1.   Japanese fiber-optic companies were downgraded on concern about slowing demand.

2.   Morgan Stanley downgraded four companies in this industry from a strong buy to outperform.

3.   Ohio stocks fell to their lowest level since Monday, led by Mead Corp., after one securities firm downgraded the company along with several other paper stocks.

4.   Some analysts said they have not downgraded companies yet because they do not know whether sterling will retreat again in a few weeks or months.

5.   Technology stocks, especially semiconductor issues like Intel and Texas Instruments, sank after a Merrill Lynch analyst forecast weaker demand and downgraded several companies in the sector.

6.   Brown analyst Mark Wilde downgraded several companies in the paper and forest products sector.

7.   In the tech sector, semiconductor stocks fell after Merrill Lynch downgraded many companies, including PMC-Sierra and Intel.

8.   Investment firms including Merrill Lynch downgraded the company, which provides security for Internet and other transactions.

9.   Mexican stocks closed lower Friday, pulled down by losses in market bellwether Telefonos de Mexico after Morgan Stanley Dean Witter downgraded the company on increased regulatory risk.

10.   Semiconductor stocks fell after Merrill Lynch downgraded many companies in the sector, including PMC-Sierra and Intel.