Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stock Downgrades: Nike Just Not Doing It

By

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

PrintPRINT
MINYANVILLE ORIGINAL Travelers (TRV) advanced 0.88% to a fresh historic high and travelers' diarrhea sent Santarus (SNTS) up 4.75%. Firearms firm Smith & Wesson (SWHC) gained another 3.50% as its products continue to find ever more novel uses.

Apple Inc. (AAPL) rose 1.39% as it unveiled an iPhone 5 whose Siri voice recognition now comes in many more languages. She still has a famously hard time hearing the impenetrable brogues of Bravehearts but money talks, even when no one is listening. Ask kilted clansman Andy Murray. Fresh from pocketing $1.9 million in the US Open, he saw sponsor Royal Bank of Scotland (RBS) continue a recent run by rising 4.37%.

The blue-bloods of Burberry (BURBY) tend to speak in perfectly enunciated English yet, a day after it tumbled 21%, the firm founded in 1856 will be especially annoyed to see Abercrombie & Fitch (ANF) jump 5.42%. Bowler-hatted Brits apparently don't much care for the American upstart, founded in 1892.

Today at 12:30 p.m. Eastern, the Federal Open Market Committee is expected to announce its eagerly awaited decision on interest rates. The Fed's economic forecasts follow at 2:00 p.m., and Ben Bernanke holds his press conference at 2:15 p.m. In earnings action, Analogic (ALOG), Pier 1 Imports (PIR), and SED International (SED) are all due to report results.

AT&T (T): The blue chip is taken to Hold from Buy at Hudson Square Research.

BAE Systems (BAESY): Amid merger speculation, the British aerospace-and-defense company downgraded to Sell from Hold at Société Générale.

Corcept Therapeutics (CORT): Piper Jaffray cuts the small cap to Neutral from Overweight.

Darden Restaurants (DRI): Robert W. Baird downgrades the Red Lobster and Olive Garden owner to Neutral from Outperform with a price objective of $58. The company still faces near-term headwinds.

European Aeronautic Defence & Space (EADSY): The Airbus parent is cut to Hold from Buy at Deutsche Bank, which points to integration risk from the company's potential merger with BAE Systems (BA.L).

Lukoil (LUKOY): JPMorgan lowers the Russian energy company to Neutral from Overweight.

Nestlé (NSRGY): Shares are now Neutral from Buy at HSBC Securities.

Nike (NKE): The company is cut to Neutral from Buy at Citigroup amid the potential for deceleration in futures orders. The target price is now $101.

Northrop Grumman (NOC): Expressing concerns over its outsized exposure to a declining U.S. defense budget, UBS slashes the aerospace outfit to Sell from Neutral. The target is also trimmed by $1, to $63.

Semiconductor Stocks: Citigroup cuts Dow (^DJI) component Intel (INTC) (target taken to $25.75 from $32) to Neutral from Buy, along with Advanced Micro Devices (AMD) and Marvell (MRVL). Concerns include a lack of catalysts after its channel checks in Asia suggested the negative PC environment is likely to persist over the intermediate term.

T. Rowe Price (TROW): TROW is taken to Neutral from Outperform at Credit Suisse.

Tyco International (TYC): Barclays takes TYC to Equal Weight from Overweight.

United Parcel Service (UPS): Shares are downgraded to Equal Weight from Overweight by Barclays.

(See also: Stock Upgrades: Jive Software Set to Jump and New Stock Coverage: Coach Stuck in Neutral.)
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT

Busy? Subscribe to our free newsletter!

Submit
 

WHAT'S POPULAR IN THE VILLE