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MOST NOTEWORTHY: Lehman, PNM Resources and Hilb, Rogal and Hobbs were today's noteworthy downgrades:
- Wachovia downgraded Lehman (NYSE: LEH) to Market Perform from Outperform citing the larger capital raise, poorly marked assets, and lack of confidence.
- Jefferies downgraded PNM Resources (NYSE: PNM) to Hold from Buy citing valuation and lower contribution from the company's First Choice supply subsidiary.
- Hilb, Rogal and Hobbs (NYSE: HRH) was cut at Davenport to Neutral from Buy following the acquisition by Willis Group Holdings (NYSE: WSH).
OTHER DOWNGRADES:
The decline and fall of Crocs
June housing construction makes unexpected jump
Closing Bell: When news and earnings exhaustion occurs (BCRX, BAC, CIT, GE, GOOG, SU, YHOO, MSFT)
