These are not the only impact-calls affecting stocks from analysts in pre-market trading, but these are the ones that 24/7 Wall St. is focusing on:

• Activision (ATVI) raised to Overweight at Lehman.
• Allos Therapeutics (ALTH) started as Buy at Banc of America.
• Baker Hughes (BHI) started as Buy at Oppenheimer.
• Bear Stearns (BSC), Goldman Sachs (GS) & Lehman Bros. all downgraded to Sell from Market Perform at Punk Ziegel.
• CNOOC Ltd. (COO) downgraded to Neutral from Outperform at Credit Suisse.
• Cephalon (CEPH) raised to Outperform at FBR.
• Marvell Tech (MRVL) reinitiated with coverage at Buy at Merrill Lynch.
• Tiffany & Co. (TIF) downgraded to Neutral from Buy at Banc of America.
• VeriFone (PAY) downgraded to Neutral at Merrill Lynch.
• XM Satellite Radio downgraded to SELL at Goldman Sachs.

Jon C. Ogg
December 4, 2007