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NaviSite Slides 12.1% on Merrill Downgrade

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Internet hosting company


(NAVI) - Get Navient Corporation Report

was down 12.1% in preopen


trading after it was downgraded to near-term accumulate from near-term buy at

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TheStreet Recommends

Merrill Lynch

. The long-term rating remains buy.

The Internet incubator



owns a majority stake in NaviSite. CMGI was down 3.8% in the preopen.