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MOST NOTEWORTHY: European chipmakers, Select Comfort and American Express were today's noteworthy downgrades:
- Credit Suisse downgraded European chipmakers to Market Weight from Overweight to reflect the slowdown in the economy this year and the decline in the value of the dollar against the euro. The broker downgraded STMicroelectronics (NYSE:STM) to Neutral from Outperform.
- William Blair downgraded shares of Select Comfort (NASDAQ:SCSS) to Market Perform from Outperform, as they believe weak consumer demand for large-average-ticket discretionary goods in 2008 will impact prospects of a turnaround.
- Friedman Billings lowered its rating on American Express (NYSE:AXP) to Underperform from Market Perform following the company's Q4 pre-announcement.
OTHER DOWNGRADES:
- JMP Securities downgraded Juniper (NASDAQ:JNPR) to Market Perform from Market Outperform.
- ABN Amro downgraded Groupe Danone (GDNNY) to Sell from Hold.
- Daimler (DAI) was downgraded to Hold from Buy at Merck Finck.
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