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MOST NOTEWORTHY: The Aerospace sector, Boeing, Aurora Oil & Gas and Syniverse were today's noteworthy downgrades:
- Goldman downgraded the Aerospace sector to Cautious from Neutral to reflect high oil prices and the weak economy. The firm also downgraded Boeing (NYSE: BA) shares to Sell from Neutral and added the stock to their Conviction Sell List as they expect the economic weakness and high fuel prices to drive slowing orders.
- Jefferies downgraded shares of Aurora Oil & Gas (AMEX: AOG) to Underperform from Hold to reflect the company's falling production, minimal cash flow through the remainder of 2008, and limited access to capital.
- Baird cut Syniverse (NYSE: SVR) to Neutral from Outperform as they believe the impact from the Verizon (NYSE: VZ)-Alltel merger could be greater than investors think.
OTHER DOWNGRADES:
- Arch Chemicals (NYSE: ARJ) was lowered at Oppenheimer to Perform from Outperform.
- New York Community Bancorp (NYSE: NYB) was downgraded to Hold from Buy at Citigroup.
- Sonic (NASDAQ: SONC) was downgraded to Equal Weight from Overweight at Stephens.
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