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Stock Downgrades: Advanced Micro in Retreat

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

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MINYANVILLE ORIGINAL Digital Domain Media Group (DDMG), which brought both Tupac and Orville Redenbacher back from the dead, fell 2.28% ahead of the holiday. Not to worry; the funeral sector surged on an upbeat research recommendation. And while cemetery stocks were putting the fun in funerals, Bob Diamond was putting the lie in Libor.

Today in economics, the Institute for Supply Management's June services index is seen slipping slightly at 10:00 a.m. Eastern. In earnings action, International Speedway (ISCA) is the standout of a slow session for quarterly announcements.

Advanced Micro Devices (AMD): The semiconductor stock is now Neutral from Buy with an $8.50 price objective at Sterne Agee, which says the slowing Personal Computer market limits upside potential.

Aegon N.V. (AEG): Shares get downgraded to Hold from Buy at ING Group.

AngloGold (AU): UBS moves the commodity company to Neutral from Buy.

Anworth Mortgage (ANH): The small cap stock is cut to Neutral from Buy at boutique brokerage B. Riley.

ArcelorMittal (MT): MT is moved to Neutral from Overweight at HSBC Securities, whose target price is $18.30. Business conditions continue to deteriorate.

Brookfield Asset Management (BAM): The stock is now Neutral from Outperform at Credit Suisse.

E.ON AG (EONGY): Citigroup cuts the German utility giant to Sell from Neutral.

Solazyme (SOLZ): Shares are moved to Market Perform from Outperform at Raymond James.

Territorial Bancorp (TBNK): Raymond James takes TBNK to Market Perform from Outperform.

Veolia Environnement (VE): The stock is slumping ahead of the open after being slashed to Sell from Neutral at UBS.

(See also: Stock Upgrades: Green Ink for Blackstone and New Stock Coverage: Riches Rain Down on Seattle Genetics.)
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No positions in stocks mentioned.
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