French e-business software company Business Objects (BOBJ) was down 13.3% in late afternoon after posting first-quarter earnings Thursday of 16 cents a share, beating analysts' estimates by 1 cent and up from 11 cents in the year-ago period. Revenue rose 35% to $98.3 million.

This morning,

Credit Suisse First Boston

cut its rating on the company to buy from strong buy, based on valuation relative to the sector and the stock's recent strong performance.

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