MOST NOTEWORTHY: QLogic (QLGC), Cnet Networks (CNET), Taiwan Semiconductor (TSM), Darden Restaurants (DRI) and Anadys Pharma (ANDS) were today's noteworthy downgrades:
- QLogic (NASDAQ: QLGC) was cut by several firms:
- QLogic was cut to Neutral from Outperform and removed from JP Morgan's Focus List due to the lack of catalysts to drive shares higher.
- Caris cut shares to Average from Above Average and Pacific
- Crest downgraded QLogic to Sector Perform from Outperform as the company's profits decline.
- Citigtroup downgraded CNet Networks (NASDAQ: CNET) to Hold from Buy as they no longer expect material revenue growth acceleration and operating leverage in 2H07; First Albany cut shares to Neutral from Buy.
- HSBC downgraded shares of Taiwan Semiconductor (NYSE: TSM) to Neutral from Overweight to reflect worse than expected pricing pressures.
- Matrix downgraded shares of Darden Restaurants (NYSE: DRI) to Hold from Buy on increasing competition and rising costs.
- Piper cut Anadys Pharma (NASDAQ: ANDS) to Underperform from Outperform following the company's announcement that it has discontinued development of ANA975...
OTHER DOWNGRADES:
- Bear Stearns downgraded AutoNation (NYSE: AN) to Peer Perform from Outperform.
Analyst summaries provided by TheFlyOnTheWall.com (subscription required).
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