MOST NOTEWORTHY: XM Satellite Radio Holdings (XMSR), Boeing (BA) and Cablevision Systems (CVC) were the most notable downgraded companies today: - Pacific Crest downgraded shares of XM Satellite Radio Holdings (NASDAQ: XMSR) to Sector Perform from Outperform, expecting XM's retail fundamentals to continue to weaken; the firm also believes a merger with Sirius Satellite Radio (NASDAQ: SIRI) would be unlikely.
- Boeing Co (NYSE: BA) was downgraded to Market Perform from Outperform at Wachovia, as the firm believes commercial aircraft order cycle has peaked and Boeing's 787 program could face delays.
- Citigroup downgraded Cablevision Systems (NYSE: CVC) to Sell from Hold, with a $27 target, and doesn't expect the Dolan family to raise their $30 bid or a rival company to make a competing offer. Citigroup expects investors to start focusing on Cablevision's decelerating net subscriber additions and slowing growth.
OTHER DOWNGRADES:
- Ann Taylor Stores (NYSE: ANN) was downgraded to Underperform from Market Perform with a $28 target at Piper Jaffray with expectations that Ann Taylor could face margin pressure in the first-half of 2008 based on a carry-over of fall and holiday products.
- JMP Securities downgraded Cisco Systems (NASDAQ: CSCO) to Market Perform from Outperform citing closing capacity-related upgrades in enterprise and industry checks.
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