The following ratings changes were generated on Thursday, Oct. 9.

We've downgraded global agribusiness and food company Bunge ( BG) from buy to hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins.

BG's very impressive revenue growth of 73.1% greatly exceeded the industry average of 38.8%, appearing to boost EPS, which increased significantly in the most recent quarter compared with the same quarter a year ago. We feel this trend should continue. During the past fiscal year, Bunge increased its bottom line by earning $5.87 vs. $4.25 in the prior year. This year, the market expects an improvement in earnings to $11.15. Bunge's debt-to-equity ratio of 0.61 is less than the industry average, implying relatively successful effort in the management of debt levels. Its quick ratio of 0.41, however, is very weak and demonstrates a lack ofability to pay short-term obligations.

The company's gross profit margin is currently extremely low, coming in at 10.90%, but is and increase from the same period last year. The profit margin of 5.20% trails the industry average. Shares are down by 58.11% on the year, underperforming S&P 500. Naturally, the overall market trend is bound to be a significant factor, and in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion toits earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now.

We've downgraded EMC ( EMC), a worldwide provider in systems, software services and solutions for information storage and management, from buy to hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and increase in net income. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself.

At 17.6%, over the same quarter a year ago, EMC's revenue growth has slightly outpaced the industry average. This growth in revenue appears to have trickled down to the company's bottomline, boosting EPS. EMC's debt-to-equity ratio is very low at 0.27 and is currently below the industry average, implying very successful management of debt levels. EMC has a quick ratio of 1.84, which demonstrates the ability of the company to cover short-term liquidity needs.The return on equity has improved slightly when compared with the same quarter one year prior. Compared with other companies in the computers and peripherals industry and the overall market on the basis of return on equity, EMC has underperformed in comparison with the industry average, but has outperformed the S&P 500.

Shares are down by 50.08% on the year, underperforming the S&P 500. This decline could help make the stock attractive down the road, but for now, we believe that it is too soon to buy.Net operating cash flow has declined marginally to $618.58 million, or 0.48%, when compared with the same quarter last year. In addition, when comparing the cash generation rate with the industry average, the firm's growth is significantly lower.

We've downgraded Occidental Petroleum ( OXY), which explores for, develops, produces and markets crude oil and natural gas, from buy to hold. Thecompany's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock has had a decline in price during the past year.

Occidental's very impressive revenue growth of 61.3% since the same quarter last year exceeded the industry average of 31.9%, which appears to have boosted EPS. Its debt-to-equity ratio is very low at 0.07 and is currently below that of the industry average, implying that very successful management of debt levels. The company also maintains an adequate quick ratio of 1.07, which illustrates the ability to avoid short-term cash problems. Current return on equity exceeded ROE from the same quarter one year prior, a clear sign of strength within the company. On the basis of return on equity, Occidental has underperformed the oil, gas and consumable fuels industry but outperformed the S&P 500.

Shares are down 16.30%, reflecting, in part, the market's overall decline, as well as investors ignoring the increase in its earnings per share. The fact that the stock is now selling for less than others in its industry in relation to its current earnings is not reason enough to justify a buy rating at this time.

We've downgraded consumer electronics retailer RadioShack ( RSH) from buy to hold. Strengths include revenue growth, a largely solid financial position with reasonable debt levels by most measures and attractive valuation levels. However, we find that the stock has had a decline in price during the past year.

Since the same quarter one year prior, revenues slightly increased by 6.4%, but this growth does not appear to have trickled down to the company's bottom line, displayed by a decline in earnings per share. The current debt-to-equity ratio, 0.45, is low and is below the industry average, implying successful management of debt levels. RadioShack also maintains an adequate quick ratio of 1.34, which illustrates the ability to avoid short-term cash problems. Current return on equity exceeded its ROE from the same quarter one year prior, a clear sign ofstrength within the company. On the basis of ROE, Radio Shack has underperformed the specialty retail industry average but has greatly exceeded that of the S&P 500.

Net income has decreasing by 11.9%, from $47 million to $41.4 million, over the same quarter a year ago. Shares have plunged 27.84% over the past year. The probable causes include the broader market, which declined even more sharply than RadioShack, and the company's reporting weak EPS results. The stock's decline may help make the stock attractive down the road, but we believe that it is too soon to buy.

We've downgraded diversified industrial company Trinity Industries ( TRN) from buy to hold. Strengths can be seen in multiple areas, such as its compelling growth in net income, revenue growth and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and poor profit margins.

