Morgan Stanley today downgraded ITT Educational Services from overweight to equal weight. The Department of Education has continued to push for regulatory changes that would limit for profit institutions access to federal loans for students, which would have a signficant negative impact on
revenue.
Shares are off about 2.1 percent in Monday trading.
Deutsche Bank downgraded shares of Cytec Industries from buy to hold, citing challenges ahead for the company in 2010. Despite an impressive fourth quarter and cash generation in 2009, the company will likely see higher raw material costs this year, along with limited pricing power, lower aerospace volumes, and uncertain demand.
Investors shrugged off the downgrade, and shares are trading higher by nearly three quarters of a percent.
Lastly, Goldman Sachs dowgraded shares of Harmony Gold today from buy to neutral. Goldman cited the weaker rand versus the US dollar as the reason for the downgrade, and it would reduce the upside potential for the stock.
The market also shrugged off this upgrade, as the stock is up nearly six and one quarter percent.
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