Market News

ADM stock downgraded

Citigroup has downgraded Archer-Daniels-Midland stock from “Hold” to “Sell”. The changein recommendation came after Citigroup analysts visited ADM headquarters in Decatur, Illinois saying the visit, “confirmed their belief that fundamental trends are deteriorating across ADM's major businesses, namely Oilseed Processing and Agricultural Services.”

Citi says the first real decline will show up in ADM’s fiscal third quarter report and will result in the earnings per share estimates for FY2010 falling from a current consensus $2.87 to around $2.00. Bloomberg says prior to the downgrade, ADM shares had lost 32 percent in the past twelvemonths.