Corning

(GLW) - Get Corning Inc Report

, which

posted better-than-expected earnings last night, also warned of softer demand from telcos. On that note,

Merrill Lynch

downgraded the fiber optic cable maker's intermediate-term rating to accumulate from buy.

In a research note this morning, the firm said, "Some cautionary comments about the company's two most profitable businesses leads us to believe that upside to EPS could be more limited during 2001 than we previously anticipated."

Upgrades

Akamai

(AKAM) - Get Akamai Technologies, Inc. Report

: UP to buy from accumulate at Merrill.

Credit Suisse First Boston

raised the stock's price target to $40 from $35.

McData

(MCDT)

: UP to buy from accumulate at Merrill, and 2001 EPS view UP to 51 cents from 43 cents. CSFB raised McData's 2001 revenue view UP to $447 million from $358 million.

Symbol Technologies

(SBL)

: price target UP to $57 from $44 at CSFB.

Downgrades

Atlas Air

(CGO) - Get Calamos Global Total Return Fund Report

: DOWN to market outperform from buy at

Deutsche Banc Alex. Brown

.

Immunex

(IMNX)

: DOWN to long-term attractive from buy at

Robertson Stephens

.

JNI

(JNIC)

: DOWN to attractive from buy at

Bear Stearns

TheStreet Recommends

; 2001 EPS view DOWN to 80 cents from 95 cents; and 2002 EPS view DOWN to $1 from $1.25.

Kana Communications

(KANA)

: DOWN to hold from buy at CSFB.

Qwest Communications

(Q)

: DOWN to outperform from strong buy at

Morgan Stanley Dean Witter

.

Rohm & Haas

(ROH)

: DOWN to market perform from strong buy at

Lehman Brothers

.

Sandisk

(SNDK)

: DOWN to neutral from outperform at Morgan Stanley.

TRW

(TRW)

: DOWN to hold from buy at CSFB.

Turnstone Systems

(TSTN)

: DOWN to market perform from buy at Robbie Stephens.

Initiations

C&D Technologies

(CHP)

: NEW buy at Robbie Stephens.

Group Moves

Alex. Brown started coverage of 11 companies in the homebuilding sector, including:

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