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SG Cowen



(MSFT) - Get Microsoft Corporation Report

to neutral from buy after the company posted second-quarter earnings of 37 cents per share on Tuesday, two cents above consensus estimates. Meantime,

Lehman Brothers

reiterated its existing buy recommendation on the company.

Merrill Lynch

cut its rating on

Tricon Global

(YUM) - Get Yum! Brands, Inc. Report

to intermediate, long-term accumulate from buy and cut its fiscal 2000 EPS estimates to $2.95 a share from $3.25. Merrill also lowered its fiscal 2001 estimates to $3.35 from $3.70.

Yesterday, Tricon Global posted second-quarter earnings of 76 cents a share, topping the analyst estimate of 71 cents and up from the year-ago 60-cent profit, but cut its full-year earnings outlook because of weakness at

Taco Bell



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(BSX) - Get Boston Scientific Corporation Report

: DOWN to market perform from buy at DB Alex Brown.

Charter One Financial

(CF) - Get CF Industries Holdings, Inc. Report

: DOWN to neutral from outperform at

Morgan Stanley Dean Witter




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Goldman Sachs




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Accelerated Networks


: INITIATED buy at

UBS Warburg

. Price target: 84.



: NEW market performer at Goldman Sachs.



: NEW intermediate, long-term buy at Merrill Lynch.



: NEW outperform at Morgan Stanley. 12-month price-target: 28.

Pitney Bowes

(PBI) - Get Pitney Bowes Inc. Report

: NEW hold at Credit Suisse First Boston.

Sylvan Learning


: NEW market performer at Goldman Sachs.

Group Moves

Donaldson Lufkin & Jenrette

changed estimates on two airlines: