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MOST NOTEWORTHY: The Department store sector, SanDisk and CNET Networks were today's noteworthy downgrades:
- Goldman downgraded the department store sector to Neutral from Attractive after raising its 2008 oil forecast to $149 from $115, as it believes higher gas prices will impact consumer discretionary spend and sentiment. Goldman downgraded JC Penney (NYSE: JCP) and Nordstrom (NYSE: JWN) to Neutral and also removed Kohl's (NYSE: KSS) from its Conviction Buy List.
- JMP Securities downgraded SanDisk (NASDAQ: SNDK) to Underperform from Market Perform based on increased competition in NAND, a potential decline in royalty income, valuation, and lack of catalysts from flash-based solid state drives.
- CNET Networks (NASDAQ: CNET) was cut to Neutral from Buy at Banc of America following the tender offer from CBS (NYSE: CBS).
OTHER DOWNGRADES:
- Merrill downgraded Regions Financial (NYSE: RF) to Sell from Neutral.
- B. Riley downgraded Exar (NASDAQ: EXAR) to Neutral from Buy.
- Albermarle (NYSE: ALB) was lowered to Neutral from Overweight at JP Morgan.
Where have all the consumers gone?
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What ever happened to GE?
