Updated from 8:41 a.m. EST.

This morning, Dow components Alcoa ( AA) and Boeing ( BA) both went under analysts' knives. Alcoa was cut to outperform from strong buy at Morgan Stanley Dean Witter and Boeing was cut to buy from strong buy at First Union Securities.


Upgrades

Citrix ( CTXS): UP to buy from hold at UBS Warburg.

Pall ( PLL): UP to buy from market perform at Banc of America Securities.

Downgrades

Analog Devices ( ADI): DOWN to neutral from outperform at Morgan Stanley Dean Witter.

Bed Bath & Beyond ( BBBY): DOWN to buy from strong buy at Deutsche Bank Alex. Brown.

Brinker International ( EAT): DOWN to neutral from buy at Lehman Brothers.

Cablevision ( CVC): DOWN to buy from strong buy at UBS Warburg.

Cacheflow ( CFLO): DOWN to buy from strong buy at Robertson Stephens.

Capital One Financial ( COF): DOWN to buy from strong buy at UBS Warburg.

Certicom ( CERT): DOWN to long-term attractive from buy at Robertson Stephens.

Dow Chemical ( DOW): DOWN to hold from strong buy at UBS Warburg.

Du Pont ( DD): DOWN to hold from strong buy at UBS Warburg.

EMC ( EMC): DOWN to long-term attractive from buy at Robertson Stephens.

Inktomi ( INKT): DOWN to long-term attractive from buy at Robertson Stephens.

Internet Security Systems ( ISSX): DOWN to long-term attractive from buy at Robertson Stephens.

Linens 'n Things ( LIN): DOWN to buy from strong buy at Deutsche Bank Alex. Brown.

Netegrity ( NETE): DOWN to buy from strong buy at Robertson Stephens.

Netiq ( NTIQ): DOWN to long-term attractive from buy at Robertson Stephens.

Network Appliance ( NTAP): DOWN to long-term attractive from buy at Robertson Stephens.

Network Engines ( NENG): DOWN to long-term attractive from buy at Robertson Stephens.

Priority Healthcare ( PHCC): DOWN to market outperform from trading buy at Morgan Stanley Dean Witter.

Providian Financial ( PVN): DOWN to buy from strong buy at UBS Warburg.

Proxim ( PROX): DOWN to neutral from outperform at Morgan Stanley Dean Witter.

Quest Software ( QSFT): DOWN to buy from strong buy at Robertson Stephens.

Rogers Wireless Communications ( RCN): DOWN to neutral from outperform at Morgan Stanley Dean Witter.

Verisign ( VRSN): DOWN to long-term attractive from buy at Robertson Stephens.

Veritas ( VRTS): DOWN to long-term attractive from buy at Robertson Stephens.

Waste Connections ( WCNX): DOWN to hold from buy at Credit Suisse First Boston.

Initiations

APAC TeleServices ( APAC): NEW buy at ABN Amro; price target: $20.

Garmin ( GRMN): NEW strong buy at Credit Suisse First Boston; price target: $28.

Rigel Pharmaceuticals ( RIGL): NEW buy at Robertson Stephens; price target: $26.

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