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Stock Downgrades: Don't Lose Your Shirt in Abercrombie


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

MINYANVILLE ORIGINAL Car companies, down 2% as a group, suffered the steepest slide among all twenty four S&P 500 (^GSPC) industries. The owner of Grand Theft Auto fared even worse, with Take-Two Interactive's (TTWO) stock itself now a steal after sliding 10.36%. And Time Warner (TWX) added 1.23% despite initial disappointment over sluggish ad sales growth at CNN, a company that knows better than most not to make snap judgments. Today in economics, June factory orders are expected to tick up slightly at 10:00 a.m. Eastern. In earnings action, Adidas (ADDYY), BNP Paribas (BNPQY), Cigna (CI), Duke Energy (DUK), General Motors (GM), Kellogg (K), Sharp (SHCAY), Time Warner Cable (TWC), and Zipcar (ZIP) are all due to report results.

Abercrombie & Fitch (ANF): Shares, slumping some 16% before the bell, are now Neutral from Outperform at Robert W. Baird. The target is also slashed to $32 from $55 after another earnings miss.

Amerigroup (AGP): AGP gets downgraded to Neutral from Buy at Citigroup.

Amgen (AMGN): The biotech is cut to Hold from Buy at Argus.

ArcelorMittal (MT): Bank of America-Merrill Lynch moves the steel stock to Neutral from Buy.

Armstrong World Industries (AWI): Shares are downgraded to Sector Perform from Top Pick at RBC Capital.

Bristol-Myers Sqibb (BMY): The drug stock is moved to Market Perform from Outperform at Leerink after an unexpected announcement of a safety issue with the company's Hepatitis C treatment.

Cerner (CERN): CERN is cut to Perform from Outperform at Leerink Swann.

Devon Energy (DVN): DVN is downgraded to Neutral from Outperform at Macquarie.

DryShips (DRYS): Deutsche Bank downgrades DRYS to Hold from Buy.

Fertilizer Stocks: Dahlman Rose downgrades Agrium (AGU) and Potash Corp. of Saskatchewan (POT) to Hold from Buy due to yield damage from drought conditions.

Fresenius Medical (FMS): Shares are now Neutral from Overweight with HSBC Securities.

Halozyme Therapeutics (HALO): HALO is cut to Underperform from Hold at Jefferies.

Harley-Davidson (HOG): Concerned about an uncertain second half sales outlook, Longbow lowers the motorcycle icon to Neutral from Buy.

Healthcare Realty (HR): HR is now Neutral from Buy at Davenport

Hill-Rom Holdings (HRC): Piper Jaffray cuts the medical instruments company to Neutral from Overweight.

HSN Inc. (HSNI): The Home Shopping Network owner is downgraded to Hold from Buy at Stifel Nicolaus due to valuation concerns.

Knight Capital Group (KCG): The stock, slumping further this morning, is moved to Market Perform from Strong Buy at Raymond James.

MGM Resorts (MGM): Shares are moved to Neutral from Buy at Bank of America-Merrill.

National Australia Bank (NABZY): The stock is now Neutral from Buy at Citigroup.

Ntelos Holdings (NTLS): Shares are taken to Perform from Outperform at FBR Capital.

Owens Corning (OC): RBC Capital cuts OC to Sector Perform from Outperform.

Pharmacyclics (PCYC): Shares are downgraded to Hold from Buy at Needham.

Starbucks (SBUX): Citing slower growth prospects, Argus takes a Hold-from Buy cut to SBUX.

Stryker (SYK): The company is now Neutral from Overweight at Piper Jaffray.

Veolia Environnement (VE): Shares are moved to Neutral from Buy by Bank of America-Merrill Lynch.

Wright Express (WXS): The firm is lowered to Neutral from Buy at Sterne Agee.

(See also: Stock Upgrades: Dark Days Finally Over for First Solar? and New Stock Coverage: Analyst in No Rush to Buy Swift Transportation.)
No positions in stocks mentioned.
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