Lazard Downgrades AEO, WRC, ELY, JNY, ZQK, TRLG to Hold, SKS to Sell

Lazard Capital Markets has downgraded numerous stocks in the Apparel group this morning:

• American Eagle Outfitters (NYSE: AEO) from Buy to Hold
  
• Warnaco (NYSE: WRC) from Buy to Hold
  
• Callaway Golf (NYSE: ELY) from Buy to Hold
  
• Jones Apparel (NYSE: JNY) from Buy to Hold
  
• Quiksilver (NYSE: ZQK) from Buy to Hold
  
• True Religion (Nasdaq: TRLG) from Buy to Hold
  
• Saks (NYSE: SKS) from Hold to Sell

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