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Stock Downgrades: Netflix, Inc. Now Swimming Upstream
Markets worldwide suffered from a bad case of broken China on
Monday, although equities did end off their worst levels after a "
" comment from a Fed official. (Mr. Fischer clearly confused taper
, but with
) surging 11.25% amid the mayhem, at least said pig will have
adequate lipstick on it.)
As an aging Apple Inc. ( AAPL ) device went up for auction , the company now officially appears to have a great future behind it; shares tumbled 2.65% for a fifth straight decline. Bank of America ( BAC ) slumped 3.07% to lead the Dow (^DJI) lower, the stock a dead man walking hours before it sponsored a viewing of Invasion of the Body Snatchers . National Bank of Greece ( NBG ) hit an all-time low to take its 12-month tumble to 76.37%.
The ghost of Jimmy Costas, a 1920s Greek greengrocer who gave us the immortal phrase " Yes, We Have No Bananas, " fared far better, however, as Chiquita Brands ( CQB ) rode a broker boost to surge some 6.10%. Enjoy it while it lasts .
Today in economics, May new home sales and June consumer confidence are each out at 10:00 a.m. Eastern. On the corporate front, Apollo Group (APOL), Barnes & Noble (BKS), Carnival Corporation (CCL), Lennar (LEN), Smith & Wesson (SWHC), and Walgreen (WAG) are all due to announce earnings.
Agilent Technologies Inc. (A): Shares get taken to Neutral from Buy at Goldman Sachs.
Allergan, Inc. (AGN): Another downgrade for yesterday's worst performing S&P 500 (^GSPC) stock, which Wells Fargo moves to Market Perform from Outperform this morning.
American Vanguard Corp. (AVD): Piper Jaffray reduces its rating to Neutral from Buy.
Chinese Gaming Stocks : Sands China Ltd. (SCHYY) and WYNN MACAU (WYNMF) are both downgraded to Hold from Buy at Deutsche Bank.
Coach, Inc. (COH): Lazard lowers the upscale retailer to Neutral from Buy due to increased competitive pressures.
Demand Media Inc (DMD): Shares are slashed to Hold from Buy at Stifel, which cites the loss of high margin advertising dollars.
Melco Crown Entertainment Ltd (MPEL): Deutsche Bank moves the equity to Hold from Buy.
Netflix, Inc. (NFLX): The video-streaming service, the top S&P 500 stock of 2013, is now Underperform from Market Perform with a $180 price objective at Sanford Bernstein. Analysts wrote in a note that "Its current valuation reflects unrealistic expectations across all major economic levers of the business." Shares are currently down about 2% as a result.
Pan American Silver Corp. (USA) (PAAS): Shares are cut to Market Perform from Outperform with an amended $10.53 price objective at Cowen, which notes lower silver prices have hampered earnings potential.
Qiwi PLC (QIWI): The electronic online payment provider is moved to Neutral from Buy at JPMorgan.
Sunoco Logistics Partners L.P. (SXL): Bank of America-Merrill Lynch lowers the energy outfit to Neutral from Buy.
Vanguard Health Systems, Inc. (VHS): Shares, no longer trading on fundamentals following yesterday's acquisition offer, get downgraded to Hold from Buy at Deutsche Bank.
Western Gas Partners, LP (WES): The limited partnership gets moved to Neutral from Buy at Bank of America-Merrill Lynch.
(See also: New Stock Coverage: Nike, Inc. Just Keeps on Doing It and Stock Upgrades: Lam Research Corporation Has Bears on the Run .)