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MOST NOTEWORTHY: Lehman, CIT Group and Auxilium Pharma were today's noteworthy downgrades:
- Oppenheimer cut Lehman (NYSE: LEH) to Perform from Outperform on valuation, as they see a "protracted challenging capital markets environment."
- The firm also downgraded CIT Group (NYSE: CIT) to Perform from Outperform, as they believe the company addressed its liquidity concerns too late and will be forced into a fire sale of assets.
- Merriman downgraded shares of Auxilium Pharma (NASDAQ: AUXL) to Sell from Neutral as they believe there were a number of unexpected adverse events in the phase 3 trials of XIAFLEX that could potentially delay the approval and launch. They see significant potential downside in the interim.
OTHER DOWNGRADES:
- Gap (NYSE: GPS) was lowered to Neutral from Buy at UBS.
- Wachovia cut Symmetry Medical (NYSE: SMA) to Market Perform from Outperform.
- Wells Fargo (NYSE: WFC) was downgraded by Baird to Underperform from Neutral.
Before the bell: Stocks ready to climb on hopes of continued low rates
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Holiday hiring slow for retailers
Reader Comments (Page 1 of 1)
3-24-2008 @ 1:39PM
AnnaL-G said...
The market's miserable for big companies like Lehman, Bear Stearns, CIT, but the number of millionaires in the US is still growing (albeit at a slower rate). In fact, billionaire Mary Wells is giving advice on how to make it big in business: http://www.wowowow.com/post/if-you-are-not-born-rich-how-do-you-become-millionaire