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Stock Downgrades: Bed Bath & Beyond Takes a Beating


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

MINYANVILLE ORIGINAL Ugg sponsor Tom Brady now has a bruised ego to go along with his broken nose, after owner Deckers Outdoor (DECK) imploded 8.38%. FedEx (FDX), still searching frantically for Amelia Earhart, may need to locate missing profits closer to home after falling 3.06% on a dire outlook. And with Chicago's teachers finally done playing hooky, a timely analyst downgrade of video game maker and pride of the Prairie State WMS Industries (WMS) sent it sliding 6.65%.

Today in economics, August existing home sales are announced at 10:00 a.m. Eastern. In earnings action, Adobe Systems (ADBE), Ascena Retail Group (ASNA), AutoZone (AZO), Bed Bath & Beyond (BBBY), Clarcor (CLC), Cracker Barrel Old Country Store (CBRL), General Mills (GIS), Herman Miller (MLHR), and Steelcase (SCS) are all due to report results.

BB&T Corp. (BBT): The stock is cut to Market Perform from Outperform by Sanford Bernstein due to valuation concerns. The price objective remains intact at $37.

Bed Bath & Beyond (BBBY): Oppenheimer cuts the company to Market Perform from Outperform.

Bon-Ton Stores (BONT): Shares are lower this morning after being moved to Underperform from Neutral at Credit Suisse.

Broadcom (BRCM): Wells Fargo takes the tech stock to Market Perform from Outperform.

Charles Schwab (SCHW): The company is cut to Neutral from Buy at Goldman.

Chicago Bridge & Iron (CBI): Shares are moved to Neutral from Outperform at Macquarie.

GlaxoSmithKline (GSK): GSK gets downgraded to Underperform from Outperform by BNP Paribas.

Idenix Pharmaceuticals (IDIX): Bank of America-Merrill Lynch lowers the shares to Neutral from Buy.

Lam Research (LRCX): Shares are now Neutral from Buy at Citigroup.

Northern Trust (NTRS): NTRS is now Underperform from Neutral at Credit Suisse.

PriceSmart (PSMT): The stock is downgraded to Neutral from Buy at Janney Capital, whose target is $75.

Progessive Waste (BIN): BIN is now downgraded to Neutral from Overweight at JP Morgan.

Railroads: Kansas City Southern (KSU) is cut to Sell from Neutral at UBS, which gives Neutral-from-Buy reductions to competitors CSX Corp. (CSX), Union Pacific (UNP), and Norfolk Southern (NSC).

Royal Gold (RGLD): Shares are now Neutral from Overweight at HSBC Securities.

Toy Stocks: Hasbro (HAS) and Mattel (MAT) are each Hold from Buy at Needham amid weak industry sales.

Waste Management (WM): Shares are downgraded to Underweight from Neutral at JPMorgan.

(See also: Stock Upgrades: Marathon Oil in for the Long Haul and New Stock Coverage: Sherwin-Williams Set to Paint Town Red.)
No positions in stocks mentioned.
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