Shares are downgraded to Neutral from Buy at Citigroup.

Teekay Tankers (TNK): TNK is taken to Underperform from Neutral at Bank of America-Merrill Lynch.

Total System (TSS): Shares are downgraded to Market Perform from Outperform at JMP Securities.

United Parcel Service (UPS): The stock is now Neutral from Buy at Bank of America-Merrill Lynch.

Wipro (WIT): The Indian outsourcer is now Neutral from Overweight at HSBC Securities.

(See also: New Stock Coverage: Legg Mason on Last Legs? and Stock Upgrades: Domino's Not Dropping Anytime Soon.)
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No positions in stocks mentioned.
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