MOST NOTEWORTHY: Amgen (AMGN), Wendy's (WEN), webMethods (WEBM), Global Crossing (GLBC) and International Securities Exchange (ISE) topped out today's noteworthy downgrades:
- A host of companies shot down Amgen Inc (NASDAQ: AMGN) today:
- Lazard cut the drugmaker to Sell from Buy while Citigroup cut them to Sell from Hold. JP Morgan and HSBC downgraded Amgen to Neutral from Overweight while Morgan Stanley cut shares to Equal-Weight from Overweight.
- Elsewhere, Wendy's Int'l (NYSE: WEN) was downgraded by Citigroup to Hold from Buy on valuation.
- Deutsche Bank cut shares of webMethods Inc (NASDAQ: WEBM) to Hold from Buy as they expect the software AG merger to go through.
- Global Crossing (NASDAQ: GLBC) was downgraded to Hold from Buy at Deutsche Bank following the company's Q1 miss and revised guidance.
- The International Securities Exchange (NYSE: ICE) was downgraded at Banc of America given potential risks to the Eurex bid. They are not counting on rival bids and recommend moving to the sidelines...
OTHER DOWNGRADES:
- HSBC downgraded Rio Tinto (NYSE: RTP) to Neutral from Overweight.
- Morgan Stanley downgraded King Pharma (NYSE: KG) to Equal Weight from Overweight. Pacific
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