Software maker Citrix Systems (CTXS) - Get Report was down 10.5% in preopen Island trading after the stock was downgraded by UBS Warburg to hold from strong buy. UBS Warburg cut its price target to $27.50 from $40.

Lehman Brothers

, however, reiterated its strong buy recommendation on the stock.

Late Tuesday, the company named Mark Templeton its new CEO in an executive shuffle. Templeton had resigned as CEO in June but continued as president, while Roger Roberts was named interim CEO. Roberts will now continue as chairman.