CHANGE IN RATINGS

Atheros

( ATHR) downgraded at Piper Jaffray to Market Perform from Outperform. Margin upside may prove challenging as 802.11g products penetrate lower-ASP equipment. $33 price target.

American Express

(AXP) - Get Report

downgraded at Friedman, Billings Ramsey to Market Perform. Valuation call, based on a $70 price target. Business remains strong.

Celanese

(CE) - Get Report

coverage initiated at Morgan Stanley with an overweight rating and $48 price target.

Dupont

(DD) - Get Report

downgraded at BB&T Capital to Hold. Stock has doubled the performance of the S&P 500 over the past year, and has reached the $55 price target. Company also posted disappointing quarterly results this morning.

Edwards Lifesciences

(EW) - Get Report

downgraded at Citigroup to Sell from Hold. Second quarter earnings of $0.57 were in-line, but downward revision to guidance, continued competitive pressure on the valve business, and minimal contribution from new products could hurt business in near-term. $44 price target.

KLA-Tencor

(KLAC) - Get Report

downgraded at Citigroup to Hold from Buy. Positive EPS revisions have driven the stock to +26% move YTD, however, this looks set to stall. Expectations running too high. Lowering price target to $65 from $70.

LifePoint Hospitals

(LPNT)

downgraded at CIBC to Sector Perform from Sector Outperform. Second quarter EPS missed estimates significantly due primarily to bad debt, contract labor, and medical malpractice. Price target lowered to $34 from $45.

Navteq

(NVT) - Get Report

downgraded at Bear Stearns from Outperform to Peer Perform. Valuation call, though scarcity in the GPS market makes the company a potential M&A target.

Pacer

(PACR)

downgraded at UBS to Neutral rating from Buy. Price target drops to $26 from $38 and FY 2008 EPS estimates lowered to $1.85 from $2.31.

Parametric Technology

(PMTC)

downgraded at Jefferies to Hold rating from Buy. Price target holds at $20 and FY 2008 EPS estimates lowered to $1.03 from $1.10.

Right Now Technologies

( RNOW) upgraded at Credit Suisse to Outperform from Neutral based on valuation, low expectations and strong end markets. Raised target price to $21 from $18.

Wachovia

(WB) - Get Report

upgraded at Citigroup from Hold to Buy. $60 price target. Company had a weak second quarter, but remains one of the top retail banking franchises in the US.

STOCK COMMENTS / EPS CHANGES

Apple

(AAPL) - Get Report

target raised at Merrill Lynch. Now seen reaching $173 a share. Estimates also raised to reflect Mac share gains and the economics of the iPhone. Buy rating.

GameStop

(GME) - Get Report

target price raised at Credit Suisse to $46 from $40 based on continued strong video game trends. Maintained Outperform rating.

Halliburton

(HAL) - Get Report

numbers raised at Jefferies. Price target lifts to $48 from $43, and FY 2008 EPS estimates upped to $2.95 from $2.85. Reiterates Buy rating.

Halliburton estimates raised at Goldman. 2007 estimates raised to $2.40 from $2.23. See upside driven by North American pressure pumping revenues and continuing strength in international operations, including Latin America and Eastern Hemisphere. Price target raised to $41 from $39 and maintained Neutral rating.

LifePoint Hospitals

(LPNT)

numbers lowered at Jefferies. Price target drops to $35 from $42.50, and FY 2008 EPS estimates dips to $2.53 from $3.00. Reiterates Hold rating.

Merck

(MRK) - Get Report

estimates higher at Goldman. It is upping its 2007 estimates on MRK to $3.12 from $3.01, driven mainly by strength in smaller products and international. Second quarter results beat consensus by 10 cents, and management raised 2007 guidance by $0.25. Target price raised to $55 from $52 and maintained Neutral rating.

Texas Instruments

(TXN) - Get Report

numbers raised at Jefferies. Price target lifts to $43 from $40, and FY 2008 EPS estimates upped to $2.15 from $2.06. Reiterates Buy rating.

Texas Instruments price target raised at Goldman to $32 from $28 following strong second quarter results. See improving margins and better expense controls, but remain concerned about book-to-bill and effects of inventory strategy. Maintained Neutral rating.