Apple, Amazon downgraded 'on moral and ethical grounds'

One analyst blacklisted several companies, citing a reason not often (or possibly ever) heard on Wall Street -- moral and ethical grounds.

In the report, Ronnie Moas, Standpoint Research's founder and director of research, downgraded Apple stock from a "hold" to a "sell," reiterated a "sell" recommendation for Amazon.com shares and initiated Philip Morris stock with a "sell" rating. "For Apple Computers to pay their workers $2 an hour while they have $150 billion in the bank is nothing short of obscene. I heard all of the arguments in their defense and they make no sense to me," wrote Moas.