Wedbush downgraded Oakley (OO

) to hold from buy.

Analyst Mitch Kummetz says the company cut its fourth quarter guidance two times in just over three months, representing the sixth consecutive year-over-year quarterly earnings per share decline. Kummetz says the company attributed the fourth quarter shortfall to soft sunglass sales in the U.S., Europe and South Pacific.

Kummetz notes the shortfall is not only with wholesale customers, but also in its retail stores. He lowered the 68 cents 2002 earnings per share estimate to 61 cents and cut the 76 2003 estimate to 61 cents.