UPDATE: Societe Generale Downgrades Baker Hughes to Hold on Cautious Outlook

Societe Generale reduced its rating on Baker Hughes

from Buy to Hold following a challenging quarter. Societe Generale commented, "BHI's 3Q'12 results fell well short of expectations in all regions as a congruence of headwinds impacted operations. While many of these issues should prove transitory, it can take several quarters for operations to normalize in International markets, and a very slow US holiday drilling season will likely weigh heavily on Q4'12/Q1'13. BHI is considered by many investors to be a recovery story. A significant stumble such as Q3'12 could force BHI shares into the penalty box and the stock could underperform in the interim as investors adopt a more cautious stance." Baker Hughes closed at $44.02 on Monday.