Brunswick downgraded at AG Edwards: BC was downgraded to Hold, AG Edwards said. Estimates also lowered, reflecting lower U.S. retail marine demand. Stock's downside should be limited to $30. Walt Disney downgraded at CIBC: CIBC downgraded DIS to Sector Underperform from Sector Perform. CIBS states that strong film results have been priced into the stock but their analysis suggests that 2007 will see slower growth. Estimates have been lowered for 2006 to $1.61 from $1.65 and 2008 to 41.89 from $1.92. ISE coverage initiated at UBS: UBS initiated coverage on ISE with a Neutral rating. UBS set the price target of $43 and 2006 estimates of $1.25 and 2007 estimates of $1.50. Jones NY downgraded at Merrill Lynch: Merrill said it is downgrading JNY to Sell due to diminishing prospects for sale and weakening fundamentals. See downside to $27. Knoll upgraded at JPMorgan: JPMorgan said it is upgrading shares of KNL to Overweight from Neutral due to expected strength in office furniture sales, as well as margin opportunities. See employment growth and declining office vacancy rates as key drivers continuing through 2007. 2006 estimates raised to $1.06 from $1.00. NYSE coverage initiated at Jefferies: Jefferies said it is initiated coverage on NYX with a Buy rating. Believe earnings growth from continued cost reductions and an expected merger with Euronext will drive shares higher. Price target set at $75. Proctor & Gamble coverage initiated at UBS: UBS initiated coverage on PG with a Buy rating and a $70 price target. 2006 estimates are $2.63 and 2007 estimates are $2.97. Tekelec outlook lowered at Morgan Stanley: Morgan Stanley said it is lowering its estimates on TKLC for the full year to a loss of 31 cents a share from a 25 cents a share profit previously. Company not in a position to give guidance.