NaviSite Slides 12.1% on Merrill Downgrade

Internet hosting company

NaviSite

(NAVI) - Get Report

was down 12.1% in preopen

Island

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

Merrill Lynch

. The long-term rating remains buy.

The Internet incubator

CMGI

(CMGI)

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