MOST NOTEWORTHY: WebEx Communications, Inc (WEBX), Avaya Inc (AV), Tractor Supply Co (TSCO), Nokia (NOK) and Mattel, Inc (MAT) were some of today's noteworthy downgrades:
Wachovia downgraded shares of WebEx Communications Inc (NASDAQ: WEBX) to Market Perform from Outperform to reflect the company's pending acquisition by Cisco Systems (CSCO).
Bank of America cut Avaya Inc (NYSE: AV) to Neutral from Buy with a $13 target after taking in account the company's acquisition of Ubiquity Software Corp Plc. The firm believes sales may miss consensus for the next few quarters, while gross operating margins could disappoint.
CIBC downgraded Tractor Supply Co (NASDAQ: TSCO) to Sector Performer from Sector Outperformer. The firm sees some moderate upside for shares of TSCO but says it will be incrementally more difficult to achieve without a major fundamental driver in the near-term.
WestLB AG downgraded shares of Nokia (NYSE: NOK) to Reduce from Hold.
Mattel Inc (NYSE: MAT) was cut to Market Perform from Outperform at BMO Capital on valuation.
OTHER DOWNGRADES:
First Albany downgraded Cerner Corp (NASDAQ: CERN) to Neutral from Buy.
Keefe Bruyette downgraded A.G. Edwards, Inc (NYSE: AGE) to Market Perform from Outperform on valuation.
Rodman & Renshaw downgraded shares of Genentech, Inc (NYSE: DNA) to Market Perform from Outperform citing a slowdown in near-term growth and valuation that reflects most of its future growth.
MOST NOTEWORTHY: MedImmune, Inc (MEDI), Take-Two Interactive Software (TTWO) and Tractor Supply Co (TSCO) were some of today's more notable downgrades:
Bear Stearns downgraded MedImmune Inc (NASDAQ: MEDI) to Peer Perform from Outperform based on limited upside over the next 6-12 months.
Take-Two Interactive Software (Nasdaq: TTWO) was cut by Kaufman to Sell from Hold with a $17 target. Kaufman believes Take-Two is overvalued based on fundamentals.
Tractor Supply (NASDAQ: TSCO) was downgraded by Matrix to Sell from Hold. The firm expects high livestock feed and fertilizer prices to cut demand for Tractor Supply's target customer base.
OTHER DOWNGRADES:
Martin Midstream Partners LP (NASDAQ: MMLP) was downgraded to Sector Perform from Outperform based on valuation.
Friedman Billings cut Opteum Inc (NYSE: OPX) to Underperform from Market Perform citing the mounting losses in sub-prime mortgage loans and notes that servicing rights are also under pressure.
JP Morgan downgraded OMI Corp (NYSE: OMM) to Neutral from Overweight.
Kaufman downgraded First Charter Corp (NASDAQ: FCTR) to Market Perform from Outperform, citing the macro environment for the downgrade.
CIBC downgraded Saifun Semiconductors Ltd (NASDAQ: SFUN) to Sector Performer from Outperform after checks in Asia indicated that Hynix is no longer considering NROM as they believe SFUN's licensing momentum is diminishing.
MOST NOTEWORTHY: WebEx Communications, Inc (WEBX), Avaya Inc (AV), Tractor Supply Co (TSCO), Nokia (NOK) and Mattel, Inc (MAT) were some of today's noteworthy downgrades: 
John McCain, losing ground, goes for broke tonight
If nothing else, gasoline prices are falling!
Closing Bell: Dow slump puts bulls on suicide watch; BAC, MS, F, FSLR all down, AMD up
