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From Standard&Poor's Equity Research. eBay (EBAY) Downgrades to 4 STARS (buy) from 5 STARS (strong buy) Analyst: Scott Kessler

The downgrade is based on the stock's valuation. Adjusting for certain items, and after stock option expenses, eBay posts fourth quarter EPS of 28 cents, vs. 23 cents one year earlier, 5 cents above our estimate. Revenues rose 29%, driven by growth in Marketplaces of 24% and PayPal of 37%, and foreign exchange benefits. We are raising our 2007 EPS estimate to $1.15 from $1.04, reflecting favorable sales momentum, an anticipated slight improvement in operating margins, and the impact of a new $2 billion share buyback. Although peer valuations have risen, our outlook for free cash flow growth is tempered somewhat by eBay's stock buyback activity. We are keeping our target price at $38.

Qualcomm (QCOM) Downgrades to 3 STARS (hold) from 4 STARS (buy) Analyst: Kenneth Leon, CPA

Qualcomm posts December quarter EPS of 41 cents, vs. 39 cents one year earlier, before special items, 2 cents better than our estimate. Sales rose 16%, but we see just 10% growth for full fiscal 2007 (ending September) with the license fees unit exposed to customer loss and litigation risk. We believe slower growth is also tied to pricing pressure on Qualcomm's chipset unit. While these risks may be resolved in the second half of calendar 2007, we would not add to existing positions. Even so, based on 26.7 times our fiscal year 2007 EPS estimate, a premium to peers to reflect Qualcomm's higher margins, we are raising our 12-month target price to $44 from $42.

Siemens (SI) Reiterates 3 STARS (hold) on American Depositary Shares Analyst: Stewart Scharf

Shares are up over 5% today after Siemens posts December-quarter earnings per ADS of $1.56, before 61 cents European Commission fine, vs. 83 cents one year earlier. Sales rose 6% (10% organically), driven by strength in Middle East and Asia in automation and drives and power generation. We expect margins to widen on restructuring efforts. A corruption probe is ongoing but we see core businesses improving. We are raising our fiscal 2007 (ending September) earnings estimate by 65 cents to $7.35. Blending relative metrics, we apply a near-peer p-e of 15.9 times to our fiscal 2007 estimate and are raising our target price by $18 to $117.

AT&T (T) Maintains 3 STARS (hold) Analyst: Todd Rosenbluth

AT&T posts fourth quarter EPS of 61 cents, vs. 48 cents one year earlier, 3 cents ahead of our projection, all before one-time items, aided by previously announced strong wireless results. Wireline revenues met our expectations, with particular strength in regional business offsetting access line pressure. Wireline margins were narrower than we expected, but we believe merger activity will help to squeeze additional gains going forward. The company closed on its BellSouth acquisition in late 2006 and the acquired operations appeared healthy to us. We will provide an update following AT&T's Jan. 25 conference call.