MOST NOTEWORTHY: Starbucks Corporation, Brinker, Healthways and Fluor were today's noteworthy downgrades:

• Banc of America downgraded Starbucks Corporation (NASDAQ: SBUX) to Sell from Neutral, and lowered their target to $23 from $27, as they see downside risk to estimates due to slower growth. The firm is concerned that expectations for a near-term recovery are too high.
  
• Goldman downgraded Brinker International (NYSE: EAT) to Sell from Neutral citing macro economic pressure on sales.
  
• Credit Suisse downgraded Healthways Inc (NASDAQ: HWAY) to Neutral from Outperform on valuation.
  
• Fluor Corporation (NYSE: FLR) was downgraded to Hold from Buy at Morgan Joseph on valuation.

OTHER DOWNGRADES:

• Nokia Corporation (NYSE: NOK) was downgraded to Hold from Buy at WestLB.
  
• Goldman downgraded Cnooc Ltd (NYSE: CEO) to Neutral from Buy.
  
• Credit Suisse downgraded Statoil (NYSE: STO) to Neutral from Outperform.
  
• GameStop Corp (NYSE: GME) was downgraded to Neutral from Buy at UBS.

MOST NOTEWORTHY: Statoil (STO), BG Group (BRG), Repsol (REP), Flow International (FLOW) and the refining sector were today's more noteworthy downgrades:

• Citigroup cut Statoil (NYSE: STO), BG Group (NYSE: BRG) and Repsol SA (NYSE: REP) to Sell from Hold due to valuation and the difficult operating environment.

• Matrix USA downgraded Flow International (NASDAQ: FLOW) to Strong Sell from Hold, citing weak demand from Asian customers that led to slowing sales growth.

• Bernstein downgraded the refining sector to Underperform and refiners Sunoco (NYSE: SUN) and Valero Energy (NYSE: VLO) to Underperform from Market Perform...

OTHER DOWNGRADES:

• Canadian Pacific (NYSE: CP) was cut to Neutral from Outperform at Credit Suisse; RBC Capital downgraded CP shares to Sector Perform from Outperform.

• Goldman downgraded Taiwan Semi (NYSE: TSM) to Neutral from Buy.

• Buckingham lowered Johnson Controls (NYSE: JCI) to Accumulate from Buy.

• Credit Suisse downgraded Cardinal Health (NYSE: CAH) to Neutral from Outperform.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Chevron Corp (CVX) announced today that they had successfully finished a test run at their Jack field in the Gulf of Mexico. During the test, Chevron reported that they, along with partners Devon Energy Corp. and Statoil ASA, were successful in producing around 6,000 barrels a day from the company's Jack well, a five-mile-deep well in the Gulf of Mexico's lower tertiary range.

While you may be thinking that 6,000 barrels a day output is not much to be hopeful about, what this does mean is that Chevron and other big oil companies now have the motivation to put more resources to work in the area. The area in question, the lower-tertiary range, is deeper than previously-exploited fields in the Gulf, with much much older rock formations. Many companies have been fearful of exploring these areas out of concerns that the rocks in question would be too tight from which to pull oil out, without the costs being too high to justify. Well, according to Larry Nichols, Devon's chairman and chief executive, that is just not the case and the area can be developed profitably.

If the area is successfully developed, the results could be phenomenal. Estimates for the recent findings in the Gulf of Mexico's lower-tertiary range anywhere from three to fifteen billion barrels of reserve oil, although much of the area has yet to be explored at all, and the actual finding could be even higher than estimated.