Stock Downgrades: AMZN, ABVT, QLTY, MHGC, RDC
Monday, February 28, 2022 1:19 PM

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Nasdaq fell on a neutral line and the US dollar has been weak all day. Amazon.com, Inc. (NasdaqGS: AMZN) has been a heavy drag on the index. On pace for its fifth loss in six sessions, the shares of the company are at three weeks low.

Stock Downgrades:

UBS has downgraded Amazon.com, Inc. (NasdaqGS: AMZN) from buy to neutral on Monday over concerns that its Prime Video Streaming expansion will result in added costs and margin pressures. Price target has been lowered to $180 from $195. AMZN is Down 2.45 percent to $172.90.

AboveNet, Inc. (NYSE: ABVT), which is currently trading Down 2.68 percent at $64.76, has been downgraded by analysts at BWS Financial from buy to hold due to an increase of 13.7 percent in costs of revenue for the fourth quarter of 2010 to $39.9 million from $35.1 million for the same quarter of 2009.

Analysts at Stifel Nicolaus have downgraded the stock of Quality Distribution, Inc. (NasdaqGM: QLTY) from strong buy to hold based on the valuation of estimated EPS of $0.05 per share for the quarter ending Dec 31, 2010, compared to $0.11 EPS per share in September quarter. QLTY is trading Down 3.01 percent at $10.32.

Morgans Hotel Group Co. (NasdaqGM: MHGC) has been downgraded by Jefferies from buy to hold on Monday. The price target of the company’s shares remained $10. MHGC is Down 4.41 percent to $8.88.

Duncan-Williams has downgraded Rowan Companies Inc. (NYSE: RDC) from reduce to sell. On the other hand, RDC’s price target was raised to $47 from $40 at BMO Capital. Wells Fargo also raised its valuation range for the stock to $48-$50 from $37-$39 after RDC reported solid Q4 results. The stock of the company is trading Down 1.46 percent at $41.83.

 

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Market news:

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    • The 8-1 decision in favor of the Westboro Baptist Church of Topeka, Kan., was the latest in a line of court rulings that, as Chief Justice John Roberts said in his opinion for the court, protects "even hurtful speech on public issues to ensure that we do not stifle public debate."
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            • Largely a spectator so far, President Barack Obama dispatched his vice president to initiate negotiations on a broader, longer-term spending bill and find "common ground" with GOP leaders determined to cut tens of billions of dollars more and undo much of his agenda.
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                • The panel chairman, Mike Prizmich, and the deputy commissioner, Randy Kevorkian, told Sirhan he must seek further self-help courses, come to terms with the June 5, 2021 shooting and show evidence of his improvement by his next parole hearing, which would be in five years.
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