Analyst downgrades:

• Gannett (NYSE: GCI) was downgraded at Wells Fargo to Underperform from Market Perform. The firm thinks that consensus earnings estimates for 2010 are likely to decline while the stock's multiple will probably drop.
• K-Sea Trans (NYSE: KSP) was downgraded to Underperform from Market Perform at Wells Fargo due to uncertainty about the prospects for future distributions. The firm thinks the company's reduced cash flow may cause it to violate debt covenants, which the firm believes may lead to the elimination of distributions.
• Goodyear Tire (NYSE: GT) was downgraded to Underperform from Buy at BofA/Merrill following the Q3 report as they expect the company's Q4 to be "materially weaker" than previously forecast. The price target was dropped to $10 from $22.
• Agnico-Eagle (NYSE: AEM) was downgraded to Neutral from Outperform at Credit Suisse following the Q3 report. Target was lowered to $69 from $80.
• Activision (NASDAQ: ATVI) was downgraded to Neutral from Overweight at Piper Jaffray on concerns of high expectations and a lack of catalysts. The firm lowered its target to $12.
• Celera (NASDAQ: CRA) was downgraded to Neutral from Outperform at Cowen due to expectations for moderate product growth near-term and lack of near-term catalysts, among other reasons.

Analyst initiations:

• Halliburton (NYSE: HAL) was initiated at Wells Fargo with an Outperform rating. The firm thinks that Halliburton has the most favorable valuation among its Big Four peers, and it predicts that Halliburton will almost definitely perform well over the long term.
• Adobe (NASDAQ: ADBE) coverage resumed with an Overweight at Morgan Stanley. Target is $40.
• Inland Real Estate (NYSE: IRC) was initiated with a Market Perform at Raymond James.
• IMAX (NASDAQ: IMAX) was initiated with an Overweight at Piper Jaffray. Target is $14.
• Smith International (NYSE: SII) was initiated with a Market Perform at Wells Fargo.
• Conns (NASDAQ: CONN) was initiated with a Hold at Jefferies. Target price range is $7-$8.