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Stock Downgrades: Best Buy Goes From Bad to Worse


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

MINYANVILLE ORIGINAL An erotic thriller for women boosted results at Barnes & Noble (BKS), though it did nothing for the stock, down 3.89%. The men of Wall Street also appear to be warming to its subject matter of stocks and bonds…sorry, bondage. One only hopes they are protecting their portfolios with Church & Dwight (CHD), a company whose CEO says, "We're involved in 520 million sex acts" annually. The maker of Trojan condoms surged some 5.11% yesterday.

Today in economics, petroleum inventories are out at 10:30 a.m. Eastern, with minutes to the Federal Open Market Committee's July 31-August 1 meeting released at 2:00 p.m. In earnings action, American Eagle Outfitters (AEO), Bank of China (BACHY), Diageo (DEO), Eaton Vance (EV), Guess (GES), Hewlett-Packard (HPQ), Krispy Kreme Doughnuts (KKD), Pacific Sunwear of California (PSUN), and Toll Brothers (TOL) are all due to report results.

Agnico-Eagle (AEM): Global Hunter gives the mining outfit a Neutral-from-Accumulate cut.

Anglo American (AAUKY): Shares are lower before this morning's opening bell on a downgrade to Underweight from Neutral at JPMorgan.

Best Buy (BBY): The stock, down again this morning after falling to a fresh nine-year low yesterday, is now Underperform from Neutral with Wedbush amid deteriorating fundamentals. The target is $14.50.

Clearwire (CLWR): Shares are cut to Underperform from Sector Perform at RBC Capital.

Coca-Cola Hellenic Bottling (CCH): Citi cuts the company to Underweight from Neutral.

CNOOC Limited (CEO): CEO gets downgraded to Hold from Buy at Deutsche Bank.

Ferrellgas Partners (FGP): UBS lowers the limited partnership to Sell from Neutral at UBS. Its price objective of $16.50 remains intact.

GlaxoSmithKline (GSK): Shares are moved to Underweight from Neutral at JPMorgan based on 2013 earnings risk.

Group 1 Automotive (GPI): GPI gets downgraded to Hold from Buy at KeyBanc.

Republic Airways (RJET): The rating is reduced to Equal Weight from Overweight at Evercore.

Trina Solar (TSL): Lazard takes TSL to Neutral from Buy at Lazard Capital to reflect a lack of near-term earnings catalysts.

(See also: Stock Upgrades: Las Vegas Sands Is in Luck and New Stock Coverage: Del Frisco's Steaks Its Claim.)
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No positions in stocks mentioned.
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