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Stock Downgrades: Cliffs Natural Resources Can't Move Mountains

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

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MINYANVILLE ORIGINAL The Democratic convention unveiled Arkansas Best (ABFS) last night. (The man from Hope, not the stock, which tumbled 2.79%.) Mr. Clinton, whose election mantra was, "It's the economy, stupid," promptly propelled For Dummies publisher John Wiley & Sons (JW-A) up 2.69%.

TiVo Inc. (TIVO), which surged 5.01% on an analyst upgrade twenty-four hours earlier, scored another bullish recommendation just before our 42nd Chief Executive took to the stage. The company, of course, remains best known for a memorable wardrobe malfunction and coincidentally Bill…well, we won't go there. Suffice to say the man known as "Slick Willie" has historically made no attempt to hide his love of Saks (SKS), and surely feels its pain after the equity imploded 3.21%.

Today in economics, the Institute for Supply Management's August non-manufacturing index is out at 10:00 a.m. Eastern. In earnings action, Aceto Corp. (ACET), Bazaarvoice (BV), Cherokee Inc. (CHKE), Descartes Systems (DSGX), Hooker Furniture (HOFT), Mattress Firm Holding (MFRM), Navistar International (NAV), Quiksilver (ZQK), Smith & Wesson (SWHC), and Ulta Beauty (ULTA) are all due to report results.

ASML Holding (ASML): Société Générale slashes the stock to Hold from Buy.

Barclays (BCS): Credit Suisse downgrades the bank to Neutral from Outperform.

Cliffs Natural Resources (CLF): Shares, slumping in recent months, are now Neutral from Buy at UBS which sees a risk to the 7% dividend given the fall in iron ore prices. The target is also taken down substantially, to $35 from $58.

Harmony Gold Mining (HMY): HMY is now Neutral from Overweight at JPMorgan

Iberdrola (IBDRY): The Spanish energy giant gets downgraded to Underperform by BNP Paribas.

Ingersoll-Rand (IR): Morgan Stanley moves the stock to Equal-Weight from Overweight.

Nokia (NOK): NOK is now Sell from Hold at Deutsche Bank, which says the Windows 8 phone is not a game changer.

NTT DoCoMo (NTT): Shares get downgraded to Neutral from Buy at Goldman Sachs due to a general lack of catalysts.

OCZ Technology (OCZ): The stock, tumbling about 21% today, is downgraded to Hold from Buy at Needham.

Seagate Technology (STX): Needham slashes the shares to Hold from Strong Buy.

(See also: Stock Upgrades: AK Steel Looks Like a Bargain and New Stock Coverage: Cash America Not Quite a Pawn Star.)
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No positions in stocks mentioned.
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