07:37 am Microsoft initiated with an Average at Caris- tgt $21: . Caris initiates MSFT with an Average and sets a $21 tgt, as efforts to penetrate faster growth markets have pressured margins and cash flow with no clear sense of time and/or magnitude of payback and see little upside to their below consensus FY09 revenue and EPS estimates which remain dependent on a weak and receding PC market.

07:36 am VMware initiated with a Below Average at Caris- tgt $18: . Caris initiates VMW with a Below Average and sets an $18 tgt, as they believe VMW has been immensely successful at seizing the first mover advantage in the Server Virtualization market and is working furiously to expand into adjacent opportunities yet it seems the technology is more predisposed to commoditization and recent entry of Microsoft and Citrix System into the market is likely to further pressure growth and profitability.

07:35 am Albemarle downgraded to Underperform at Oppenheimer: . Oppenheimer downgrades ALB to Underperform from Perform, as they believe the co's two most important end markets, oil refining and consumer electronics are likely to remain under severe pressure into 2009 while its remaining exposure to construction and packaging is also worrisome.