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MOST NOTEWORTHY: HSBC Holdings, Piper Jaffray and Rogers Communications were today's noteworthy downgrades:
- ABN Amro downgraded shares of HSBC (NYSE: HBC) to Sell from Hold as they believe the realignment of the American business could take 3-5 years. ABN expects a $2.5B loss in 2008.
- Wachovia downgraded Piper Jaffray (NYSE: PJC) to Market Perform from Outperform citing weaker market conditions.
- CIBC downgraded Rogers Communications (NYSE: RCI) to Sector Performer from Outperformer. Shares were also downgraded to Peer Perform from Outperform at Bear Stearns following the Canadian government's new wireless spectrum rules to only allow new entrants to bid in the upcoming AWS spectrum auction in May 2008.
OTHER DOWNGRADES:
- Tyler Tech (NYSE: TYL) was downgraded to Neutral from Buy at Banc of America.
- SunTrust lowered its rating on Aeropostale (NYSE: ARO) to Neutral from Buy.
- Piper downgraded State Auto Financial (NASDAQ: STFC) and Donegal Group (NASDAQ: DGICA) to Sell from Neutral.
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