MOST NOTEWORTHY: Anadigics, American Axle and Caterpillar were today's noteworthy downgrades:

• Stephens downgraded shares of Anadigics (NASDAQ: ANAD) following the company's Q2 results, as they believe shares could trade sideways until the macro environment improves. The firm lowered their target to $9 from $14. Jefferies downgraded shares to Hold from Buy to reflect the company's lower than expected outlook. The firm lowered their target to $9 from $15.
• Deutsche Bank cut American Axle (NYSE: AXL) to Hold from Buy to reflect the risk associated with the company's exposure to General Motors (NYSE: GM) and Chrysler. The firm lowered their target price to $7.50 from $11.
  
• JP Morgan downgraded Caterpillar (NYSE: CAT) to Neutral from Overweight based on increasing macro headwinds and likely multiple pressure.

OTHER DOWNGRADES:

• Washington Mutual (NYSE: WM) was cut to Sell from Neutral at Piper.
  
• United Microelectronic (NYSE: UMC) was downgraded to Sell from Neutral at Goldman.
  
• Downey Financial (NYSE: DSL) and City National (NYSE: CYN) were lowered to Market Perform from Outperform at Keefe Bruyette.