Poker fans rejoice! House Financial Services Committee Chairman, Barney Frank, introduced a bill on Thursday that would allow Americans to gamble online once again. The bill would allow online gambling companies to apply for licenses to accept bets from U.S. citizens. Frank referred to the ban on gambling as "an inappropriate interference on the personal freedom of Americans" and called internet gambling a victimless crime. The WTO has previously declared the U.S. ban illegal.

Congratulations to Mr. Frank for standing up on this issue. I will give a piece of pie to anyone who can make a compelling case as to why it isn't hypocritical for states to offer lotteries while simultaneously cracking down on people who play online poker. How can you muster up moral outrage when you're selling the same product? This is like Hostess accusing McDonald's of marketing unhealthy foods.

If you're a political junkie closely following this issue and counting probable votes, here are a couple stocks that could be affected:

Cryptologic (NASDAQ: CRYP) - This company provides the software platforms for numerous online gambling ventures. The stock took a beating when Americans were banned from internet gambling, but has since recovered and is close to its 52-week high.

World Poker Tour Enterprises (NASDAQ: WPTE) - This company produces the World Poker Tour Series on the Travel Channel (soon to be moving to the Game Show Network) and also operates an online gambling site. While the company hasn't targeted U.S. consumers in the past, that could possibly change.

MOST NOTEWORTHY: Apple Computer, Inc. (NASDAQ:AAPL), First Data (FDC) and ASM International (ASMI) top today's extensive downgrade list.

• Apple was downgraded to Hold from Buy at Citigroup, citing valuation and the unlikely introduction of the new video iPod before the holiday season.
• First Data was downgraded to Neutral from Overweight at J.P. Morgan based on valuation and expectations of a Q3 miss.
• CIBC downgraded ASM International to Sector Performer from Sector Outperform based on checks that indicated Intel (INTC) is pushing out adoption of ASMI's atomic layer disposition tool for high-k at 45mn. They note a delay would be positive for Applied Materials (AMAT).

OTHER DOWNGRADES:

• Due to the change in management and lowered guidance, both Credit Suisse and KeyBanc/McDonald downgraded IT service provider Keane (KEA).
• ThinkEquity downgraded CryptoLogic (CRYP) to Source of Funds from Accumulate based on the ratification of the Internet gambling bill that will impact earnings.
• Boston Beer (SAM) was downgraded to Neutral from Overweight on valuation.
• USA Truck (USAK) was downgraded by Stephens to Underweight from Equal Weight, citing a less certain 2007 trucking environment and the recent stock offering.

Ratings summary provided courtesy of TheFlyOnTheWall.com.