Laidlaw and Canadian 88 Energy Corp. seeking value

CIBC World Markets Inc. has
cut its rating on Laidlaw Inc.
from “strong buy” to “buy”, after
the firm announced that it would
sell off its U.S. healthcare assets
and its investment in Safety-
Kleen. Initially the
announcement sent Laidlaw’s stock
on a run, but it has since
attracted some naysayers.

Canadian 88 Energy Corp.
has been cut by Deutsche Bank BT
Alex Brown from a “buy” to a
“market perform”. Canadian 88’s
shares have been beaten up this
year and are trading in the $3.40
range, off its 52-week low of
$2.95, but well off its $6.95 high.
A couple of weeks ago it announced
the spin-off of its investment in
Prize Energy Inc. by way of
a dividend to shareholders.

In other analyst news, Morgan
Stanley Dean Witter is
initiating coverage of
NOVA Chemicals with an
“outperform” rating.