Upgrades and downgrades before the market open

Market news

16 December 2014

Upgrades and downgrades before the market open

Upgrades:

Downgrades:

Caterpillar (CAT) downgraded to Underperform from Neutral at Macquarie

General Motors (GM) downgraded to Sector Perform from Outperform at RBC Capital Markets

Microsoft (MSFT) downgraded to Underperform from Neutral at BofA/Merrill

Other:

Twitter (TWTR) target lowered to $45 from $55, maintain Buy at Evercore ISI

DOW components before the bell

Option expiries for today's 10:00 ET NY cut

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