Stock Downgrades: Deere Not Making Dough
Mick Jagger - no dummy about financial matters, having attended
the London School of Economics - was on to something when he
waxed lyrical about Ruby Tuesday
. It has been the single best day of the year in stocks and proved
so again, helping to turn the market around impressively after
Monday's steep tumble.
W.W. Grainger (GWW), which makes nails , surged 7.17% to top the S&P 500 (^GSPC) and Coca-Cola (KO), which removes rust from nails , climbed 5.69% to top the Dow (^DJI). Deckers Outdoor (DECK) jumped 3.4%, it being one of the stocks that Scott London of KPMG allegedly insider traded. A photo of him pocketing $5,000 has gone viral, and shows a True Value store over his shoulder. The dearly departed Pat Summerall, a spokesman for the hardware store , will be watching him like a hawk.
Today in economics, the Fed releases its beige book detailing regional economic conditions in a dozen districts at 2:00 p.m. Eastern. On the earnings front, Hump Day of a peak reporting week sees announcements out of Abbott Labs (ABT), American Express (AXP), Bank of America (BAC), eBay Inc. (EBAY), and Mattel (MAT).
Adecco ( AHEXY ) HSBC Securities slashes the staffing solutions stock to Neutral from Overweight.
BASF AG ( BASFY ): The German chemical giant is now Neutral from Buy at Nomura.
Continental AG ( CTTAY ): BNP Paribas reduces its rating to Neutral from Buy.
DreamWorks Animation (DWA): Two views on the movie studio, upgraded yesterday but this morning moved to Negative from Neutral at Susquehanna.
Essex Property Trust (ESS): Raymond James reduces its recommendation on the residential Real Estate Investment Trust to Outperform from Strong Buy.
Industrial Stocks : Macquarie gives Neutral-from-Outperform cuts to both Caterpillar ( CAT ), a key Dow (^DJI) component, and competitor Deere ( DE ).
Intercontinental Hotels Group (IHG): The accommodation outfit is taken to Equal Weight from Overweight by Barclays.
ITC Holdings (ITC): Deutsche Bank downgrades the firm to Hold from Buy.
M&T Bank (MTB): Keefe Bruyette cuts the company to Market Perform from Outperform.
Mercer International (MERC): MERC is moved to Hold from Buy at TD Securities.
Penn National Gaming (PENN): Susquehanna slashes the stock to Neutral from Positive.
Pepco Holdings (POM): Shares are now Underperform from Neutral at Credit Suisse.
W.W. Grainger (GWW): Yesterday's top S&P 500 (^GSPC) stock is today taken to Neutral from Buy at Longbow.
(See also: New Stock Coverage: Lululemon Stock Is Sheer Bliss and Stock Upgrades: Merrill Says Marissa Mayer's Yahoo Honeymoon Isn't Over .)