Analyst Actions: Apple, Compaq, Hewlett-Packard, Sempra - TheStreet

The rot of the apple is spreading.

Bear Stearns

this morning sliced its ratings on five PC-makers, saying it was concerned with "the macro picture" of the sector. The downgrades come on the heels of Apple's announcement that its upcoming earnings will be much lower than expected.

Apple

(AAPL) - Get Report

: DOWN to neutral from buy.

Compaq Computer

(CPQ)

: DOWN to attractive from buy.

Hewlett-Packard

(HWP)

: DOWN to attractive from buy.

Gateway

(GTW)

: DOWN to neutral from buy.

Dell Computer

(DELL) - Get Report

: DOWN to neutral from buy.

Upgrades

Sempra Energy

(SRE) - Get Report

: UP to the recommended for purchase list from market outperformer. at

Goldman Sachs

.

North Fork

(NFB)

: UP to buy from market perform at

Donaldson Lufkin & Jenrette

.

Research in Motion

(RIMM)

: price target UP to 100 from 70 at

Merrill Lynch

.

Also, a clarification -- Bill Crawford is changing his price objective on RIMM to $100 to $70, and not vice versa, as Merrill released earlier.

Downgrades

Airborne Freight

(ABF)

: 2000 EPS view DOWN to 50 cents from $1.25 at Goldman Sachs.

Net Perceptions

(NETP)

: DOWN to long-term attractive from buy at

Robertson Stephens

.

Pacificare Health Systems

(PHSY)

: DOWN to hold from accumulate at

Prudential Securities.

.

Initiations

Digital Insight

(DGIN)

: NEW buy at

Salomon Smith Barney

; price target: 43.

Intuit

(INTU) - Get Report

: NEW neutral at Salomon; price target: 62.

Knight Trading

(NITE)

: NEW accumulate at Prudential.

Nextel

(NXTP)

: NEW accumulate at Prudential.

TIBCO Software

(TIBX)

: NEW buy at

Thomas Weisel

.

Goldman Sachs removed food producer and grain processor

ConAgra

(CAG) - Get Report

from the firm's recommended-for-purchase list, replacing it with animal feeds maker

Ralston Purina

(RAL)

.

Group Moves

Merrill Lynch commented on a number of airline stocks:

United Airlines parent

UAL

(UAL) - Get Report

: DOWN to accumulate from buy.

America West

(AWA)

: DOWN to neutral/accumulate from accumulate/buy; 2000 EPS view down to $1.40 from $1.55 and 2001 EPS view down to $2.00 from $2.15.

Southwest Airlines

(LUV) - Get Report

: UP to buy/buy from accumulate/buy; 2001 EPS view up to $1.30 from $1.15.

Delta

(DAL) - Get Report

: September quarter DOWN to $2.10 from $2.25; 2000 EPS view unchanged.

Alaska Airlines

(ALK) - Get Report

: 2001 EPS view DOWN to $3.75 from $4.90.

Continential.

(CAL) - Get Report

: 2001 EPS view UP to $6.50 from $5.80.