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MOST NOTEWORTHY: General Communications, Glu Mobile, Town Sports, Blackboard and Lance were today's noteworthy downgrades:
- Jefferies downgraded shares of General Communications (NASDAQ: GNCMA) to Hold from Buy after the company's mixed quarter to reflect increased uncertainty from the recent weakness in its network access and commercial business.
- Glu Mobile (NASDAQ: GLUU) was downgraded to Hold from Buy at Deutsche Bank and to Neutral from Buy at Goldman Sachs following its Q3 report. Cantor downgraded shares after the company issued reduced growth expectations.
- William Blair downgraded shares of Town Sports (NASDAQ: CLUB) to Market Perform from Outperform to reflect the recent slowdown in new membership additions at mature clubs which they believe creates enhanced risk of operating margin contraction and decelerating EPS growth in 2008.
- Baird downgraded Blackboard (NASDAQ: BBBB) to Neutral from Outperform on valuation and expectations for only modest margin expansion.
- Lance (NASDAQ: LNCE) was downgraded at Oppenheimer to Neutral from Buy, as they expect higher wheat costs to significantly impact Q4 and 2008 EPS.
OTHER DOWNGRADES:
- Citigroup downgraded Pepsi Bottling Group (NYSE: PBG) to Hold from Buy.
- eBay (NASDAQ: EBAY) was downgraded to Peer Perform from Outperform at Bear Stearns.
- DaVita (NYSE: DVA) was downgraded to Underperform from Market Perform at Piper Jaffray and to Outperform from Strong Buy at Raymond James.
- UBS lowered its rating on YUM! Brands (NYSE: YUM) to Neutral from Buy.
Where have all the consumers gone?
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What ever happened to GE?
