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Stock Downgrades: Checks Bouncing at Burberry


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

MINYANVILLE ORIGINAL Geron Corp. (GERN) fell 55.86%, making it easily the Nasdaq's (^IXIC) poorest performer. The company is best known for conducting the world's first clinical trial of an embryonic stem cell therapy. Stem cells predictably dominate today's front page, along with other perennial political hot potatoes, such as Social Security and whether tax cuts can give our moribund economy a lift. September 11, 2012? No, September 11, 2001, which like this one was a Tuesday bathed in brilliant sunshine. So little has changed. And so much.

AmerisourceBergen (ABC): Shares are now Neutral from Conviction Buy at Goldman Sachs, which is concerned about a lack of catalysts. The target price is also taken down by $3 to $42.

Burberry (BURBY): The upscale British fashion retailer, famous for its check patterns, is Neutral from Buy at Nomura. Shares are sliding some 19% in London this morning.

Coach (COH): The luxury retailer is downgraded to Hold from Buy at Brean Murray due to valuation issues.

ING Groep (ING): Shares get downgraded to Neutral from Outperform at Macquarie.

Louisiana-Pacific (LPX): Crédit Agricole lowers LPX to Underperform from Outperform.

Majesco Entertainment (COOL): COOL is cut to Hold from Buy at Needham.

Navidea Biopharmaceuticals (NAVB): The small cap is now Hold from Buy at ThinkEquity amid a lack of visibility on the FDA's review process.

Owens-Illinois (OI): Shares are slashed to Neutral from Buy at Citigroup.

Quaker Chemical (KWR): Janney Montgomery Scott moves the stock to Neutral from Buy.

TIBCO Software (TIBX): TIBX is taken to Hold from Buy at ThinkEquity.

Unicredit (UNCFF): The Italian financial firm gets reduced to Hold from Buy at Société Générale.

Watson Pharmaceuticals (WPI): The stock, at all time highs, is downgraded to Buy from Conviction Buy at Goldman due to relative valuation.

(See also: Stock Upgrades: Smooth Sailing for Catamaran Corp. and New Stock Coverage: Cable Guy Says Buy Comcast.)
No positions in stocks mentioned.
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