Stock Downgrades: Procter & Gamble Is All Out of Luvs

By Justin Sharon,

Shutterstock photo

Shares surged yet again in the sort of session only Occupy Wall Street, celebrating their second anniversary , could complain about. (Then again, for the organization to protest making money really would be a bit rich .) The Nasdaq (INDEXNASDAQ:.IXIC) hit a new 13-year high, paced by a 25.11% gain in double-chin drug maker Kythera Biopharmaceuticals ( KYTH ) because, well, Anjelica Huston, we have a problem .

With all eyes on the imminent end of the good ship QE, Royal Caribbean Cruises ( RCL ) rose for a remarkable - and record-breaking - 13th successive session. This as Carnival Corporation's ( CCL ) Costa Concordia emerged at last from its watery depths . In analyst action, Franklin Covey ( FC ), of Seven Habits fame, jumped 6.32% on a broker boost , and Fifth Third ( FITB ) was at sixes and sevens after a rating reduction .

Today the Federal Open Market Committee concludes its two-day policy setting meeting in Washington, DC, with an interest rate announcement expected at 2:00 p.m. Eastern. Ben Bernanke is due to host a press conference at 2:30 p.m. In corporate earnings action, Cracker Barrel (CBRL), FedEx (FDX), General Mills (GIS), Manchester United (MANU), and Oracle (ORCL) are all slated to release results.

Acuity Brands (AYI): UBS lowers the lighting name to Neutral from Buy.

Caterpillar (CAT): The company, a key Dow (INDEXDJX:.DJI) component, is reduced to Neutral from Buy at Robert W. Baird. Issues in both mining and earth moving equipment are likely to be an overhang, the bank believes.

Consumer Stocks : Barclays cuts Clorox (CLX) to Underweight from Equal Weight and inflicts an Equal Weight-from-Overweight rating reduction on Procter & Gamble (PG), the Dow member whose ubiquitous brands include Charmin, Gillette, and Luvs. P&G's shares are treading water until the company produces a quicker growth rate.

Elizabeth Arden (RDEN): B. Riley & Co cuts the cosmetics company to Neutral from Buy.

Exelon (EXC): RBC Capital Markets moves the nuclear power play to Sector Perform from Outperform.

Intuit (INTU): The TurboTax owner is taken to Underweight from Equal-Weight at Morgan Stanley.

James River Coal (JRCC): The commodity company gets moved to Underweight from Hold by BB&T Capital Markets.

Joy Global (JOY): Robert W. Baird gives JOY a Neutral-from-Buy downgrade, trimming its target price by $2 to $55 amid ongoing uncertainty in Latin America.

(See also: New Stock Coverage: Sprint Stuck in the Starting Blocks and Stock Upgrades: Tilly's Is a Teenage Dream .)

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: CCL , FC , FITB , KYTH , RCL

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