MOST NOTEWORTHY: AbitibiBowater, GlaxoSmithKline, AstraZeneca and Capital One were today's noteworthy downgrades:

• Lehman downgraded AbitibiBowater (NYSE: ABH) to Equal Weight from Overweight citing dilution from the recent $350M convertible offering, cost pressures, and a more cautious outlook near-term for pulp markets.
  
• JP Morgan cut GlaxoSmithKline (NYSE: GSK) and AstraZeneca (NYSE: AZN) to Underweight from Neutral on long-term earnings growth concerns.
  
• Keefe Bruyette lowered Capital One (NYSE: COF) to Underperform from Market Perform to reflect the company's credit outlook.

OTHER DOWNGRADES:

• Nokia (NYSE: NOK) was downgraded to Neutral from Buy at UBS and to Underweight from Overweight at JP Morgan.
  
• Textron (NYSE: TXT) was cut at Credit Suisse to Neutral from Outperform.
  
• Merriman downgraded Blue Coat Systems (NASDAQ: BCSI) to Neutral from Buy.

MOST NOTEWORTHY: Banco Santander, Solera, FTI Consulting and Blue Coat Systems were today's noteworthy initiations:

• Societe Generale expects the Banco Santander's (NYSE: STD) strong organic growth in earnings to continue with the purchase of ABN Amro's (NYSE: ABN) assets in Brazil and Italy, starting shares off with a Buy rating. Shares were started at Merrill Lynch with a Neutral rating.
  
• William Blair initiated Solera Holdings (NYSE: SLH) with an Outperform rating, as they believe underlying trends for auto insurance claims are favorable.
  
• FTI Consulting (NYSE: FCN) was initiated at Deutsche Bank, as they believe the company is positioned to sustain double-digit growth, and with a Buy rating and $65 target and at Goldman with a Neutral rating and $62 target.
  
• Pacific Crest initiated Blue Coat Systems (NASDAQ: BCSI) with a Sector Perform rating on valuation and estimates fair value at $50/share.

OTHER INITIATIONS:

• BNP Paribas started shares of China Netcom (NYSE: CN) and China Telecom (NYSE: CHA) with Buy ratings and China Mobile Limited (NYSE: CHL) with a Hold rating.
  
• Cosan Limited (NYSE: CZZ) was initiated with a Neutral rating at Goldman.
  
• Methanex Corporation (NASDAQ: MEOH) was started at HSBC with an Overweight rating.

The development of e-commerce has provided the business community with new and exciting ways to reach the consumer, but there are associated dangers. There is an outfit in Sunnyvale, California that secures Web communications and accelerates business applications across the distributed enterprise.

Blue Coat Systems (NASDAQ: BCSI) helps organizations make the Web safe and productive for business. Blue Coat proxy appliances provide control of Web communications to protect against risks and inefficiencies from spyware, Web viruses, inappropriate Web surfing, instant messaging, video streaming and peer-to-peer file sharing. Blue Coat has installed more than 40,000 appliances worldwide. Customers include the National Institutes of Health, Merck (NYSE: MRK) and the US Air Force. Cisco Systems is a (NASDAQ: CSCO) is a major competitor.

Access to the internet extends the reach of business into new and exciting channels, but with the privilege come dangers. There is an outfit in Sunnyvale, California that secures web communications and accelerates business applications across the distributed enterprise.

Blue Coat Systems Inc. (NASDAQ:BCSI) helps organizations make Web use safe and productive. Blue Coat proxy appliances provide control of Web communications to protect against risks and inefficiencies from spyware, web viruses, inappropriate web surfing, instant messaging, video streaming and peer-to-peer file sharing. Blue Coat has installed more than 30,000 appliances worldwide and is ranked number one by IDC in the Secure Content and Application Delivery market. Customers include the National Institutes of Health, Merck & Co., Inc.(NYSE:MRK) and the US Air Force.