Stock Downgrades: Foot Locker, Inc. Kicked to the Curb

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Equities rose for the first time all week on 8/8, as China's infatuation with that number once again proved lucky. Shares snapped a three-session slump after Beijing reported better-than-expected trade figures. Commodities rose right on cue, with copper hitting a two-month high as it became scarily evident the lengths people will go to get their hands on the metal . Good retail sales here at home also boosted bourses, with Victoria's Secret owner L Brands ( LTD ) advancing 5.15% to a fresh best, even as its Namibian supermodel shuns a product she is paid handsomely to endorse . Elon Musk, from nearby South Africa, saw his Tesla Motors ( TSLA ) surge 14.34% as the electric car company announced the Department of Energy's loan sharks had been paid off nine years early. Alas the London Whale continues to bedevil JPMorgan ( JPM ), down a Dow (^DJI)-worst 0.85% for its fifth straight skid. The biggest fish in the ocean is, however, currently a Karp .


Today in economics, June wholesale inventories are predicted to pick up from the prior month's pace at 10:00 a.m. Eastern. In earnings action, expect Arkansas Best ( ABFS ), Beacon Roofing Supply ( BECN ), Harvest Natural Resources (HNR), Sterling Construction (STRL), and Whitewave Foods (WWAV) to report results.

Deere (DE): UBS slashes the tractor titan to Sell from Neutral.

DeVry (DV): The education outfit is now Neutral from Buy at Compass Point, which also takes its target price down by $7 to $28. Weak student demand is an issue.

Diana Shipping (DSX): JPMorgan takes the tanker name to Neutral from Underweight.

Foot Locker, Inc. (FL): Citing slowing same-store sales growth, Goldman Sachs gives the stock a Neutral-from-Buy downgrade. The stock is, accordingly, tumbling about 2% as I write.

Gap Inc. (GHS): The khaki king gets cut to Neutral from Positive at Susquehanna.

inContact (SAAS): Shares are now Hold from Buy at The Benchmark Company after Q2 revenues failed to meet consensus estimates.

Leap Wireless (LEAP): LEAP is lowered to Underperform from Market Perform at Raymond James.

Linn Energy (LINE): Citing acquisition risk and another disappointing quarter, Oppenheimer reduces its investment assessment to Underperform from Perform with a $23 target.

Medical Properties Trust (MPW): MPW is moved to Sector Perform from Outperform at RBC Capital Markets.

Merrimack Pharmaceuticals (MACK): Cowen cuts the small cap company to Market Perform from Outperform.

Orbitz (OWW): The online travel outfit is now Neutral from Buy at Lazard. Valuation issues understandably loom large after yesterday's 36.73% surge in the stock.

Suburban Propane (SPH): Shares get downgraded to Underperform from Perform at Credit Suisse.

SunEdison (SUNE): Ardour Capital slashes the stock to Hold from Buy with an amended price objective of $8 amid concerns over its liquidity constraints.

Transocean (RIG): The oil services name gets taken to Neutral from Buy at Global Hunter Securities.

(See also: New Stock Coverage: Take-Two Interactive Software, Inc. Prepares to Party Like a Rockstar and Stock Upgrades: Cisco Systems, Inc. Is on the Right Route )



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.




This article appears in: Investing , Stocks

Referenced Stocks: ABFS , BECN , JPM , LTD , TSLA

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