Business software maker PeopleSoft (PSFT) was down 8.8% in early trading, a day after it posted fourth-quarter earnings of 13 cents a share, beating Wall Street's estimate of 9 cents. Lehman Brothers reiterated its strong buy and raised its price target to $60 from $55, but Morgan Stanley Dean Witter downgraded PeopleSoft to neutral from outperform.

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