Early Bird Analyst Downgrades (ADCT, ACL, AMMD, BGH, CNB, CNW, ERTS, FCX, NAT, OSG, PCU, STM)

These are some of the top analyst downgrades we are seeing from Wall Street firms this Thursday morning with more than two hours to the open:

• ADC Telecommunications (ADCT) Cut to Underweight from Overweight at JPMorgan.
• Alcon (ACL) Cut to Neutral from Overweight at JPMorgan.
• American Medical Systems (AMMD) Cut to Market Weight at Thomas Weisel.
• Buckeye Group Holdings LP (BGH) Cut to Neutral at Goldman Sachs.
• Colonial Bancgroup Inc. (CNB) Cut to Neutral at JPMorgan.
• Con-Way,Iinc (CNW) Cut to Neutral at Baird.
• Electronic Arts (ERTS) Cut to Sell at S&P Equity Research.
• Freeport-McMoRan (FCX) Cut to Neutral from Buy at Goldman Sachs.
• Nordic American Tanker (NAT) Cut to Neutral at JPMorgan.
• Overseas Shipholding (OSG) Cut to Neutral at JPMorgan.
• Souhern Copper (PCU) Cut to Sell at Goldman Sachs.
• STMicroelectronics (STM) Cut to Hold at S&P Equity Research.

Jon C. Ogg
October 23, 2008

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