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Stock Downgrades: Bad Case of the Mondays for JPMorgan


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

MINYANVILLE ORIGINAL Peet's Coffee & Tea (PEET), based between the hippie heartlands of Berkeley and Oakland‏ and founded in the beatnik heyday of 1966, belatedly embraced capitalism as its stock jumped 29.41%. Big brother Starbucks (SBUX) alas fared less well. It fell 9.42% on Friday alone, which would have been enough to provoke a riot had some unusually organized anarchists not gotten there first.

Words With Friends developer Zynga (ZNGA) dropped 30.26%, doubtless causing Alec Baldwin to again turn the air blue. The real-life Democrat who plays a staunch Republican on 30 Rock should have words with his friends on both sides of the aisle, for last week witnessed egregious typos from both left and right. That's enough to make anyone despair in our educational system, especially in a week for-profit educator Devry (DV) plunged 29.27%.

Annaly Capital (NLY): NLY is now Underperform from Market Perform with Wells Fargo, which cites the potential for higher prepayments in the coming quarters among other concerns.

AkzoNobel (AKZOY): Shares get downgraded to Hold from Buy at ING Groep.

Buckle (BKE): Janney Montgomery Scott moves the stock to Sell from Neutral with a $34 price objective. Profit margins are under pressure.

Cerner (CERN): Cowen & Company cuts CERN to Neutral from Outperform.

Electronic Arts (EA): Longbow lowers the video games company to Neutral from Buy amid a lack of upcoming catalysts.

Eli Lilly (LLY): LLY is lowered to Underperform from Hold at Jefferies due to concerns for its solanezumab to treat Alzheimer's disease.

Graphic Packaging (GPK): GPK gets downgraded to Neutral from Overweight at JPMorgan.

Henkel (HENKY): The consumer products powerhouse, whose products include Dial soap, is taken to Hold from Buy at Société Générale.

PulteGroup (PHM): Shares are now Neutral from Buy at Citigroup.

Infineon Technologies (IFNNY): Jefferies cuts the stock to Hold from Buy, sending it lower in Europe this morning.

Lamar Advertising (LAMR): Shares are downgraded to Neutral from Outperform at Wedbush.

JPMorgan (JPM): Deutsche Bank downgrades the Dow member, which rose 8.8% last week to pace all blue chips. The rating is now Hold from Buy and the target is also trimmed by $3, to $40. "Given…a 19% rise in the stock off recent lows, we think the [risk/reward outlook] is less compelling," analysts wrote in a note. Shares are trading lower before the opening bell as a result.

KAR Auction Services (KAR): Valuation concerns see KAR get cut to Neutral from Buy at Goldman Sachs, whose objective is $18.

Legg Mason (LM): Shares are removed from the Top Picks Live list at Citigroup.

Newell Rubbermaid (NWL): NWL is now Equal-Weight from Overweight at Morgan Stanley.

Peet's Coffee (PEET): Shares, no longer trading on fundamentals following last week's takeover announcement, are downgraded to Hold from Buy at KeyBanc.

PetSmart (PETM): The stock is Neutral from Buy with a $70 target at Nomura.

Watson Pharmaceuticals (WPI): WPI is downgraded to Neutral from Buy at SunTrust due to declining sales in its main generic markets.

(See also: Stock Upgrades: Deere Set to Make Some Dough and New Stock Coverage: Flowers Foods Not Yet Coming Up Roses.)
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No positions in stocks mentioned.
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