NEW YORK (
) -TheStreet Ratings' stock model downgraded
Coca-Cola Bottling Co
to 'Hold' from 'Buy'. This beverage company reported quarterly net income of $4.7 million, or 45.4% below the same quarter last year. The company also exceeds its industry average with a high debt-to-equity ratio of 5.24.
TheStreet Ratings released rating changes on 16 additional U.S. common stocks for July 19, 2010. In all, 10 stocks were downgraded and seven stocks have been upgraded by our stock model.
Shares of Coca-Cola Bottling have been trending lower since late March falling from the $60 level to the mid-40's. Technical weakness in the shares contributed to the downgrade.
The upgraded to 'Buy' from 'Hold' today in
bodes well not just for this company but for the entire U.S. economy as it may signal a return to discretionary spending on entertainment. Stock in this bowling alley company, which has no debt and pays a dividend yield of 4.7%, climbed 11% in the last month attempting to break out of a recent trading range.
-- Reported by Kevin Baker in Jupiter, Fla.
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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.