These are the earl-bird upgrades and downgrades we are seeing in Telecom, Tech, and I.T. on this Friday morning with about two and a half hours to open:

• ARM Holdings (NASDAQ: ARMH) raised to Outperform at Credit Suisse.
• F5 Networks (NASDAQ: FFIV) started as Buy at Deutsche Bank.
• McAfee (NYSE: MFE) Started as Outperform at R.W.Baird.
• Motorola (NYSE: MOT) Started as Underperform at Credit Suisse.
• Nokia (NYSE: NOK) Downgraded to Neutral at Credit Suisse.
• Novell (NASDAQ: NOVL) Raised to Buy from Hold at Jefferies.
• Qualcomm (NASDAQ: QCOM) Started as Outperform at Credit Suisse.
• Tibco Software (NASDAQ: TIBX) Raised to Hold from Underperform at Jefferies.

Full Med-Bio Analyst Upgrade/Downgrade summary from BioHealthInvestor.com: BMY, EHTH, IMCL, BABY, NUVA, ONXX, OSIP, ZMH

Jon C. Ogg
June 27, 2008