Top Pre-Market Analyst Downgrades (ADCT, ADTN, CBI, CIEN, CSCO, PAC, OESX, SAI, TWTC, USB, VRAZ)

These aren’t all of the downgrades or negative analyst calls we have seen this Wednesday, but these are some of the impact analyst calls we are seeing:

• ADC Telecommunications (NASDAQ: ADCT) Cut to Neutral from Outperform at Credit Suisse.
• Adtran (NASDAQ: ADTN) Cut to Underperform from Neutral at Credit Suisse.
• Chicago Bridge & Iron (NYSE: CBI) Cut to Neutral at JPMorgan.
• Ciena (NASDAQ: CIEN) Cut to Underperform from Outperform at Credit Suisse.
• Cisco Systems (NASDAQ: CSCO) Cut to Neutral from Outperform at Credit Suisse.
• Grupo Aeroportuario (NYSE: PAC) Cut to Sell from Neutral at Goldman Sachs.
• Orion Energy Systems (NASDAQ: OESX) Cut to Market Weight at Thomas Weisel.
• SAIC (NYSE: SAI) Cut to Neutral from Outperform at Cowen.
• TW Telecom (NASDAQ: TWTC) Cut to Underweight from Overweight at JPMorgan.
• US Bancorp (NYSE: USB) Cut to Sell from Hold at Deutsche Bank.
• Veraz Networks (NASDAQ: VRAZ) Cut to Underperform from Hold at Jefferies.

Jon C. Ogg
July 16, 2008