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Analyst downgrades: NYT, LEE, MNI, MMC, DB, RYAAY and APPB

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MOST NOTEWORTHY: New York Times Co, Lee Enterprises, McClatchy Co, Marsh & McLennan, Deutsche Bank, Ryanair and Applebee's were today's noteworthy downgrades:
  • Merrill reduced estimates on New York Times Company (NYSE: NYT), Lee Enterprises (NYSE: LEE) and McClatchy Company (NYSE: MNI) to Sell from Neutral due to the slowing economy and the impact from the housing market on newspaper advertising.
  • Citigroup downgraded shares of Marsh & McLennan Companies (NYSE: MMC) to Hold from Buy following the departure of Brian Storms, CEO of Marsh Brokerage, as they believe it suggests a continued struggle at the company's core business.
  • The firm also downgraded Deutsche Bank (NYSE: DB) to Sell from Hold to reflect a more bearish outlook for European Banks due to the drop in credit-market revenue.
  • UBS downgraded shares of Ryanair Holdings (NASDAQ: RYAAY) to Neutral from Buy as they expect higher costs to squeeze margins.
  • Oppenheimer downgraded shares of Applebee's International Inc (NASDAQ: APPB) to Sell from Neutral as they do not expect another suitor to come forward.
OTHER DOWNGRADES:

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S&P 500+4.981,110.63

Last updated: November 27, 2009: 02:31 AM

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