Echelon Corp. (ELON)

[GGraessle]

Here is the info on the downgrade.

A.G. Edwards & Sons, Inc. (ELON)
16 Jul 2003, 10:48am ET
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ELON: Downgraded to Hold from Buy - We rate the shares of ELON Hold for speculative accounts, viewing Echelon as a fundamental building block in future consumer and industrial control networking applications. In evaluating Echelon, we feel it is no longer a question of whether the company has the concept, products and drive to win new customers and deals but the timing of those deals. There will likely be multiple winners in the device networking market but we feel Echelon will garner a disproportionate share.
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