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MOST NOTEWORTHY: Abercrombie & Fitch, China Unicom and Toronto Dominion were today's noteworthy downgrades:
- Friedman Billings downgraded Abercrombie & Fitch (NYSE: ANF) to Market Perform from Outperform citing soft comps which could impact EPS expectations in 2H08 and SG&A investing.
- China Unicom (NYSE: CHU) was downgraded to Neutral from Outperform at Credit Suisse and to Equal Weight from Overweight at Morgan Stanley as the company's phone asset sales garnered a lower-than-expected price.
- RBC Capital downgraded Toronto Dominion (NYSE: TD) to Sector Perform from Outperform citing expense initiatives in domestic retail banking which are hurting operating leverage, loan losses in U.S. banking, and muted capital markets revenues.
OTHER DOWNGRADES:
- William Blair cut Littelfuse (NASDAQ: LFUS) to Market Perform from Outperform.
- Linear Tech (NASDAQ: LLTC) was downgraded at UBS to Neutral from Buy.
- Abiomed (NASDAQ: ABMD) was lowered to Neutral from Positive at Susquehanna.
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