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MOST NOTEWORTHY: Sprint Nextel, Tesoro, VeriSign, Healthcare Property and Resources Connection were today's noteworthy downgrades:
- Goldman downgraded shares of Sprint Nextel Corporation (NYSE: S) to Neutral from Buy to reflect continuing turnaround delays, macro headwinds and competition.
- Tesoro Corporation (NYSE: TSO) was downgraded to Neutral from Outperform at Credit Suisse, citing increased concerns regarding West Coast margins.
- The firm also lowered VeriSign Inc (NASDAQ: VRSN) to Neutral from Outperform, as they believe the company's reorganization could require more time than investors anticipate.
- Friedman Billings downgraded Healthcare Property (NYSE: HCP) to Market Perform from Outperform on valuation. Shares were also downgraded to Neutral from Buy at UBS.
- Resources Connection (NASDAQ: RECN) was downgraded to Hold from Buy at Stifel, to Market Perform from Outperform at JMP Securities and to Peer Perform from Outperform at Bear following its Q1 report.
OTHER DOWNGRADES:
- Walgreen (NYSE: WAG) was downgraded to Neutral from Overweight at JMP Securities.
- JP Morgan downgraded Staples Inc (NASDAQ: SPLS) to Underweight from Neutral.
- UBS downgraded Under Armour Inc (NYSE: UA) to Neutral from Buy.
- Bear downgraded CNOOC Ltd (NYSE: CEO) to Underperform from Peer Perform.
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