MOST NOTEWORTHY: The New York Times Co (NYT), Moody's Corp (MCO), Nokia Corp ADS (NOK) and Circuit City Stores (CC) were some of today's most notable downgrades:
- Lehman Brothers cut the New York Times Co (NYSE: NYT) to Underweight from Equal-Weight as they believe the company's recent cost cuts reflect management's concerns over its top-line.
- Moody's Corp (NYSE: MCO) was downgraded to Underperform from Neutral at Credit Suisse based on the potential to impact from a slowdown in collateralized debt obligation issuance on growth.
- Nokia Corp ADS (NYSE: NOK) was removed from Goldman Sachs's Conviction Buy List based on its recent strength.
- William Blair cut Circuit City Stores (NYSE: CC) to Underperform from Market Perform as the firm has concerns over the slowing of the advanced TV cycle and challenges to the company's turnaround plans.
OTHER DOWNGRADES:
- UBS lowered Cypress Semiconductor Corp's (NYSE: CY) rating to Neutral from Buy based on valuation.
- Citigroup cut BAE Systems plc ADR (OTC: BAESY) to Hold from Buy.
- Raymond James downgraded Caremark RX (NYSE: CMX) to Market Perform from Outperform.
- Matrix USA downgraded The Goodyear Tire & Rubber Co (NYSE: GT) to Hold from Buy and removed the company from its Focus List as they see little upside from its recent rally.
- Nollenberger downgraded shares of Station Casinos (NYSE: STN) to Neutral from Buy after the company accepted a revised buyout offer from Fertitta Colony Partners as they feel the chance for a higher offer to emerge is unlikely.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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