Analyst downgrades: Software sector, ERIC, PCAR, E and VCLK

MOST NOTEWORTHY: The software sector, Ericsson, Paccar, Eni SpA and Valueclick were today's noteworthy downgrades:

Bear Stearns downgraded the software sector to Underweight from Market Weight, citing valuations and increased risk to 2008 IT budgets.
Ericsson (NASDAQ: ERIC) was downgraded to Equal Weight from Overweight at Lehman and to Neutral from Overweight at JP Morgan following the company's Q3 profit warning.
Paccar (NASDAQ: PCAR) was downgraded to Underperform from Market Perform at Wachovia. The firm believes Street estimates are too high due to weaker-than-expected North American unit production.
ABN Amro downgraded shares of Eni SpA (NYSE: E) to Sell from Hold as they expect the company to invest significantly more in its upstream activities than guidance suggests due to cost pressures.
Oppenheimer downgraded ValueClick (NASDAQ: VCLK) to Neutral from Buy following the Q3 pre-announcement and guidance.

OTHER DOWNGRADES:

Merrill downgraded Equity Lifestyle Properties (NYSE: ELS) to Neutral from Buy.
Autodesk (NASDAQ: ADSK) was downgraded to Neutral from Buy at UBS.
JP Morgan downgraded ACA Capital Holdings (NYSE: ACA) To Neutral from Overweight.
Citigroup downgraded Vimpel Communications (NYSE: VIP) to Sell from Hold.
Yahoo! (NASDAQ: YHOO) was downgraded to Hold from Buy at Gabelli.