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MOST NOTEWORTHY: McGraw-Hill (MHP), Stein Mart (SMRT), USG Corp (USG) and Seacoast Banking (SBCF) were today's noteworthy downgrades: - JP Morgan downgraded shares of McGraw-Hill (NYSE: MHP) to Neutral from Overweight based on expectations for a decline in credit market issuance activity.
- Stein Mart (NASDAQ: SMRT) was cut to Sell from Neutral at Merrill, citing macroeconomic concerns and the impact on margins and comps.
- Matrix cut USG (NYSE: USG) to Sell from Buy and removed them from the Focus List, Matrix cited the 55% cut in excess cash per share over the past year, which makes shares expensive on a performance-adjusted basis.
- Stifel views Seacoast Banking (NASDAQ: SBCF) as overvalued, downgrading shares to Sell from Hold, given earnings growth headwinds from credit quality and net interest margin compression...
- Tenneco Automotive (NYSE: TEN) was downgraded to Neutral from Buy at Goldman.
- Brookdale Senior Living (NYSE: BKD) was downgraded to Hold from Buy at Stifel.
- Keefe Bruyette cut Countrywide Financial (NYSE: CFC) to Underperform from Market Perform.
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