Top Pre-Market Analyst Downgrades (BBY, BBBY, CC, DELL, HPQ, JNS, LIZ, LSI, PIR, RACK, RSH, SFD)

These are some of the top Downgrades or negative calls we are seeing early this Tuesday morning.  Neutral and Hold ratings are not technically negative, but they aren’t ringing endorsements either.

• Best Buy (BBY) Started as Hold at KeyBanc.
• Bed Bath & Beyond (BBBY) Started as Hold at KeyBanc.

• Circuit City (CC) Started as Underweight at KeyBanc.
• Dell (DELL) Started as Neutral at UBS.
• Hewlett-Packard (HPQ) Started as Neutral at UBS.
• Janus Capital (JNS) Cut to Underweight at JPMorgan.
• Liz Claiborne (LIZ) Cut To Neutral at Credit Suisse.
• LSI Corp. (LSI) Cut to Underweight at Lehman.
• Pier 1 Imports (PIR) Started as Underweight at KeyBanc.
• Rackable Systems (RACK) Cut to Neutral at Merriman Curhan Ford.
• Radio Shack (RSH) Started as Hold at KeyBanc.
• Smithfield Foods (SFD) Started as Neutral at JPMorgan.

Jon C. Ogg
August 5, 2008