Top Pre-Market Analyst Downgrades (ADTN, AZ, CY, F, GPS, GM, IFX, LEN, ERIC, MXIM, PGR, WFMI)

These are some of the key analyst downgrades and negative calls we have seen this Tuesday morning:

• ADTRAN (ADTN) Cut to Neutral at Baird.
• Allianz (AZ) Started as Underperform at Jefferies.
• Cypress Semi (CY) Cut to Underweight at JPMorgan.
• Ford (F) Started as Sell at Societe Generale.
• Gap Inc. (GPS) Cut to Market Perform at FBR.
• General Motors (GM) Started as Sell at Societe Generale.
• Infineon (IFX) Cut to Neutral at UBS.
• Lennar (LEN) Cut to Neutral at UBS.
• LM Ericsson (ERIC) Cut to Sell at Deutsche Bank.
• Maxim Integrated (MXIM) Cut to Underweight at JPMorgan.
• Progressive (PGR) Cut to Sell at Citigroup.
• Whole Foods (WFMI) Cut to Underweight at JPMorgan.

Jon C. Ogg
December 16, 2008