Change in Ratings

Activision

upgraded at Bear: Bear said it is upgrading ATVI to an Outperform rating and raising its target to $24. Company poised for margin enhancement going into next cycle.

Bed Bath & Beyond

downgraded at Goldman:Goldman said it is lowering its rating on BBBY to Inline from Outperform on valuation. Still best in class retailer.

Belden CDT

downgraded at Merrill: Merrill said it is downgrading BDC to a Sell rating due to market share losses in networking cable.

Salesforce.com

downgraded at CSFB: CSFB said it is downgrading CRM to a Neutral rating as stock is reasonably valued and expectations for subscriber growth is sky-high.

PNC

upgraded at Merrill: Merrill said it is upgrading PNC to a Buy rating due to value of efficiency programs, interest rate positioning, and EPS momentum.

RSA Security

coverage initiated at Merrill: Merrill said it is initiating coverage on RSAS with a Neutral rating.

Stock Comments/EPS Changes

Cincinnati Bell

estimates raised at Goldman: Goldman said it is increasing its estimates on CBB for the full year to 19 cents a share from 1 cent a share. Maintained Outperform rating.

DST Systems

estimates raised at Morgan Stanley: DST estimates raised at Morgan Stanley to $2.99 a share from $2.97 a share. Target raised to $55 a share. Maintained Overweight rating.

Fannie Mae

estimates cut at Merrill: Merrill said it is cutting its 2005 estimates on FNM by 28 cents to $6.24 a share. Target price cut to $64.

Isle of Capri Casinos

estimates cut at Jefferies: Jefferies said it is cutting its 2006 estimates on ISLE by 3 cents to 63 cents a share due to higher interest expenses. Maintained Buy rating.

Knight Ridder

estimates lowered at Goldman: Goldman said it is lowering its estimates on KRI for the full year to $3.86 a share from $3.88 a share. Share shifts continue across Radio while fundamentals and valuation remain challenging.

Loews

estimates raised at Bear: Bear said it is raising its 2005 estimates on LTR by 60 cents to $8.10 a share to reflect Q2 results.

Pep Boys

estimates cut at Weisel: Weisel said it is cutting its 2006 estimates on PBY to a loss of 11 cents a share. Maintained Outperform rating.

Sallie Mae

estimates lowered at UBS: UBS said it is lowering its 2006 estimates on SLM by a penny to $2.94 a share. Still cautious ahead of greater news flow, data points in the fall.