NEW YORK (TheStreet) -- TheStreet Ratings released rating changes on 12 U.S. common stocks for June 22, 2010. Eight stocks have been downgraded and four stocks have been upgraded by our stock model.
Jacobs Engineering Group (JEC) was one of five companies with market capitalizations in excess of $1 billion downgraded based on June 22 data. At $5.1 billion the only larger company downgraded was of TD Ameritrade (AMTD), worth $9.8 billion.
The net income from Jacobs Engineering decreased by 29% compared to the same quarter one year ago, falling to $77.5 million from $109.3 million. The stock model also did not like Jacobs' net operating cash outflow of $123.2 million. The rating for this stock is now 'Hold'. However, the model can't take into account the $241 million U.S. Navy contract or the $8.5 million U.S. Army contract won earlier this month that bode well for future earnings.
For additional Investment Research check out our Ratings Research Center.-- Reported by Kevin Baker in Jupiter, Fla.
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