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MOST NOTEWORTHY: Nova Chemical, Tomkins Plc and Office Max were today's noteworthy downgrades:
- Citigroup downgraded shares of Nova Chemical (NYSE: NCX) to Sell from Hold as they believe the ethylene cycle is trending downward due to economic uncertainty. Citigroup lowered their target to $21 and $25 and added the stock to the Top Picks Live List as a Sell.
- Goldman cut Tomkins Plc (NYSE: TKS) to Sell from Neutral as they believe the slowing economy could impact sales.
- Piper downgraded shares of OfficeMax (NYSE: OMX) to Neutral from Buy following the negative pre-announcement by competitor Office Depot (NYSE: ODP) on concerns of deteriorating industry fundamentals. Piper lowered their target on OfficeMax to $11 from $22.
OTHER DOWNGRADES:
- National City (NYSE: NCC) was downgraded to Neutral from Buy at Merrill.
- Danaher (NYSE: DHR) was removed from Goldman's Conviction Buy List.
- Liberty Interactive (NASDAQ: LINTA) was lowered to Equal Weight from Overweight at Morgan Stanley.
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