Net income increased by 24.6%, from $68.70 million to $85.60 million, over the same quarter one year prior, outperforming the S&P 500 and the machinery industry average. Trinity's revenue growth of 5.9% trails the industry average of 16.1%. ROE has improved slightly when compared with the same quarter one year prior, outperforming the S&P 500 but underperforming the industry average.

Shares have decreased by 51.50% over the year, which is also worse that the performance of the S&P 500. Naturally, the overall market trend is bound to be a significant factor, and in one sense, the stock's sharp decline last year is a positive for future investors, making it cheaper (in proportion to its earnings over the past year) than most other stocks in its industry. But due to other concerns, we feel the stock is still not a good buy right now. Net operating cash flow has significantly decreased to -$13.50 million, or 112.77%, when compared with the same quarter last year. In addition, the firm's growth rate is much lower than the industry average.

Other ratings changes include J. Crew ( JCG), downgraded from hold to sell, and NL Industries ( NL), upgraded from sell to hold.

All ratings changes generated on Oct. 9 are listed below.
Ticker
Company
Current
Change
Previous
ABC
AMERISOURCEBERGEN CORP
HOLD
Downgrade
BUY
APL
ATLAS PIPELINE PARTNER LP
SELL
Downgrade
HOLD
ASGN
ON ASSIGNMENT INC
HOLD
Downgrade
BUT
BG
BUNGE LTD
HOLD
Downgrade
BUY
BRS
BRISTOW GROUP INC
HOLD
Downgrade
BUY
CKP
CHECKPOINT SYSTEMS INC
HOLD
Downgrade
BUY
DAI
DAIMLER AG
HOLD
Downgrade
BUY
DOM
DOMINION RES BLACK WARRIOR
HOLD
Downgrade
BUY
DTSI
DTS INC
HOLD
Downgrade
BUY
EMC
EMC CORP/MA
HOLD
Downgrade
BUY
FOLD
AMICUS THERAPEUTICS INC
SELL
Downgrade
HOLD
GEOY
GEOEYE INC
HOLD
Downgrade
BUY
JCG
J CREW GROUP INC
SELL
Downgrade
HOLD
JST
JINPAN INTERNATIONAL LTD
HOLD
Downgrade
BUY
LBTYB
LIBERTY GLOBAL INC
HOLD
Downgrade
BUY
LTD
LIMITED BRANDS INC
HOLD
Downgrade
BUY
MFBP
M & F BANCORP INC
>SELL
>Downgrade
HOLD
MVCO
MEADOW VALLEY CORP
HOLD
Downgrade
BUY
NL
NL INDUSTRIES
HOLD
Upgrade
SELL
OTTR
OTTER TAIL CORP
HOLD
Downgrade
BUY
OXY
OCCIDENTAL PETROLEUM CORP
HOLD
Downgrade
BUY
PFS
PROVIDENT FINANCIAL SVCS INC
HOLD
Downgrade
BUY
RGNC
REGENCY ENERGY PARTNERS LP
SELL
Downgrade
HOLD
RSH
RADIOSHACK CORP
HOLD
Downgrade
BUY
SKS
SAKS INC
SELL
Downgrade
HOLD
STNR
STEINER LEISURE LTD
HOLD
Downgrade
BUY
STR
QUESTAR CORP
HOLD
Downgrade
BUY
TELOZ
TEL OFFSHORE TRUST
HOLD
Downgrade
BUY
TKR
TIMKEN CO
HOLD
Downgrade
BUY
TRN
TRINITY INDUSTRIES
HOLD
Downgrade
BUY
USAP
UNVL STAINLESS & ALLOY PRODS
HOLD
Downgrade
BUY
WTI
W & T OFFSHORE INC
HOLD
Downgrade
BUY

Each business day, TheStreet.com Ratings updates its ratings on the stocks it covers. The proprietary ratings model projects a stock's total return potential over a 12-month period, including both price appreciation and dividends. Buy, hold or sell ratings designate how the Ratings group expects these stocks to perform against a general benchmark of the equities market and interest rates.

While the ratings model is quantitative, it uses both subjective and objective elements. For instance, subjective elements include expected equities market returns, future interest rates, implied industry outlook and company earnings forecasts. Objective elements include volatility of past operating revenue, financial strength and company cash flows.

However, the rating does not incorporate all of the factors that can alter a stock's performance. For example, it doesn't always factor in recent corporate or industry events that could affect the stock price, nor does it include recent technology developments and competitive dynamics that may affect the company.

For those reasons, we believe a rating alone cannot tell the whole story, and that it should be part of an investor's overall research.

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This article was written by a staff member of TheStreet.com Ratings.

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