I do not ever consider a downgrade ! I do not ever consider an upgrade either unless it is based on a very significant news event based only on or about the company in itself !
Any company can catch a downgrade or upgrade based on nearly nothing in this new economy and everyone seems to pounce on anything !
I do understand part of the drop in CIM PPS is due to people over reacting to a down grade ! But I believe it is mostly due to the stock being so easily manipulated and the PPS being day trader heaven!
The more recent drop in PPS certainly was not based on CIM being under book! It was not based on the strong insider buying ! And it certainly was not based on CIM maintaining its Dividend at .13 from the previous Q.