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Stock Downgrades: Analyst Tires of Michelin


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

MINYANVILLE ORIGINAL Groupon (GRPN) gapped down 9.09% to a fresh low, and if such a showing is enough to again drive its CEO to drink, shareholders will hope it is with Diageo (DEO) after the Guinness-maker gained 1.29% to hit an all-time high. And soon after comments by European Central Bank president Mario Draghi sent stocks to their best two-day surge all year, he was dismissed by one leading economist as the "leader of NATO – No Action, Talk Only." Yet verbal diarrhea is surely far preferable to constipation. Especially after Progenics Pharmaceuticals (PGNX) slid 50.09% on news its medicine to treat the latter aliment was rejected for extended use.

This morning the July Chicago Purchasing Managers' Index is out at 9:45 a.m. Eastern, and this month's consumer sentiment survey from the Conference Board arrives at 10:00 a.m. 16% of S&P 500 companies report earnings this week, with today's announcements expected to include Aetna (AET), BP Plc (BP), Discovery Communications (DISCA), Fiat (FIATY), Honda (HMC), Panasonic (PC), Pfizer (PFE), and Thomson Reuters (TRI).

Advent Software (ADVS): Shares are now Neutral from Outperform with Wedbush.

Arthur J. Gallagher & Co (AJG): The insurance outfit is downgraded to Equal Weight from Overweight by Barclays.

Boardwalk Pipeline Partners (BWP): The stock is downgraded to Neutral from Outperform at Credit Suisse amid balance sheet concerns. The new price objective is $28, down from $30.

Cablevision (CVC): Citigroup culls CVC from its Top Picks Live list.

CafePress (PRSS): Shares are downgraded to Neutral from Overweight at JPMorgan.

Coach (COH): Shares, slumping ahead of the open, are now Neutral from Overweight at Piper Jaffray.

Dendreon (DNDN): DNDN is downgraded to Hold from Buy at Deutsche Bank due to infrastructure risk.

Dow Chemical (DOW): The company is cut to Hold from Buy at Argus.

Las Vegas Sands (LVS): LVS gets lowered to Hold from Buy at Argus. Increased government regulation in Singapore is a worry.

Legg Mason (LM): LM is downgraded to Negative from Neutral at Susquehanna.

Michelin (MGDDY): Shares in the French tire firm are trading lower in Paris today on a downgrade by JPMorgan to Neutral from Overweight.

Pitney Bowes (PBI): PBI is downgraded to Hold from Buy at Brean Murray.

PMC-Sierra (PMCS): The tech stock is taken to Hold from Buy with Wunderlich, whose target is lowered to $6.50.

Ryanair (RYAAY): The budget Irish airline is downgraded to Market Perform from Outperform at Raymond James amid increased competition and European macroeconomic softness.

Statoil (STO): The Norwegian energy giant is now Hold from Buy at Deutsche Bank.

Teck Resources (TCK): Deutsche Bank takes TCK to Hold from Buy.

Tessera Technologies (TSRA): Bank of America-Merrill Lynch moves the shares to Underperform from Neutral.

Vertex Pharmaceuticals (VRTX): Shares are now Neutral from Overweight at Piper Jaffray.

(See also: Stock Upgrades: Facebook Finally Finds a Friend and New Stock Coverage: Warm Welcome for Hot Topic.)
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