Citi

Citigroup's Semiconductor Equipment team is downgrading 5 equipment stocks to Sell and 2 to Hold.

Downgrading 7 semi equip stocks; cycle not "over" but see risk of ~30% correction — After adopting a more balanced cyclical view last Oct ’09, Citi is digging in their heels as tool shipments now running at levels that imply more significant capacity adds, chip inventory is building ahead of a potentially risky CQ2 based on recent seasonal trends, and capex is (they think) being pulled into 1H from 2H:10 and 2011. With as much as ~30% correction potentially in the offing over the next 3-6mos, firm is downgrading (Nasdaq: KLAC), (Nasdaq: ATMI), (Nasdaq: BRKS), (Nasdaq: ENTG) and (Nasdaq: AEIS) from Hold to Sell and downgrading (Nasdaq: NVLS) and (Nasdaq: AMAT) from Buy to Hold. They are removing (Nasdaq: AMAT) from Top Picks Live. Firm maintains Sell ratings on (Nasdaq: ASML) and (Nasdaq: LRCX) ...

Entegris, Inc. (Nasdaq: ENTG) announced that its underwritten public offering of 14.0 million shares of its common stock was priced at $3.80 per share. The offering reflected an additional 2.0 ...

United Western Bancorp, Inc. (Nasdaq: UWBK) 22.3% LOWER; has commenced a public offering of $80 million of its common stock in an underwritten public offering. United Western Bancorp intends to grant the underwriters an option to purchase up to an additional 15% of the common stock sold to cover over-allotments, if any.

Ramco-Gershenson Properties Trust (NYSE: RPT) 9.5% LOWER; announced today that it plans to sell 9 million newly issued common shares. The company also said it completed its review of strategic and financial alternatives. As a result, the company announced several management changes, cut its dividend and lowered its FY09 guidance.

Casey's General Stores (Nasdaq: CASY) 7.8% HIGHER; reports Q1 EPS of $0.87, 27 cents better than the analyst estimate of $0.60. Revenue for the quarter was $1.19 billion, versus the consensus of $1.19 billion.

Vista Gold Corp (Amex: VGZ) 6.6% LOWER; intends to offer 8 ...

UPGRADES:
Friedman Billings upgrades Sprint Nextel Corp. (NYSE: S) from Market Perform to Outperform with a $4 price target.

Citi upgrades Smith & Nephew (NYSE: SNN) from Hold to Buy, saying core business areas have remained relatively immune to economic pressure. Click here ...

Citi downgrades Entegris Inc (Nasdaq: ENTG) from Buy to Hold. Price target lowered from $6.50 to $1.50.

Citi analyst says, "We now see ENTG making only a slight profit ...