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The credit ratings agency Moody's last night downgraded stock in the lenders to its lowest investment grade amid reports that the US treasury was about to provide "direct support" to them.
As if to remind Illinois taxpayers that their leaders' squabbling had real, adverse effects, Moody's Investors Service on Wednesday night downgraded the state's credit rating to two steps above junk status.
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We are keeping our hold recommendation but in light of expected profit taking in stock this morning downgrading our price target from 25p to 20p.
Also, I will point out that Raymond James' housing and REIT analyst, Paul Puryear, put out an excellent report this morning downgrading the home building stocks to "market perform" because of Paulson's announcement.
Photograph: /Thomson Reuters As Brenda Kelly of IG explained at lunchtime (see 12.37pm), shares have been hit by several factors - including this morning's downgraded OECD forecasts, fresh fears that the Federal Reserve might tighten its QE programme, predictions that the Japanese Nikkei will fall tomorrow, and a bout of profit taking after the recent rally.
A 16th hospital, Croydon University, briefly declared "an internal major incident" on Tuesday morning but downgraded it in the afternoon.
Tuesday morning, Goldman Sachs downgraded shares of Wyndham Worldwide to neutral from buy on valuation concerns.
This morning, Citigroup downgraded shares of Beazer Homes from buy to hold citing valuation.
This morning, Jefferies downgraded shares of Dreamworks following the release of the newest Shrek movie.
This morning, Barclays downgraded shares of Netflix from overweight to equal weight on valuation.
This morning, Barclays downgraded shares of Dr. Pepper Snapple from overweight to equal weight citing valuation.
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