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BOSTON (TheStreet) -- The Moody's downgrade of six European countries leads your quick fix of company, market, economic and investing news for Tuesday, Feb. 14.

Tuesday's 5 Biggest Stories

Moody's downgrades Portugal, Italy and Spain and cuts the outlook for the U.K. and France. The market yawns. AP via AJC

Despite the downgrade, Spain easily auctions $7 billion in short-term debt. CBS

Italy even managed to auction off 12 billion euros as rates declined. Businessweek

Even the Germans feel pretty good about things, with investor confidence at a 10-month high. Bloomberg

Obama's 2013 budget is out, and it looks like the president is settling in for an election-year tax fight. Reuters

Company News

Apple ( AAPL) is working on a tablet with a smaller screen. WSJ

Meanwhile, the IPad 3 is set to launch on March 7 and it will feature 4G LTE wireless speeds. Mac Rumors

Rackspace ( RAX) is trading higher after beating fourth-quarter estimates. Barron's

Boeing ( BA) gets a big Indonesian order for 230 planes. WSJ

Markets

You can't forget about Greece, though, especially with its rapidly shrinking economy, contracting at an annual rate of 7%. WSJ

Investment Strategy

Investors should take a look at the best and worst mid-cap growth funds. MarketWatch

Odds and Ends

Happy Valentine's Day. Here's a song by U.K. shoegazer legends My Bloody Valentine. YouTube

-- Written by Robert Holmes in Boston.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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