MOST NOTEWORTHY: Veraz , Cisco Systems and tw telecom were today's noteworthy downgrades:

• Jefferies downgraded shares of Veraz (NASDAQ: VRAZ) to Underperform from Hold after the company pre-announced a Q2 miss, as they are concerned about the company's ability to execute a turnaround. Jefferies lowered their target to 85c from $2.50.
  
• Credit Suisse cut Cisco Systems (NASDAQ: CSCO) to Neutral from Outperform as they believe carriers may reduce spending given the slowing economic growth. Credit Suisse lowered their target price to $24 from $31.
  
• JP Morgan downgraded tw telecom (NASDAQ: TWTC) to Underweight from Overweight on concerns enterprise trends will continue to deteriorate.

OTHER DOWNGRADES:

• Eaton (NYSE: ETN) and Altra Holdings (NASDAQ: AIMC) were lowered to Neutral from Buy at Merrill Lynch.
  
• ASML Holdings (NASDAQ: ASML) was downgraded to Reduce from Hold at Petercam.
  
• Informatica (NASDAQ: INFA) was cut at Piper to Neutral from Buy.
  
• Lev Pharmaceutials (OTC: LEVP) was downgraded to Hold from Buy at Jefferies.

MOST NOTEWORTHY: Gander Mountain, Lev Pharmaceuticals, Intermune, Aetna and Medco Health were today's noteworthy initiations:

• Nollenberger initiated shares of Gander Mountain Company (NASDAQ: GMTN) with a Sell rating and $5.00 target, and believes the company's goal of reaching profitability in 2007 could prove overly optimistic.
  
• Lev Pharmaceuticals (OTC: LEVP) was initiated with a Sector Outperformer rating and $3 target at CIBC, as the firm believes Cinryze will likely be approved in 1Q08 and they expect the company to have significant pricing leverage.
  
• JP Morgan resumed coverage of Intermune Inc (NASDAQ: ITMN) with an Overweight rating and expects shares to be driven by the company's pipeline in IPF and HCV.
  
• Aetna Incorporated (NYSE: AET) was initiated with an Outperform rating at Wachovia. The firm feels Aetna is positioned for better growth and higher quality earnings than its peers.
  
• William Blair started shares of Medco Health Solutions Inc (NYSE: MHS) with an Outperform rating, as they believe an aging population, rising health care costs, and an acceleration in new product introductions should increase demand for PBM services over the next five years.

OTHER INITIATIONS:

• ABN Amro started shares of Siliconware Precision Industries Company Ltd (NASDAQ: SPIL) and Advanced Semiconductor Engineering Inc (NYSE: ASX) with Buy ratings.
  
• Goldman initiated Silicon Image Inc (NASDAQ: SIMG) with a Sell rating and $4.50 target, and initiated Sigma Designs Inc (NASDAQ: SIGM) and SiRF Technology Holdings Inc (NASDAQ: SIRF) with Neutral ratings and a $43 target and $19 target, respectively.