Thursday, September 20, 2012

Stock Downgrades: Bad Day For Big Banks - Minyanville

MINYANVILLE ORIGINAL S?o Paulo air carrier?GOL Linhas A?reas Inteligentes?(GOL), up 21.00% last week, gained a further 3.15%. Scant consolation for f?tbol-mad Brazilians who preposterously find the five-time World Cup winners?ranked below Greece?in the latest standings. An enterprising woman?posted her resume on a billboard?owned by?Clear Channel Outdoor Holdings (CCO). Clever, but she would have been better simply investing in the stock, which surged some 16.85% after-hours.
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Garbage stock?Waste Management (WM) dropped 3.68% in the?S&P 500?s (^GSPC) poorest performance and laundromat operator?Mac-Gray Corp?(TUC) was equally messy in falling 5.32%. And investing in coal company?Alpha Natural Resources?(ANR) continues to be as?painful as walking over its principal product. Shares, down another 3.17%, have now lost about three-quarters of their value in a year.
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Today in economics, August Leading Indicators and the Philadelphia Fed Index for September are each out at 10:00 a.m. Eastern. In earnings action, CarMax (KMX), Cintas (CTAS), ConAgra (CAG), Jefferies Group (JEF), Marcus Corp. (MCS), Oracle (ORCL), Rite Aid (RAD), Scholastic (SCHL), and Tibco Software (TIBX) are all due to report results.
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AllianceBernstein?(AB): Bank of America-Merrill Lynch lowers the stock to Underperform from Neutral.
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Amcol?(ACO): Shares are cut to Neutral from Buy at Sterne Agee.
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Banks:?Citigroup?(NYSE:C),?Goldman Sachs?(NYSE:GS), and?Morgan Stanley?(NYSE:MS) ($19 price objective) are all now Neutral from Buy at UBS, which takes a more cautious stance on the sector following recent strength.
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Clean Harbors?(CLH): CLH gets cut to Neutral from Outperform with a new lower target of $58 at Robert W. Baird.
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Coach?(COH): COH is now Neutral from Outperform at Credit Suisse due to valuation issues and increasing competitive pressures.
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GT Advanced Technologies?(GTAT): The name is now Sector Perform from Outperform at Pacific Crest.
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Halliburton?(HAL): Cr?dit Agricole cuts the company to Underperform from Outperform.
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Iconix Brand?(ICON): ICON is taken to Hold from Buy at The Benchmark Company.
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Marriott International?(MAR): MAR is moved to Neutral from Overweight at JPMorgan.
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Norfolk Southern?(NSC): The railroad is reduced to Market Perform from Outperform with Wells Fargo amid earnings growth issues.
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NV Energy?(NVE): NVE is now Neutral from Buy at Goldman.
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Questcor Pharmaceuticals?(QCOR): Shares are downgraded to Hold from Buy at Jefferies.
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St. Jude Medical?(STJ): The stock is now Neutral from Buy at Mizuho, whose target is $45. Market share erosion is among its concerns.
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US Steel?(X): Shares are lower before the bell on a downgrade to Neutral from Buy at Nomura, whose concerns include excess capacity in China.

(See also: Stock Upgrades: Impressive Liquid Assets at American and New Stock Coverage: CoreLogic (NYSE:CLGX) Makes Cents.)

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.

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Source: http://www.minyanville.com/trading-and-investing/stocks/articles/upgrades-downgrades-initiations-stock-market-analyst/9/20/2012/id/44178

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