EdgeWater 12/9/2010 1:41:27 AM
News / Business

Notable Stock Downgrades (Ivanhoe Mines Ltd., 3M Company, Netflix)

Notable Stock Downgrades

Ivanhoe Mines Ltd. (USA) (NYSE:IVN) slumped 12.95% to $25.42. Rio Tinto plc announced that after the completion of the purchase of a total of 20 million shares from Mr. Friedland and Citibank and the subscription for 33,783,784 shares from Ivanhoe Mines, Ltd. upon the exercise of USD300 million of its Series B warrants, Rio Tinto will have increased its ownership by 7.4% and own 239,251,843 common shares of Ivanhoe representing 42.3% of Ivanhoe's outstanding common shares.  

Also, Desjardins downgraded Ivanhoe Mines to Hold from Buy.

3M Company (NYSE:MMM) added 0.01% to $84.20. Goldman Sachs downgraded 3M from Buy to Neutral and lowers their price target form $98 to $93.

The stock opened at $83.23 and is trading within the range of $83.23-$84.21. The stock added more than 1% year-to-date.

Netflix, Inc. (NASDAQ:NFLX) lost 2.66% to $184.77. Jefferies downgraded Netflix from Buy to Hold, saying while the story is still compelling valuation is full.

The stock has average daily volume of 5.96 million shares.

Netflix, Inc. is a subscription service streaming movies and television episodes over the Internet and sending digital versatile discs (DVDs) by mail to more than 12 million subscribers.

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