MOST NOTEWORTHY: Corinthian Colleges, MSC Industrial and HBOS Plc were today's noteworthy downgrades:

• Piper downgraded shares of Corinthian Colleges (NASDAQ: COCO) to Neutral from Buy as they expect the company to face difficulty maintaining Title IV lending at its high default rate schools.
  
• Jefferies downgraded shares of MSC Industrial (NYSE: MSM) to Hold from Buy on valuation, as there is not enough upside to their $50 target to maintain a Buy rating
  
• Credit Suisse lowered HBOS Plc (OTC: HBOOY) to Underperform from Neutral to reflect the weakening housing and mortgage environment.

OTHER DOWNGRADES:

• Salesforce.com (NYSE: CRM) was cut to Market Perform from Outperform at Bernstein.
  
• B. Riley lowered Iomega (NYSE: IOM) to Neutral from Buy.
  
• Goldman downgraded Bare Escentuals (NASDAQ: BARE) and Procter & Gamble (NYSE: PG) to Neutral from Buy and Kimberly-Clark Corp. (NYSE: KMB) to Sell from Neutral.

MOST NOTEWORTHY: MSC Industrial, Prudential plc and GrafTech were today's noteworthy upgrades:

• William Blair upgraded shares of MSC Industrial (NYSE: MSM) to Outperform from Market Perform on valuation and improved execution following the company's Q2 results.
  
• Keefe Bruyette raised Prudential plc (NYSE: PUK) to Outperform from Underperform as they believe the company's targets will be exceeded.
  
• Oppenheimer upgraded GrafTech (NYSE: GTI) to Outperform from Perform based on strong fundamentals, improving margins, and a strong 2008 order book.

OTHER UPGRADES:

• HFF Inc. (NYSE: HF) was raised to Overweight from Equal Weight at Morgan Stanley.
  
• Lehman raised Canadian Natural (NYSE: CNQ) to Overweight from Equal Weight.

MOST NOTEWORTHY: Cognos, MSC Industrial Direct, Fastenal Company, Royal Kpn and Koppers Holdings were today's noteworthy downgrades:

• Cognos (NASDAQ: COGN) was downgraded to Neutral from Buy at Goldman and at Broadpoint following the acquisition by IBM (NYSE: IBM).
  
• Baird downgraded MSC Industrial Direct (NYSE: MSM) and Fastenal Company (NASDAQ: FAST) to Neutral from Outperform, as they expect the difficult U.S. manufacturing environment to constrain shares.
  
• Credit Suisse lowered its rating on Royal Kpn (NYSE: KPN) to Neutral from Outperform based on Getronics integration risk and slowing mobile earnings momentum.
  
• Koppers Holdings (NYSE: KOP) was downgraded to Buy from Aggressive Buy at KeyBanc based on valuation and concerns on 1H08 comps.

OTHER DOWNGRADES:

• Goldman removed Foster Wheeler (NASDAQ: FWLT) from its Conviction Buy List.
  
• Gabelli downgraded shares of Constellation Brands (NYSE: STZ) to Sell from Buy.
  
• Stifel lowered its rating on Amerigroup (NYSE: AGP) to Hold from Buy.