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MOST NOTEWORTHY: Citrix Systems, Acadia Pharmaceuticals and Toreador Resources were today's noteworthy downgrades:
- Friedman Billings downgraded Citrix Systems (NASDAQ: CTXS) to Market Perform from Outperform citing the departure of key executive John Burris, head of CTXS's sales and services organization. The firm lowered the target to $37 from $43.
- Banc of America cut Acadia Pharmaceuticals (NASDAQ: ACAD) to Sell from Buy following news the company's Phase IIb trial with ACP-104 for the treatment of schizophrenia did not meet its primary endpoint.
- Jefferies downgraded shares of Toreador Resources (NASDAQ: TRGL) to Underperform from Hold as they believe the breakdown in negotiations to sell a portion of the company's Black Sea interests raises concerns over financing and development efforts.
OTHER DOWNGRADES:
The decline and fall of Crocs
June housing construction makes unexpected jump
Closing Bell: When news and earnings exhaustion occurs (BCRX, BAC, CIT, GE, GOOG, SU, YHOO, MSFT)
