MOST NOTEWORTHY: General Motors, Anheuser-Busch and GlaxoSmithKline were today's noteworthy downgrades.

• Citigroup downgraded shares of General Motors Corporation (NYSE: GM) to Hold from Buy to reflect reduced earnings power and cash burn risks and recommends swapping into American Axle & Manufacturing Holdings Inc (NYSE: AXL).
• Deutsche Bank cut Anheuser-Busch Companies Inc (NYSE: BUD) to Hold from Buy on valuation following the recent rally spurred by takeover speculation. The firm believes the reported $65/share cash takeover offer by Inbev requires aggressive cost reduction and could harm the brands.
• Morgan Stanley downgraded shares of GlaxoSmithKline Plc (NYSE: GSK) to Underweight from Equal Weight as they see risk to Street expectations for a U.S. Cervarix approval in 2009.

OTHER DOWNGRADES:

• Wachovia downgraded Old Dominion Freight Line Inc (NASDAQ: ODFL) to Market Perform from Outperform.
• Lehman downgraded Yara International (OTC: YARIY) to Equal Weight from Overweight.
• Goldman downgraded China Mobile Limited (NYSE: CHL) to Sell from Neutral and added shares to the Conviction Sell List.