21.   In response, brokerage firms cut their ratings for AMR and other airlines.

22.   Intel and other semiconductor companies faltered because of speculation that Goldman Sachs cut its ratings on chipmakers.

23.   International Business Machines Corp., Kimberly-Clark Corp. and Time Warner Inc. were among the stocks whose ratings were cut.

24.   It also said the ratings could be cut again.

25.   Its debt ratings were cut.

26.   Last week, three brokerages cut their ratings on the stock.

27.   Last month he cut his ratings on five chipmakers.

28.   Last week both Smith Barney and Montgomery Securities Inc. cut their ratings on the company.

29.   Lehman Brothers cut its rating on Telefonica after the company announced lower-than-expected profits for the first quarter.

30.   Merrill Lynch real estate analyst Eric Hemel cut his rating on the stock because of concern it may be overvalued, among other things.