This morning, Donaldson Lufkin & Jenrette downgraded both Quaker Oats (OAT) and General Mills (GIS) - Get Report to market performance from buy.

Also,

UBS Warburg

removed

Microsoft

(MSFT) - Get Report

from its Global Focus List and replaced it with

Ariba

(ARBA)

.

Upgrades

Actrade

(ACRT)

: UP to strong buy from buy at

ING Barings

.

National Computer Systems

(NLCS)

: UP to strong buy from buy at

Thomas Weisel Partners

.

Downgrades

Aztar

(AZR)

: DOWN to market perform from buy at DLJ.

Brocade Communications

(BRCD)

: DOWN to neutral at US Bancorp.

Halliburton

(HAL) - Get Report

: DOWN to market perform from buy at DLJ.

Park Place Entertainment

(PPE)

: DOWN to buy from top pick at DLJ.

Westpoint Stevens

(WKS)

: DOWN to market perform from buy list at

Goldman Sachs

.

Initiations

Air Products

(APD) - Get Report

: REINITIATED market outperformer at Goldman Sachs.

Calpine

(CPN)

: NEW strong buy at

ABN Amro

.

Metawave

(MTWV)

: NEW intermediate-term accumulate, long-term buy at

Merrill Lynch

, price target: 30; NEW buy at

Salomon Smith Barney

, price target: 32.

National Information Consortium

(EGOV) - Get Report

: NEW strong buy at

Credit Suisse First Boston

; price target: 60.

Partner Re

(PRE)

: NEW market outperformer at Goldman Sachs.

Praecis Pharmaceuticals

(PRCS)

: NEW buy at CSFB; NEW buy at Salomon Smith Barney, price target: 35; NEW buy at

Bear Stearns

, price target: 25.

360 Networks

(TSIX)

: NEW buy at CSFB.