The day started with a bounce but that was short-lived as we find the S&P 500 (SPX) drifting back to the breakeven line...
A look to the sector action shows the Amex Biotech Index (BTK) as the weakest index. Digging into the component stocks shows Affymetrix Inc (AFFX) down 37% after the company cut their outlook. According to Zacks, 7 of 10 analysts rank AFFX with a "buy" rating. Or at least that is how many did heading into today. A look to the list below shows the Street is now running away from the stock.
The Semiconductor HOLDRS (SMH) is also relatively weak while oil pops. However, oil-related stocks do not seem to be seeing much interest as the Oil Service HOLDRS (OIH) drops nearly 1%.
Here are a few of the analyst upgrades and downgrades that I thought were worth noting this morning...
Upgrades
- Eaton (ETN)
- Freeport-McMoRan (FCX)
- Massey Energy (MEE)
- Arcelor Mittal (MT)
- RehabCare (RHB)
Downgrades
- Affymetrix (AFFX) [multiple]
- Blockbuster (BBI)
- Crocs (CROX)
- Diamond Offshore (DO)
- Emulex (ELX)
- EMC Corp (EMC)
- Noble Corp (NE)
- Novatel Wireless (NVTL) [multiple]
- Radiant Systems (RADS)
- Rowan Cos (RDC)
- Transocean (RIG)
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