Zale Corp Falling over 11% after Bank of America Downgrade

Bank of America Merrill Lynch is out with its report today on Zale ZLC, downgrading ZLC to Neutral. In a note to clients, Bank of America Merrill Lynch writes, "We are lowering our rating on Zale to Neutral from Buy on what we see as limited upside after the stock's recent rally. Quarter-to-date, Zale is up 70% versus -5% for the S&P500 and -6% for the S&P Retail index." Read more here.