Top Pre-Market Analyst Downgrades (AFFX, APD, ACAS, AMLN, AMAT, AINV, CTXS, DRYS, XOM, IRBT, LRCX, NFLX, NSR, NHY, NYX, BTU, UPS)

These are some of the top pre-market analyst downgrades and cautious calls we are seeing this Thursday morning:

• Affymetrix (AFFX) Cut to Underweight at JPMorgan.
• Air Products (APD) Cut to Neutral at JPMorgan.
• American Capital (ACAS) Cut to Underperform at KBW.
• Amylin Pharma (AMLN) Cut to Sell at Canaccord.
• Applied Materials (AMAT) Started as Sell with $8 target at Auriga.
• Apollo Investment (AINV) Cut to Market Perform at KBW.
• Citrix Systems (CTXS) Cut to Neutral at Credit Suisse.
• DryShips (DRYS) Cut to Underperform at Oppenheimer.
• Exxon Mobil (XOM) Cut to Neutral at Goldman Sachs.
• iRobot (IRBT) Cut to Neutral at JPMorgan.
• Lam Research (LRCX) Cut to Underperform at Credit Suisse.
• Netflix (NFLX) Started as Sell at Maxim Group.
• Neustar (NSR) Cut to Neutral at JPMorgan.
• Norsk Hydro (NHY) Cut to Market Perform at Bernstein.
• NYSE Euronext (NYX) Cut to Neutral at Piper Jaffray.
• Peabody Energy (BTU) Cut to Market Perform at FBR.
• United Parcel Service (UPS) Cut to Underweight at Morgan Stanley.

Jon C. Ogg
January 29, 2009