MOST NOTEWORTHY: The New York Times Co (NYT), Moody's Corp (MCO), Nokia Corp ADS (NOK) and Circuit City Stores (CC) were some of today's most notable downgrades:

• Lehman Brothers cut the New York Times Co (NYSE: NYT) to Underweight from Equal-Weight as they believe the company's recent cost cuts reflect management's concerns over its top-line.

• Moody's Corp (NYSE: MCO) was downgraded to Underperform from Neutral at Credit Suisse based on the potential to impact from a slowdown in collateralized debt obligation issuance on growth.

• Nokia Corp ADS (NYSE: NOK) was removed from Goldman Sachs's Conviction Buy List based on its recent strength.

• William Blair cut Circuit City Stores (NYSE: CC) to Underperform from Market Perform as the firm has concerns over the slowing of the advanced TV cycle and challenges to the company's turnaround plans.

OTHER DOWNGRADES:

• UBS lowered Cypress Semiconductor Corp's (NYSE: CY) rating to Neutral from Buy based on valuation.

• Citigroup cut BAE Systems plc ADR (OTC: BAESY) to Hold from Buy.

• Raymond James downgraded Caremark RX (NYSE: CMX) to Market Perform from Outperform.

• Matrix USA downgraded The Goodyear Tire & Rubber Co (NYSE: GT) to Hold from Buy and removed the company from its Focus List as they see little upside from its recent rally.

• Nollenberger downgraded shares of Station Casinos (NYSE: STN) to Neutral from Buy after the company accepted a revised buyout offer from Fertitta Colony Partners as they feel the chance for a higher offer to emerge is unlikely.

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

By all numbers and accounts, the gaming console war right now is easily being won by the Nintendo Wii over the much-ballyhooed Sony PlayStation 3. If you look at the numbers, it's not hard to see why (I think): less than a million PlayStation 3 consoles sold since launch in late November (due to parts supply issues) and more than a few million Nintendo Wii consoles shipped since roughly the same time. It also does not hurt that the Wii is only $250 while the cheapest PlayStation 3 costs double that at $500.

In addition to the war currently being raged -- and don't forgot the Microsoft Xbox 360, which has a head start of almost an entire year -- Nintendo is either planning or having a neat "re-launch" strategy that is taking place at national retailers like Circuit City Stores (NYSE: CC) and Best Buy (NYSE: BBY). Some stores sell out of the consoles very fast once a shipment arrives -- but could that shipment have been larger? I'm wondering if Nintendo is actually employing a multi-pronged "embargo" retail strategy that limits quantities shipped to retailers. Then, when it becomes available again, another "launch" is promoted by those same retailers, ala "new shipment of Nintendo Wiis just arrived -- get yours now!"

On that note, retailer Circuit City is having yet another "re-launch" of Nintendo's Wii on Sunday, February 11. Of course, "quantities are limited, while supplies last" are the two standard disclaimers on the "re-launch." In addition, no rainchecks will be given and there is a one per household limit. Talk about creating demand by making the console have such severe selling limits. I'm pretty sure this is part of a strategy instead of a logistics nightmare. For the uber-obsessive, www.wiitracker.com will track the inventory of these babies nationwide.