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Downgrade Hits Key
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Merrill Lynch(MER Quote) downgraded three banks.
Analyst Ed Najarian lowered Wells Fargo(WFC Quote) to neutral from buy and KeyCorp(KEY Quote) and Regions Financial(RF Quote) to sell from neutral.
In an industry note, Najarian says the already-weak credit cycle is likely to get worse into 2008. He says stock market gains from the Fed's recent interest-rate cut will be short-lived. ...
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