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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:
Will Rich Ross really have a positive impact on Disney's movie operations?
Consumers sick of recession, may spend extra on holidays
Corrections, seasonality and Santa Claus
Reader Comments (Page 1 of 1)
9-17-2007 @ 11:57AM
Darlene said...
I thought that the deal with IHOP was going to go through. I had read that the companies were pretty well connected, with IHOP's Chair/CEO previously having been a President of Applebees. I figured her insider experience would have been helpful to Applebees, but perhaps it backfired? Here's the article from NewsVisual that talks more about the connections with an interesting map: http://www.newsvisual.com/newsvisual/2007/07/ihops-bold-purc.html
Has anybody heard rumors of other potential buyers?