These are the top downgrades and negative analyst calls we are seeing this Thursday morning:

• Kelly Services (KELYA) Cut to Sell at Citigroup.
• KLA-Tencor (KLAC) Cut to Equal-weight at Morgan Stanley.
• Lam Research (LRCX) Cut to Underweight at Morgan Stanley.
• Marvell Technology (MRVL) Started as Neutral at Credit Suisse.
• Piedmont Natural Gas (PNY) Cut to Neutral at Baird.
• Robert Half (RHI) Cut to Sell at Citigroup.
• Shanda Interactive (SNDA) has seen estimate and targets cut by Citigroup, JPMorgan, and Goldman Sachs.
• Xilinx (XLNX) Started as Neutral at Credit Suisse.

Jon C. Ogg
September 4, 2008