CHANGE IN RATINGS

First Data

downgraded at Piper: Piper said it is downgrading FDC to a Market Perform rating due to deceleration at Western Union, lack of visibility, and lack of catalyst.

Hyperion Solutions

downgraded at Credit Suisse: Credit Suisse downgraded HYSL to Neutral from Outperform noting the stock will peak in the near term. Price target lowered a dollar to $34.

UAL Corporation

coverage initiated at Credit Suisse: Credit Suisse began coverage on UAUA with a Neutral rating and a $35 price target. The company should see modest share upside potential.

Verasun

coverage initiated at Morgan Stanley: Morgan Stanley said it is initiating coverage on VSE with an Equalweight rating and a $27 target price. The company is well positioned, would be more aggressive buyers in the low $20's.

Weyerhaeuser

downgraded at Morgan Stanley: Morgan Stanley said it is lowering its rating on WY to Equalweight from Overweight. After the peak, looking to mid-cycle for value.

STOCK COMMENTS / EPS CHANGES

Commerce Bancorp

outlook lowered at Morgan Stanley: Morgan Stanley said it is cutting its CBH estimates for 2006 to $1.65 a share from $1.79 a share. Maintained Overweight rating.

Cognos

target slashed at Jefferies: Jefferies said it is cutting its price target on COGN to $33 from $43 after Q1 earnings missed estimates. See difficult operating margins in 2007, but attractive valuation and favorable product cycle. 2007 estimates lowered to $1.46 from $1.54. Reiterated Buy rating.

Cognos

estimates lowered at UBS: UBS lowered its 2007 estimates on COGN to $1.18 from $1.27 and 2007 estimates to $1.42 from $1.57 due to a weak first quarter and disappointing second quarter outlook. Price target lowered to $40 from $47 and maintained Buy rating.

Cytec

estimates lowered at Jefferies: Jefferies said it is upping its 2006 estimates by 4 cents to $3.60 after strong Q2 results. Cautious second-half 2006 guidance offset the news. Reiterated Buy rating and target of $70.

Dell

outlook slashed at Credit Suisse: Credit Suisse lowered 2007 estimates on DELL to $1.06 from $1.43 and 2008 estimates to $1.20 from $1.64 after the company missed second quarter estimates. Price target was lowered to $18 from $24 but reiterated Neutral rating.

Dell

outlook cut at Morgan Stanley: Morgan Stanley said it is lowering its estimates on DELL for fiscal (Jan.) 2007 to $1.15 a share from $1.36 a share. Maintained Overweight rating.

Ericsson

estimates lowered at UBS: UBS lowered its 2006 estimates on ERICY a penny to $2.15 and 2007 estimates to $2.54 from $2.65. Price target was reduced to $43.83 from $46.57 and reiterated Buy rating.

First Data

estimates lowered at Jefferies: Jefferies said it is trimming its 2006 estimates by a penny to $2.39 due to drop in transactions at Western Union. Reiterated Buy rating and $55 target.

Halliburton

estimates raised at Jefferies: 2006 estimates on HAL raised by $0.08 to $1.94, Jefferies said. 2Q results show strong ESG earnings, with EBIT expansion in all segments. Reiterated Buy rating and price target of $50.

Halliburton

estimates raised at UBS: UBS raised its 2006 estimates on HAL two cents to $2.14 and 2007 estimates to $2.71 from $2.53. Maintained its Buy rating and $50 price target.

Noble

estimates raised at Jefferies: Jefferies said it is upping its 2006 estimates by 6 cents to $5.26 due to better than expected dayrates and utilization from mid-water floater fleet. Reiterated Buy rating and $109 price target.

Satyam

estimates raised at Prudential: Prudential said it is raising its 2007 estimates on SAY by 6 cents to $1.59 a share to incorporate Q1 beat offset by lower full-year margin expectations. Maintained Neutral Weight rating.

Schlumberger

estimates raised at Jefferies: Jefferies said it is raising its 2006 estimates on SLB to $2.88 from $2.63 based on 2Q earnings surprise and strong margin performance. Reiterate Buy rating and target of $78.

Southern

price target raised at Jefferies: Jefferies said it is raising its price target on SO by $1 to $33.50 due to premium multiple valuation versus electric utility group. Reduced 2006 estimates to $2.10 from $2.15 and reiterated Hold rating.

Wachovia

estimates raised at Credit Suisse: Credit Suisse raised its 2006 estimates on WB to $4.70 from $4.65 and 2007 estimates to $5.05 from $4.95 due to lower than expected credit losses on their earnings release. Maintained Neutral rating and $61 price target.