Analyst Actions: Motorola, Chiron, Applied Micro Circuits, Fox, General Motors, Advanced Micro Devices

Motorola (MOT Quote) got cut by a handful of analysts, adding insult to what has already been a rather injury-addled week. On Tuesday, along with the rest of the chips and after lowering earnings expectations, the company fell nearly $5. On Wednesday, it was downgraded by Morgan Stanley Dean Witter and Thursday, Goldman Sachs, Deutsche Bank Alex. Brown and Banc of America have joined the fray.

Goldman cut Motorola's 2000 estimate to 96 cents a share from $1.06. The estimate for 2001 was lowered to $1.20 from $1.43.

Banc of America and Deutsche Bank Alex. Brown both lowered the company to buy from strong buy. Banc of America also dropped its price target to $40 a share from $60 and lowered its 2000 estimate to 96 cents from $1.05 and its 2001 to $1.18 from $1.40.

Upgrades

Trigon Healthcare (TGH Quote): UP at ABN Amro with a new 2000 estimate of $3.27 a share from $3.11 and a new 2001 estimate of $3.65 a share from $3.50.

Sierra Wireless (SWIR Quote): UP at Credit Suisse First Boston with a 2000 loss-per-share estimate to 17 cents from 27 cents; 2001 earnings per share to 41 cents from 38 cents; price target to $91 from $89.

Chiron (CHIR Quote): UP to outperform from neutral at Salomon Smith Barney.

American Express (AXP Quote): UP at Goldman Sachs with 2000 earnings per share to $2.06 from $2.05 and 2001 earnings per share to $2.35 from $2.32.

Darden (DRI Quote): UP to long-term buy from long-term accumulate at Merrill Lynch.

Applied Micro Circuits (AMCC Quote): UP at Goldman Sachs with 2001 earnings per share to $1.07 from 97 cents and 2002 earnings per share to $1.44 from $1.27; UP at PaineWebber with 2001 earnings per share to $1.06 from 97 cents, 2002 earnings per share to $1.62 from $1.44, price target to $230.

Downgrades

General Motors (GM Quote): DOWN at Credit Suisse First Boston with 2000 earnings-per-share estimate to $9.77 from $10.10; 2001 earnings-per-share estimate to $10.10 from $11.50; price target set at $75 from $80.

Fox Entertainment Group (FOX Quote): DOWN at Goldman Sachs with 2001 earnings per share to 41 cents from 52 cents.

Advanced Micro Devices (AMD Quote): DOWN at Lehman Brothers with price target to $40 from $55; fourth-quarter earnings per share to 68 cents from 74 cents; 2001 earnings per share to $2.45 from $2.50. DOWN at Prudential with price target to $25 from $30; fourth-quarter earnings per share to 65 cents from 73 cents; 2001 earnings per share to $2.30 from $2.65.

Initiations

Dobson Communications (DCEL Quote): NEW outperform at Salomon Smith Barney; price target: $28.

Inktomi (INKT Quote): NEW buy at J.P. Morgan; price target: $121.