Early Bird Analyst Downgrades (ADBE, BLKB, GLW, DE, ERIC, PCG, PPDI, PLD)

These are some of the analyst downgrades we have seen from Wall Street this Tuesday morning with more than two hours until the open:

• Adobe Systems (NASDAQ: ADBE) Cut to Underperform at FBR.
• Blackbaud (NASDAQ: BLKB) Started as Sell at Maxim Group.
• Corning (NYSE: GLW) Cut to Market Weight at Thomas Weisel.
• Deere & Co. (NYSE: DE) Cut to Neutral at JPMorgan.
• Ericsson (NASDAQ: ERIC) Cut to Sell at UBS.
• PG&E (NYSE: PCG) Cut to Neutral at Goldman Sachs.
• Pharmaceutical Product Development (NASDAQ: PPDI) Cut to Neutral at Goldman Sachs.
• ProLogis (NYSE: PLD) Cut to Underweight at JPMorgan.

Jon C. Ogg
January 13, 2009