MOST NOTEWORTHY: Apple Computer, Inc. (NASDAQ:AAPL), First Data (FDC) and ASM International (ASMI) top today's extensive downgrade list.
- Apple was downgraded to Hold from Buy at Citigroup, citing valuation and the unlikely introduction of the new video iPod before the holiday season.
- First Data was downgraded to Neutral from Overweight at J.P. Morgan based on valuation and expectations of a Q3 miss.
- CIBC downgraded ASM International to Sector Performer from Sector Outperform based on checks that indicated Intel (INTC) is pushing out adoption of ASMI's atomic layer disposition tool for high-k at 45mn. They note a delay would be positive for Applied Materials (AMAT).
OTHER DOWNGRADES:
- Due to the change in management and lowered guidance, both Credit Suisse and KeyBanc/McDonald downgraded IT service provider Keane (KEA).
- ThinkEquity downgraded CryptoLogic (CRYP) to Source of Funds from Accumulate based on the ratification of the Internet gambling bill that will impact earnings.
- Boston Beer (SAM) was downgraded to Neutral from Overweight on valuation.
- USA Truck (USAK) was downgraded by Stephens to Underweight from Equal Weight, citing a less certain 2007 trucking environment and the recent stock offering.
Ratings summary provided courtesy of TheFlyOnTheWall.com.
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