Stock Downgrades: Bad Day for Goodyear


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Unless you were poor Goldman Sachs ( GS ), whose quarterly revenues tumbled 22%, it was almost impossible not to make money last week. (And, to give the beleaguered bank a break, as far as obnoxious rich types go, they are nowhere near as insufferable as Rachael Sacks .) A quick political fix sent S&P 500 (INDEXSP:.INX) issues up 2.42% to a historic high and, with red ink almost entirely absent, it was indeed easy being green. The emerald isle's own Bank of Ireland ( IRE ) advanced 14.06% and alternative energy outfit SolarCity ( SCTY ), of a similar hue , jumped 26.03%. The House of Representatives was, for once, not divided, but the same could certainly not be said for the House of Morgan. JPMorgan ( JPM ) has a multi-billion housing problem - and saw its longtime home bought by Beijing - yet its sibling Morgan Stanley ( MS ) enjoyed an earnings-related 6.2% stock surge. Elsewhere the check was in the mail for FedEx (FDX), which rose 9.1% to a record, and England's Royal Mail (LON:RMG), a 10% gainer. Across the pond of course they spell "check" cheque" but Burberry's (OTCMKTS:BURBY) check patterns look like bouncing after it fell 4.9%.

This morning in economics, analysts expect October existing home sales to slip from September's pace at 10:00 a.m. Eastern. On the corporate front, peak earnings week is upon us, with today's announcements due to include Discover Financial Services (DFS), Halliburton (HAL), Hasbro (HAS), McDonald's (MCD), Netflix (NFLX), Philips Electronics (PHG), Texas Instruments (TXN), and VMWare (VMW).

Abercrombie & Fitch (ANF): Macquarie moves the clothing company to Neutral from Outperform.

Almost Family (AFAM): Shares are slashed to Underperform from Sector Perform at RBC Capital. Its price objective, previously $18, is now $15 amid Medicare Home Health rebasing issues.

Ariad Pharmceuticals (ARIA): Three days late and a dollar short? After Friday's 40.67% fall in ARIA, Oppenheimer reduces its recommendation to Perform from Outperform.

Capital Bank (CBF): Calling the stock fairly valued at current levels, Compass Point cuts the rating to Neutral from Buy. Its target price is $24.

Celestica (CLS): Canaccord Genuity gives the electronics outfit a Hold-from-Buy downgrade.

Cereal Stocks : Kellogg (K) is cut an unusual 180 degrees, to Underperform from Buy, at Bank of America-Merrill Lynch, which lowers competitor General Mills (GIS) to Neutral from Buy.

Chipotle Mexican Grill (CMG): The fast food firm, coming off a stellar week, is moved to Hold from Buy at Miller Tabak amid understandable valuation concerns.

First Horizon (FHN): Shares are now Neutral from Overweight at JPMorgan.

Goodyear Tire & Rubber (GT): Deutsche Bank gives GT a Hold-from-Buy downgrade.

Iberdrola (OTCMKTS:IBDRY): The Spanish energy outfit is now Neutral from Outperform at Credit Suisse.

Kaiser Aluminum (KALU): Shares are cut to Hold from Buy at KeyBanc.

Luxottica (LUX): Goldman Sachs slashes the maker of Oakley sunglasses to Sell from Neutral.

Marathon Oil (MRO): MRO gets downgraded to Neutral from Buy at ISI Group.

Myriad Genetics (MYGN): MYGN is now Underperform from Neutral at Credit Suisse.

Reinsurance Group of America (RGA): Shares are moved to Market Perform from Outperform at Keefe Bruyette.

Revlon (REV): BMO Capital cuts the cosmetics company to Market Perform from Outperform.

TNT Express (OTCMKTS:TNTEY): Shares of the package delivery outfit are taken to Neutral from Buy at UBS.

Turkcell (TKC): UBS lowers its rating to Neutral from Buy.

US Silica (SLCA): The stock is moved to Market Perform from Outperform with Wells Fargo.

William Morrison Supermarkets (OTCMKTS:MRWSY): The British grocery giant gets downgraded to Sell from Hold at Deutsche Bank.

(See also: New Stock Coverage: Activision Blizzard Set to Party Up a Storm and Stock Upgrades: Unloved at Home, Apple Will Always Have Paris )

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

This article appears in: Investing Stocks
Referenced Stocks: GS , IRE , JPM , MS , SCTY

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