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MOST NOTEWORTHY: Financial Guarantors, Philips Electronics and Fannie Mae were today's noteworthy downgrades:
- Banc of America downgraded the Financial Guarantors to Neutral from Overweight, including AMBAC Fin'l (NYSE:ABK), MBIA Inc (NYSE:MBI) and Security Capital Assurance (NYSE:SCA) to Neutral from Buy, due to concerns of slowing economic growth and the rising potential for losses. They believe the bond insurers are in the "perfect storm" of a deteriorating macro-environment, rising write-downs in the financial sector and a sharp housing downturn.
- Lehman lowered its rating on Philips Electronics (NYSE:PHG) to Underweight from Overweight, as they see risk to 2008 earnings due to "optimistic" growth expectations amid a weaker macroeconomic environment.
- Morgan Stanley downgraded Fannie Mae (NYSE:FNM) to Underweight from Equal Weight, as they believe the company may increase guidance for credit losses.
OTHER DOWNGRADES:
Why do we have a weak dollar?
Holiday hiring slow for retailers
Closing Bell: What sell-off? (AIG, ABK, EPR, MBI, JAVA, ORCL, ERTS)
Reader Comments (Page 1 of 1)
1-22-2008 @ 11:54AM
Ken Green said...
Agilent downgraded by Merrill is a smart move.