• ADC Telecommunications (NASDAQ: ADCT) Cut to Neutral from Outperform at Credit Suisse.
• Adtran (NASDAQ: ADTN) Cut to Underperform from Neutral at Credit Suisse.
• Chicago Bridge & Iron (NYSE: CBI) Cut to Neutral at JPMorgan.
• Ciena (NASDAQ: CIEN) Cut to Underperform from Outperform at Credit Suisse.
• Cisco Systems (NASDAQ: CSCO) Cut to Neutral from Outperform at Credit Suisse.
• Grupo Aeroportuario (NYSE: PAC) Cut to Sell from Neutral at Goldman Sachs.
• Orion Energy Systems (NASDAQ: OESX) Cut to Market Weight at Thomas Weisel.
• SAIC (NYSE: SAI) Cut to Neutral from Outperform at Cowen.
• TW Telecom (NASDAQ: TWTC) Cut to Underweight from Overweight at JPMorgan.
• US Bancorp (NYSE: USB) Cut to Sell from Hold at Deutsche Bank.
• Veraz Networks (NASDAQ: VRAZ) Cut to Underperform from Hold at Jefferies.

Jon C. Ogg
July 16, 2008

• ACE Ltd. (NYSE: ACE) Cut To Hold From Buy By Citigroup.
• Digital River (NASDAQ: DRIV) Downgraded to Sell from Neutral at Goldman Sachs.
• Employers Holdings (NYSE: EIG) Downgraded to Market Perform at KBW.
• Grupo Aeroportuario del Pacifico (NYSE: PAC) Downgraded to Sell at Citigroup.
• Intuit (NASDAQ: INTU) Downgraded to Sell from Neutral at Goldman Sachs.
• Nokia (NYSE: NOK) lowered price target but maintained Buy at Merrill Lynch.
• NOVA Chemicals (NYSE: NCX) Downgraded to Sell at Citigroup.
• OfficeMax (NYSE: OMX) Downgraded to Neutral from Buy at Piper Jaffray.
• VMware (NYSE: VMW) Downgraded to Hold at Jefferies (may be yesterday afternoon call).

Jon C. Ogg
July 9, 2008