Early Bird Analyst Downgrades (B, CCL, CTCM, DO, ESS, HAL, HMY, IP, ODFL, PKG)

These are some of the top pre-market analyst downgrades we have seen with more than two hours to the open this Monday morning:

• Barnes Group (B) Cut to Neutral at Baird.
• Carnival (CCL) Cut to Sell at S&P.
• CTC Media (CTCM) Cut to Neutral at Goldman Sachs.
• Diamond Offshore (DO) Cut to Neutral at Goldman Sachs.
• Essex Property Trust (ESS) Cut to Sell at Goldman Sachs.
• Halliburton (HAL) Cut to Neutral at Goldman Sachs.
• Harmony Gold (HMY) Cut to Underperform at RBC.
• International Paper (IP) Cut to Neutral at Goldman Sachs.
• Old Dominion Freight Line (ODFL) Cut to Neutral at Baird.
• Packaging Corp. (PKG) Cut to Neutral at Goldman Sachs.

Jon C. Ogg
November 3, 2008