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Tuesday, October 12, 2010

Morgan Stanley (NYSE:MS) Downgrades Harmony Gold (NYSE:HMY)

With very little upward movement from March, Harmony Gold (NYSE:HMY) continues to be looked upon as negative, and Morgan Stanley (NYSE:MS) reflected that with their downgrade of the South African gold miner from "Overweight" to "Equalweight."

Just being in based in South Africa is a negative for any gold miner, as so-called "black empowerment" and surging energy costs are considered a negative by those wishing to invest in gold companies.

Harmony experiences both of those, although they're compliant on the black empowerment initiative.

Morgan Stanley had initiated coverage on Harmony in June 2009, starting them off at that time with the "Overweight' they just lost.

Harmony was at $11.37, losing $0.12, or 1.04 percent as of 2:47 PM EDT.

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