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MOST NOTEWORTHY: Spreadtrum, Amylin Pharma and Network Equipment were today's noteworthy downgrades:
- Roth Capital downgraded Spreadtrum (NASDAQ: SPRD) to Hold from Buy and said recent checks at several Chinese handset companies indicate shipments have been weak since mid April due to sluggish demand and weak macro conditions. The firm does not expect SPRD to meet its Q2 revenue guidance and has lowered estimates and its rating.
- Jefferies downgraded shares of Amylin Pharma (NASDAQ: AMLN) to Hold from Buy as they believe Novo Nordisk's (NYSE: NVO) Liraglutide could prove to be greater-than-expected competition for AMLN's Byetta.
- Network Equipment (NYSE: NWK) was cut at ThinkPanmure to Source of Funds from Buy following the company's reduced guidance based on reduced government spending.
OTHER DOWNGRADES:
- Lehman downgraded European Stocks to Underweight from Overweight.
- Murphy Oil (NYSE: MUR) was cut at JP Morgan to Underweight from Neutral.
- Goldman downgraded Frontier Oil (NYSE: FTO) and Lumber Liquidators (NYSE: LL) to Neutral from Buy.
- Tekelec (NASDAQ: TKLC) was lowered to Hold from Buy at Deutsche Bank.
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