MOST NOTEWORTHY: Amgen, Inc (AMGN), Secure Computing Corp (SCUR), Advanced Micro Devices (AMD) and Level 3 Communications (LVLT) were some of today's more notable downgrades:
- UBS downgraded shares of Amgen Inc (NASDAQ: AMGN) to Reduce from Neutral as the firm believes most Medicare carriers will drop reimbursement for Aranesp in certain types of anemia due to safety concerns.
- Goldman Sachs cut Secure Computing Corp (NASDAQ: SCUR) to Sell from Neutral, citing valuation.
- Thomas Weisel believes Advanced Micro Devices (NYSE: AMD) will have a difficult time regaining lost channel share from Intel (INTC) without additional price cuts, downgrading shares to Market Weight to Overweight.
- Buckingham cut Level 3 Communications (NASDAQ: LVLT) to Accumulate from Strong Buy on valuation.
OTHER DOWNGRADES:
- Deutsche Bank downgraded shares of Edison International (NYSE: EIX) to Hold from Buy.
- Wachovia downgraded shares of Countrywide Financial Corp (NYSE: CFC) to Underperform from Market Perform on concerns that subprime weakness has spread to other sectors of the residential mortgage market.
- Ferris Baker Watts downgraded shares of Comstock Homebuilding (NASDAQ: CHCI) to Hold from Buy to reflect the uncertainty regarding the company's lender relationships and homebuilding market outlook.
- Citigroup downgraded shares of StanCorp Financial Group (NYSE: SFG) to Hold from Buy on valuation and recommends swapping money into Assurant, Inc (AIZ).
- JP Morgan cut AngloGold Ashanti Ltd (NYSE: AU) to Underweight from Neutral.
Analyst summaries provided by
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MOST NOTEWORTHY: RF Micro Devices, Western Digital and Boyd Gaming were today's noteworthy downgrades:
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