On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: CommonWealth REIT (CWH) downgraded to Sell from Hold at Stifel... Del Frisco's (DFRG) downgraded to Market Perform from Outperform at Raymond James... Deutsche Bank (DB) downgraded to Neutral from Buy at UBS... Diageo (DEO) downgraded to Market Perform from Outperform at Raymond James... Eni SpA (E) downgraded to Neutral from Buy at UBS... Fidelity & Guaranty Life (FGL) downgraded to Neutral from Outperform at Credit Suisse... Frontier Communications (FTR) downgraded to Hold from Buy at Gabelli... QEP Resources (QEP) downgraded to Equalweight from Overweight at Barclays... Rogers Communications (RCI) downgraded to Sell from Hold at Canaccord... Rush Enterprises (RUSHA) downgraded to Underperform from Buy at BofA/Merrill... TSMC (TSM) downgraded to Neutral from Overweight at HSBC... Valero (VLO) downgraded to Neutral from Buy at BofA/Merrill... Wisconsin Energy (WEC) downgraded to Fair Value from Buy at CRT Capital... Zillow (Z) downgraded to Fair Value from Buy at CRT Capital... Zions Bancorp (ZION) downgraded to Equal Weight from Overweight at Evercore.
Diageo reports organic net sales down 1.3% in Q3 Diageo said organic net sales declined 1.3%. Volume declined 2% in the nine months ended March 31 and 1% in the third quarter. As a result of recent developments in Venezuela, including the new currency exchange mechanism and the related reporting implications, Diageo has translated the groupís Venezuelan operations for the quarter and for the nine months at a rate of $1 = VEF49.81. Reported net sales were down 7.4% in the nine months due to the impact of adverse currency movements and the termination of the distribution agreement with Jose Cuervo. CEO Ivan Menezes said, "Our performance reflects the challenging environment we are operating in. Consumers in North America are most resilient, as are consumers of our reserve brands in most markets."