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Stock Downgrades: Taking Scissors to Paper Stock Rock-Tenn


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

MINYANVILLE ORIGINAL Gap's (GPS) Old Navy made a major boo-boo pertaining to 1961, the same year Bill Clinton - who has more reason than most to curse the company - used as a starting point to prove Democrats are better job creators than Republicans. That may be true, but no member of his party who convened in Charlotte enjoyed anything like the bounce of hometown hero Bank of America (BAC), which jumped 10.14% to top the Dow (^DJI).

Today in economics, July consumer credit is expected to show an expansion at 3:00 p.m. Eastern. In earnings action, Astoria Financial (AF), Five Below (FIVE), John Wiley & Sons (JW-A), Orchard Supply Hardware (OSH), Peregrine Pharmaceuticals (PPHM), Shuffle Master (SHFL), and Titan Machinery (TITN) are all due to report results.

Amdocs (DOX): DOX gets downgraded to Hold from Buy at Jefferies, whose price target is intact at $35.

Apollo Investment (AINV): Shares are downgraded to Equal Weight from Overweight by Barclays.

AstraZeneca (AZN): The stock is lower in London this morning after Bank of America-Merrill Lynch cut it to Underperform from Neutral.

Biotechs: Biogen Idec (BIIB) and Celgene (CELG) are both now Neutral from Buy at UBS.

Cliffs Natural Resources (CLF): CLF is downgraded to Neutral from Buy at Goldman Sachs.

Colfax (CFX): Shares are cut to Hold from Buy at BB&T Capital.

Ericsson (ERIC): The company is downgraded to Neutral from Buy at UBS.

Exelon (EXC): Shares are slashed to Sell from Neutral at Citigroup amid increased dividend risk.

Fifth Third Bancorp (FITB): Shares are downgraded to Perform from Outperform at Oppenheimer.

Financials: Bank of New York Mellon (BK) is downgraded to Outperform from Strong Buy at Raymond James, which reduces State Street (STT) to Market Perform from Outperform.

Gol Linhas Aéreas Inteligentes (GOL): The Brazil-based airline is downgraded to Market Perform from Outperform at Raymond James.

Hubbell (HUB-B): Shares are now Neutral from Overweight at JPMorgan.

Infineon (IFNNY): The stock is downgraded to Neutral from Buy at Natixis Bleichroeder.

Paper & Packaging: Citing concerns the autumn price hike is not a done deal, Deutsche Bank gives Hold-from-Buy downgrades to International Paper (IP), Packaging Corp. (PKG), and Rock-Tenn (RKT).

Philips Electronics (PHG): The stock is now Neutral from Buy at Goldman Sachs.

Repsol (REPYY): The stock is downgraded to Underperform from Neutral at Macquarie.

Seadrill (SDRL): Shares are now Neutral from Overweight at HSBC Securities.

Seagate (STX): STX gets taken to Hold from Buy at Argus.

Tyco International (TYC): TYC gets taken to Neutral from Overweight at JPMorgan.

Wells Fargo (WFC): The company is cut to Buy from Conviction Buy at Goldman Sachs.

(See also: New Stock Coverage: Rush to Fall in Love With Hi-Crush Partners and Stock Upgrades: Kraft Cracks a Smile After Saying 'Cheese.')
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