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Stock Downgrades: Raspberries Keep Coming for Research In Motion


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

MINYANVILLE ORIGINAL In analyst action yesterday a bullish buy initiation of Cytokinetics (CYTK) was powerless to prevent its 3.08% slide. Wall Street has high hopes for the company's potential to treat amyotrophic lateral sclerosis, better known as Lou Gehrig's disease, but an item once owned by the real thing may prove more lucrative today.

Despite a similarly upbeat research recommendation on Tiffany (TIF), that stock also ended lower. This added insult to injury for engagement bling ring-wearing Maria Sharapova on the day she made a surprise exit at Wimbledon. (The Russian knows better than most that in tennis, if not in life, love means nothing.) And speaking of Diamonds, on the eve of Independence Day the English just avenged 1776, unceremoniously dumping the American CEO of British bank Barclays (BCS). His birthplace? Concord, Massachusetts, where they know all about firings, it being home to the "the shot heard 'round the world" and all.

Ahead of the July 4th holiday, markets will close early, and no quarterly earnings of note are scheduled. In economics, May factory orders are expected to show a slight increase at 10:00 a.m. Eastern.

ADTRAN (ADTN): The stock is downgraded to Equal Weight from Overweight at Barclays.

Anworth Mortgage Asset Corporation (ANH): Shares are cut to Hold from Buy at Stifel Nicolaus, which notes it has the lowest net interest spread in the agency REIT group.

Bank of Kentucky (BKYF): Shares are cut to Neutral from Outperform Buy at Robert W. Baird due to valuation concerns.

Bebe Stores (BEBE): The stock is now Neutral from Outperform with Wedbush.

Brightpoint (CELL): Citi cuts CELL to Neutral from Buy.

Copa Holdings (CPA): The Latin American airline gets lowered to Equal Weight from Overweight at Evercore.

CPFL Energia (CPFL): Barclays takes the Brazilian utility to Underweight from Equal Weight.

CTC Media (CTCM): CTCM is reduced to Neutral from Buy at UBS.

Ingram Micro (IM): Shares are lower before the bell after being moved to Market Perform from Strong Buy at Raymond James.

InterDigital (IDCC): Barclays cuts the firm to Equal Weight from Overweight.

Lenovo Group (LNVGY): The Asian PC maker is lowered to Underperform from Hold at Jefferies.

Lincare (LNCR): Shares are downgraded to Market Perform from Outperform at Raymond James.

LM Ericsson (ERIC): The Swedish telecom titan is slashed to Sell from Hold at Danske Markets.

Lumber Liquidators (LL): LL is lowered to Hold from Buy at Keybanc, which sees risk from increasingly difficult comparisons for both the company and entire flooring industry in the second half of the year.

Research In Motion (RIMM): The BlackBerry maker, trading at fresh lows, gets downgraded to Underweight from Equal Weight by Barclays.

Royalty Trusts: SandRidge Permian Trust (PER) is downgraded to Hold from Buy with Wunderlich, which takes SandRidge Mississippian Trust I (SDT) to Sell from Hold with a $23 target.

Time Warner Telecom (TWTC): Shares are removed from the Top Picks Live list at Citigroup and downgraded to Market Perform from Strong Buy at Raymond James.

Triangle Capital (TCAP): Robert Baird takes TCAP to Neutral from Outperform.

(See also: New Stock Coverage: Cemetery Stock Stewart Enterprises Back From the Dead and Stock Upgrades: Eastman Chemical Shares Set to Head North.)
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