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Stock Downgrades: Microsoft Corporation's Woes Extend Way Beyond the Surface
No top-tier economic data due today, but the first full week of Q2 reporting season concludes with earnings expected out of Baker Hughes (BHI), General Electric (GE), Honeywell (HON), Ingersoll-Rand (IR), Rockwell Collins (COL), Schlumberger (SLB), Vodafone (VOD), and Whirlpool (WHR).
Advanced Micro Devices (AMD): Morgan Stanley moves the stock, falling more than 4% as I write, to Underweight from Equal Weight.
AthenaHealth (ATHN): Shares are lowered to Neutral from Buy at Lazard.
Fairchild Semiconductor (FCS): FBR Capital cuts the company to Perform from Outperform, trimming its target price by $2 to $14 amid plunging orders for personal computers.
HSBC Holdings (HBC): The financial firm is lower in today's London trading after Investec reduced its rating to Hold from Buy.
Intuitive Surgical (ISRG): The slumping owner of da Vinci robots is reduced to Underperform from Perform at JMP Securities.
Mattel ( MAT ): The beleaguered Barbie maker gets moved to Market Perform from Outperform by BMO Capital Markets.
Microsoft Corporation ( MSFT ): The key Dow (^DJI) component, slumping some 7.53% as we speak, is cut to Perform from Outperform at Raymond James. Last night's earnings announcement revealed a $900 million write-down on its Surface tablet.
Mosaic (MOS): The fertilizer firm is now Neutral from Buy at Susquehanna.
Omnicom Group (OMC): RBC Capital cuts the advertising giant to Sector Perform from Outperform.
Panera Bread (PNRA): Raymond James reduces its rating to Underperform from Market Perform.
Remy Cointreau (REMYF): JP Morgan cuts the French cognac king to Underweight from Equal Weight.
Royal Bank of Scotland (RBS): Shares are slashed to Hold from Buy at Investec.
SAP AG (SAP): The German enterprise software giant gets downgraded to Neutral from Overweight at JPMorgan.
SHFL Entertainment (SHFL): Shares, no longer trading on fundamentals after being bought, are now Hold from Buy at Brean Capital.
Stamps.com (STMP): A second downgrade of the week for the stock, now Neutral from Buy at Roth Capital.
Stryker (SYK): The medical device maker is moved to Hold from Buy with Wunderlich, whose price objective is $71. Earnings per share fell short of consensus estimates.
Taiwan Semiconductor (TSM): HSBC Securities takes the tech stock to Neutral from Overweight.
Technip (TKPPY): Shares get downgraded to Hold from Buy at Deutsche Bank.
(See also: Stock Upgrades: Don't Expect Netflix, Inc.'s House of Cards to Come Crashing Down Anytime Soon and New Stock Coverage: Fast Money Flees Sprint Nextel Corporation .)