Analyst downgrades: Process control sector, RHD, VG, CCE and RIG

MOST NOTEWORTHY: The process control sector, R.H. Donnelley, Vonage, Coca-Cola Enterprises and Transocean were today's noteworthy downgrades:

Baird reduced estimates across the board in the process control sector due to lower expectations for North American industrial and residential construction. The firm downgraded Roper Industries (NYSE: ROP), Regal-Beloit Corp (NYSE: RBC) and Baldor Electric (NYSE: BEZ) to Neutral from Outperform and AO Smith Corporation (NYSE: AOS) to Underperform from Neutral.
Goldman downgraded shares of R.H. Donnelley Corporation (NYSE: RHD) to Neutral from Buy after the company updated its 2007 guidance to reflect deteriorating trends in local advertising.
Vonage Holdings Corp (NYSE: VG) was downgraded to Sell from Hold at Soleil due to liquidity concerns.
Coca-Cola Enterprises (NYSE: CCE) was downgraded to Hold from Buy at Deutsche Bank on valuation and mixed near-term trends.
Transocean Inc (NYSE: RIG) was downgraded to Hold from Buy at Gabelli. Even though the deepwater market continues to be strong, the firm is concerned regarding the continuing weakness in the jackup market as well as the limited upside potential due to the company's ships being in use through 2009.

OTHER DOWNGRADES:

XM Satellite Radio Holdings (NASDAQ: XMSR) and Sirius Satellite Radio Inc (NASDAQ: SIRI) were downgraded to Neutral from Buy at UBS.
Blue Nile Inc (NASDAQ: NILE) was downgraded to Neutral from Buy at Suntrust.
Citigroup downgraded shares of CheckFree Corporation (NASDAQ: CKFR) to Hold from Buy.
Morgan Stanley downgraded McAfee Inc (NYSE: MFE) to Underweight from Equal Weight.