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Analyst downgrades: Oil and gas explorers, GSIC and GZPFY

MOST NOTEWORTHY: Oil and gas explorers and producers, GSI Commerce and Gazprom Neft were today's noteworthy downgrades:

Credit Suisse downgraded Devon Energy (NYSE:DVN) and Forest Oil (NYSE:FST) to Neutral from Outperform following a reduction in the firm's 2008 natural gas outlook.
Jefferies downgraded shares of GSI Commerce (NASDAQ:GSIC) to Hold from Buy as they have become more cautious on margins given the company's increasingly heavy online discounting through this holiday season.
Gazprom Neft (OTC:GZPFY) was downgraded to Sell from Hold at Deutsche Bank on valuation, as they believe the recent rally is not supported by fundamentals.

OTHER DOWNGRADES:

MAJOR PAPERS:

In an effort to stem the flow of weaponry into Iraq, the Pentagon is planning to build its first base near the Iraq-Iran border, reported the Wall Street Journal (subscription required).
Kohlberg Kravis Roberts & Co. is expected to make concessions with the investment banks putting together $24B in debt for its purchase of First Data Corporation (NYSE: FDC), something it had previously been unwilling to do, reported the Wall Street Journal.
The Bush administration wants to limit the role of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) in the home mortgage crisis, but a number of Democrats, led by New York Senator Schumer, want to increase the authority of both firms by loosening growth constraints, and increase the size of mortgages they can buy in high cost areas, reported the Wall Street Journal.
While the Nasdaq Stock Market Inc (NASDAQ: NDAQ) said it extended the deadline earlier this week, the "self-imposed deadline" for an LSE bid passed without a single firm bid, reported the Financial Times (subscription required).

OTHER PAPERS:

The U.K. Times reported that Russian state-controlled energy company Gazprom (OTC: GZPFY) considered making a rival $5B offer for business news company Dow Jones and Company Inc (NYSE: DJ), according to a source.
The New York Times reported that after three separate recalls of Mattel Inc (NYSE: MAT) toys, Disney (NYSE: DIS) said it would begin testing toys featuring Disney characters, including ones already on store shelves.