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MOST NOTEWORTHY: Glu Mobile, American International and Federated Investors were today's noteworthy downgrades:
- Deutsche Bank downgraded Glu Mobile (NASDAQ: GLUU) shares to Sell from Hold after channel checks indicated that licensing costs are rising sharply for the mobile rights to popular content.
- Morgan Stanley cut American International (NYSE: AIG) to Equal Weight from Overweight citing expectations for larger than expected CDS losses vs. management's forecast.
- UBS downgraded Federated Investors (NYSE: FII) to Neutral from Buy citing reduced attractiveness for money markets given yield.
OTHER DOWNGRADES:
- Virgin Mobile (NYSE: VM) was downgraded to Market Weight from Overweight at Thomas Weisel and to Sell from Neutral at Merrill.
- Oppenheimer cut ORBComm (NASDAQ: ORBC) to Perform from Outperform.
- PNC Financial (NYSE: PNC) was downgraded to Market Perform from Outperform at Keefe Bruyette.
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