Boy, the way that

Napster

played, MP3s that made the hit parade, guys like

CMGI

(CMGI)

had it made -- those were the days. Please note the past tense.

Back in the day, about 11 months ago, when the Web was still red-hot and things such as B2B were

the

primo stocks to own, CMGI was an industry leader in another red-hot area of the Web world -- Internet incubation. But things have changed. CMGI is no longer a market darling, having seen its stock price plummet to the teens from a 52-week-high of $163.50.

Lately, the company has been telling anyone who will listen that it is trying to become profitable by the end of fiscal 2001, and has made steps in recent days to do so, selling its iCast Web entertainment portal and ditching unit 1stUp.com. It also dropped Furniture.com and MotherNature.com in recent weeks. But analysts have soured on the company and its competitors, too. Simply put, Web incubation is now seen as a risky investment, not a potentially lucrative one.

Influential

Merrill Lynch

analyst

Henry Blodget dropped CMGI to long-term accumulate from long-term buy, while reiterating his current short-term accumulate rating. In the report released this morning, Merrill credited the company for its attempts to take losses off the balance sheet, but said there still was a long way to go.

"While our prior concerns about the cash position have been alleviated, the company faces major restructuring, integration, divestment, and other executional challenges which will likely continue through the balance of 2001," Blodget wrote. CMGI was also downgraded to hold from buy at

Credit Suisse First Boston

.

Downgrades

Global Crossing

(GX)

: DOWN at

Lehman Brothers

: price target to $28 from $50.

Startek

(SRT) - Get Report

: DOWN to buy from strong buy at CSFB; price target to $48 from $78.

MCN Energy

(MCN) - Get Report

: DOWN to market perform at

Goldman Sachs

.

Avis Group

(AVI)

: DOWN to hold at CSFB.

Initiations

Corning

(GLW) - Get Report

: NEW buy at

ABN Amro

; price target: $144.

Jack in the Box

(JBX)

: NEW accumulate at Merrill Lynch.

Rubbermaid

(NWL) - Get Report

: NEW market perform at Goldman Sachs.

Krispy Kreme

(KREM)

: NEW intermediate-term reduce, long-term accumulate at Merrill Lynch.

Omnisky

(OMNY)

: NEW strong buy at

Morgan Stanley Dean Witter

; price target: $25.