Ratings on (CRARY) (ECT) (FXCM) (GDP) (NYX) Downgraded

Ratings on shares of Credit Agricole (OTC: CRARY), ECA Marcellus Trust (NYSE: ECT), FXCM Inc (NASDAQ: FXCM), Goodrich Petroleum Co. (NYSE: GDP) and NYSE Euronext (NYSE: NYX) were downgraded by analysts.

Morgan Stanley (NYSE:MS) downgraded Credit Agricole (CRARY) from an “overweight” rating to an “equal weight” rating.

Oppenheimer downgraded ECA Marcellus Trust (ECT) from an “outperform” rating to a “perform” rating.

Citigroup (NYSE:C) downgraded FXCM Inc (FXCM) from a “hold” rating to a “sell” rating. They have a price target of $7.00 on the company, down from $12.50.

Imperial Capital downgraded Goodrich Petroleum Co. (GDP) from an “outperform” rating to a “market perform” rating.

Argus downgraded NYSE Euronext (NYX) from a “buy” rating to a “hold” rating.

Buy Qualcomm (QCOM) on Nokia's (NOK) Microsoft (MSFT) Deal Says Credit Agricole

The realization of the tremendous benefit Qualcomm (NASDAQ:QCOM) gets from the decision by Nokia (NYSE:NOK) to use Microsoft's (NASDAQ:MSFT) Windows Phone 7 platform for the smartphones is growing, and Credit Agricole analyst Srini Pajjuri is the latest to encourage investors to buy the company.

According to Pajjuri, after industry checks he sees Qualcomm having a head start of about a year over competitors Broadcom (BRCM) and ST Microelectronics (STM) and Texas Instruments (TXN) in supporting Windows Phone 7.

Specifically noted by Pajjuri was support for software and baseband drivers, as well as "other peripherals such as audio and other interfaces," according to Barron's.

Separately, the announcement by Qualcomm it will offer the Snapdragon 8060 chip for tablets is good news for the company as well, as it won't include a baseboard modem in it, which should generate more sales.

Credit Agricole raised their rating on Qualcomm from "Underperform" to "Outperform." They also raised their full year revenue estimates from $13.71 billion to $13.86 billion. Full year EPS estimates were boosted from $2.94 to $3.02.

Morgan Stanley's (NYSE:MS) Q4 Estimates Slashed by Mike Mayo

Credit Agricole's analyst Mike Mayo has his scalpel out today, excising EPS estimates for some in the banking industry, including Morgan Stanley (NYSE:MS).

EPS estimates for the fourth quarter were cut from 61 cents to 40 cents, a 34 percent drop. The Street is looking for 41 cents at this time.

Mayo also cut Goldman (NYSE:GS), but he was more positive on them, maintaining a "Buy" rating, although significantly cutting their Q4 estimates as well.

Credit Agricole has an "Underperform" rating on Morgan Stanley, which was trading at $27.35, down $0.31, or 1.12 percent, as of 12:26 PM EST. They have a price target of $27 on them.

Goldman's (NYSE:GS) EPS Estimate Slashed by Mike Mayo

Goldman Sachs (NYSE:GS) had its EPS estimate cut deeply by Credit Agricole analyst Mike Mayo after saying he sees FICC trading results falling far short of expectations.

For the fourth quarter, he cuts his EPS estimate from $4.20 to $3.75. The Street is looking for $4.11 in the fourth quarter.

Mayo also cut his full year 2010 EPS estimate from $13.55 to $13.10. The Stree has a full year 2010 EPS target of $13.49 on them.

Mayo reiterates his "Buy" rating on Goldman, which was trading at $168.40, falling $0.79, or 0.47 percent, as of 12:02 PM EST. He has a price target of $200 on them.