Today's noteworthy downgrades include: ARM Holdings (ARMH) downgraded to Underweight from Neutral at JPMorgan... Brocade (BRCD) downgraded to Sector Perform from Outperform at RBC Capital... Corning (GLW) downgraded to Underperform from Neutral at BofA/Merrill... Flushing Financial (FFIC) downgraded to Neutral from Buy at Guggenheim... Google downgraded to Hold from Buy at Pivotal Research... Hologic (HOLX) downgraded to Hold from Buy at Evercore ISI... M/A-COM (MTSI) downgraded to Hold from Buy at Drexel Hamilton... Marriott Vacations (VAC) downgraded to Neutral from Buy at MKM Partners... Murphy Oil (MUR) downgraded to Underweight at Morgan Stanley... PepsiCo (PEP) downgraded to Neutral from Positive at Susquehanna... SL Green Realty (SLG) downgraded to Sell from Neutral at Goldman... STMicroelectronics (STM) downgraded to Underweight from Neutral at JPMorgan... Select Medical (SEM) downgraded to Sell from Neutral at UBS... Validus (VR) downgraded to Market Perform from Outperform at Keefe Bruyette... Valley National (VLY) downgraded to Sell from Neutral at Guggenheim... Vornado (VNO) downgraded to Neutral from Buy at Goldman... Windstream (WIN) downgraded to Sell from Neutral at UBS.

Evercore ISI initiated coverage of Macom with an Outperform rating and $120 price target. The company is a key supplier of specialty analog/RF chips that stands to benefit from industry consolidation and ongoing turnaround and margin expansion, the analyst tells investors in a research note, also citing Macom management team that has an "excellent history of execution". Macom is also well positioned for potential additional tailwinds related to Aerospace and Defense given military conflicts of late, the firm added.