Yes, he said, citing the close connection between Value Line's stock ratings and stock performance.

"You have all these gradations in stock ratings and you never see sell," he said.

Consider Standard & Poor's stock ratings, based on 10-year records of earnings and dividends.

In the 1990s, many equity researchers allegedly traded positive stock ratings for investment banking business.

Although some analysts dropped stock ratings on Novell in response, others said they saw the projection as creating a buying opportunity.

This was the third time in two months that a leading rating agency upgraded the firm's debt and preferred stock ratings.

The computerized systems produce very different stock ratings.

The downgrades on stock ratings came yesterday.

The preferred stock rating was also reduced to Ca-, from Caa.

To place values on the firms' stock ratings, the site treats each new rating or change in rating as a trade, assigning a dollar value.