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Stock Downgrades: Autodesk Takes a Back Seat


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

MINYANVILLE ORIGINAL The GOP convention has postponed its start by 24 hours, giving delegates an extra day to forget the fact that Mitt Romney ended last week highlighting his success with Staples (SPLS). The same day, its shares were unceremoniously downgraded and promptly fell 1.18% to a fresh 52-week low. No top-tier economic data due today but Donaldson (DCI), Pointer Telocation (PNTR), PVH Corp. (PVH), SeaDrill (SDRL), and Tiffany (TIF) are all expected to announce quarterly earnings.

Autodesk (ADSK): Shares, which slumped 15.63% on Friday, could be under further pressure after being downgraded to Hold from Buy at Argus. A weak Q2 report and management's cautious commentary are each concerns.

BioMarin Pharmaceutical (BMRN): Shares get downgraded to Hold from Buy at Deutsche Bank, whose new price objective is $45.

Broadcom (BRCM): The tech firm is now Neutral from Buy at Nomura.

Ellie Mae Inc. (ELLI): Amid valuation concerns, the company gets cut to Equal Weight from Overweight at Stephens.

Ignite Restaurant Group (IRG): IRG is downgraded to Hold from Buy at KeyBanc.

Public Service Enterprise Group (PEG): The company is downgraded to Underperform from Perform at FBR Capital due to the current commodity environment among other issues.

Specialty Chemicals: Citing expectations for higher ethane prices, UBS lowers LyondellBasell to Neutral from Buy and Westlake Chemical (WLK) to Sell from Neutral. Its respective price objectives are $51 and $61.

(See also: Stock Upgrades: Madison Square Garden in Full Bloom and New Stock Coverage: Frozen Smiles All Round for Botox Maker Allergan.)
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