TradingMarkets 7 Stocks You Need to Know for Tuesday

Overbought conditions from three days of rising markets finally caught up with stocks on Monday as the major averages sagged into the close.

The Dow closed lower by 81.80. The Nasdaq Composite slid 4.18. And the S&P 500 ended the day down 4.35.

Here are 7 Stocks You Need to Know for Tuesday.

Shares of Apple (NasdaqGS:AAPL - News) rallied in the premarket Monday morning as CEO Steve Jobs dispelled rumors that his health was worse than believed. Later in the day, Apple affirmed that the company in fact had a CEO succession plan in place. The Short Term PowerRating for AAPL is 3.

Goldman Sachs (NYSE:GS - News) upgraded electronics retail giant, Best Buy (NYSE:BBY - News) to "buy" on Tuesday. GS and BBY both has a Short Term PowerRating of 2.

Two telecommunications companies - Verizon Communications (NYSE:VZ - News) and AT&T (NYSE:T - News) - were downgraded by a Bernstein analyst who cited the stocks recent outperformance for his caution on the stocks in the near term. The Short Term PowerRatings for VZ and T is 4 and 4 respectively.

Unsurprisingly, both General Motors (NYSE:GM - News) and Ford Motor Company (NYSE:F - News) reported exceptionally weak auto sales numbers on Monday. The Short Term PowerRatings for GM and F is 4 and 2 respectively.