Analysts are weighing in today on drug stock Arena Pharmaceuticals, Inc. (NASDAQ:ARNA - 9.88), sports apparel designer Nike, Inc. (NYSE:NKE - 99.40), and communications equipment company QLogic Corporation (NASDAQ:QLGC - 14.02). Here's a quick roundup of today's bearish brokerage notes.

• As Wall Street looks ahead to a key FDA ruling due out later this week, BMO downgraded ARNA to "market perform" from "outperform." The stock has slumped 6.6% ahead of the bell, with ARNA on track to extend Friday's steep losses. Despite some pre-FDA volatility, the shares remain perched above short-term support at their rising 10-day and 20-day moving averages. ARNA hasn't closed a single session beneath both trendlines since late April. Year-to-date, the stock is up more than 428%.
  
  
• In advance of Tuesday evening's earnings release, NKE was hit with a price-target cut to $115 from $130 at Jefferies. However, the brokerage firm backed its upbeat "buy" rating. The downwardly revised target represents a premium of 15.7% to Friday's close at $99.40; meanwhile, NKE has advanced 22.4% over the past 52 weeks. Analysts are looking for NKE to report a profit of $1.37 per share in its fiscal fourth-quarter report, up from $1.24 per share in the year-ago period.
  
  
• QLGC was cut to "hold" from "buy" at ThinkEquity, and the firm also reduced its price target to $15 from $19. The stock is down more than 26% from its January peak at $19, and most brokerage firms have already tempered their expectations for the tech stock. Currently, QLGC sports just 36% "buy" ratings from analysts, and the average 12-month price target of $16.81 is just a few points north of Friday's close at $14.02.