MOST NOTEWORTHY: Sirius Satellite (SIRI), Harley-Davidson (HOG), and New York Times (NYT) top today's list of downgrades.

• UBS downgraded Sirius Satellite Radio, Inc. (NASDAQ:SIRI) to Market Perform from Outperform. The firm cited the end of its paired trade opportunity with XM Satellite Radio (XMSR), aggressive fourth-quarter subscriber forecasts and weakening consumer interest for satellite radio products.
• Harley-Davidson, Inc. (NYSE:HOG) was downgraded to Hold from Buy on valuation at A.G. Edwards. The motorcycle giant was also downgraded to Neutral from Outperform by Robert W. Baird on valuation and the potential for slower seasonal fourth-quarter growth.
• Morgan Stanley downgraded New York Times Company (NYSE:NYT) to Underweight from Equal Weight on valuation.

OTHER DOWNGRADES:

• Ferris Baker Watts downgraded Powerwave Tech Inc. (NASDAQ:PWAV) to Neutral from Buy on valuation.
• William Blair downgraded W.W. Grainger Inc. (NYSE:GWW) and MSC Industrial (NYSE:MSM) to Market Perform from Outperform due to weakened macroeconomic indicators and softness in the construction and transportation end markets.
• Finally, Goodrich Petroleum Corp. (NYSE:GDP) was downgraded to Reduce from Neutral at SunTrust Robinson Humphrey based on lower production and higher operating tax expenses.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).