Merrill Lynch cut shares of Citigroup (NYSE: C), Wachovia (NYSE: WB), and JP Morgan (NYSE: JPM) from "hold" to "sell." The report indicated a consumer recession and more write-offs would hurt the banks, according to MarketWatch.
Morgan Stanley cut Boeing (NYSE: BA) to "equal weight" from "overweight." Concerns over the launch of the 787 were given as the reason.
Hertz (NYSE: HTZ) was downgraded at Bank of America going from "buy" to "neutral" and with a price target falling from $27 to $20. The move was made based on "earnings sensitivity from a decline in used vehicle and equipment prices," according to Briefing.com.
Douglas A. McIntyre is an editor at 247wallst.com.
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