As the US market started Wednesday's trading on a positive note, several stocks were either upgraded or downgraded by analysts and rating agencies. Some notable stocks are discussed here.
Insituform Technologies, Inc. (Nasdaq: INSU), a global leader in infrastructure protection, is downgraded to Underperform from Perform by analysts at Oppenheimer despite the former been awarded a $5.8 million contract extension from the City of Calgary, Alberta, Canada. Shares of Insituform slipped 7.12 percent or $1.10 to trade at $14.36.
HSBC Holdings Plc (NYSE: HBC),a global banking and financial services company headquartered in Canary Wharf, London, is upgraded to Outperform from Neutral by analysts at Exane BNP Paribas. Authorities in Great Britain are targeting clients of HSBC with accounts at its Swiss private bank in Geneva for tax evasion. Shares of HSBC added 0.71 percent or 28 cents to trade at $39.99.
Analysts at Credit Suisse upgrades Hartford Financial Services Group Inc. (NYSE: HIG), one of America's largest investment and insurance companies, from Neutral to Outperform. The later has awarded $65 thousand to Mark Twain House & Museum in Hartford to help in its preservation and restoration work. Shares of Hartford Financial gained 4.78 percent or 83 cents to trade at $18.18.
Global Traffic Network Inc. (Nasdaq: GNET), a helicopter traffic reporting service that provides reports to radio and television stations across the US and Canada, is cut to Neutral from Buy by analysts at Collins Stewart. GTCR Acquisition Sub, Inc. has extended its previously announced offer to purchase all outstanding shares of common stock of Global Traffic Network at a price of $14 per share. Shares of Global Traffic lost 0.07 percent or 1 cent to trade at $13.98.
Ameriprise Financial Inc. (NYSE: AMP), one of the leading diversified financial services companies in the U.S., is upgraded to Outperform from Neutral by analysts at Credit Suisse. They believe that the company has a strong variable annuities hedging program. Shares of Ameriprise added 2.38 percent or $1.02 to trade at $43.94.