NEW YORK (CNNfn) - Gap suffered a deluge of negative comments from the nation's brokerages Thursday, including several downgrades on its stock in the wake of the retailer posting a heavy decline in August sales.
Gap (GPS: Research, Estimates) -- amid concerns about the retailer's stores, particularly those of its Old Navy subsidiary -- was downgraded by numerous analysts, including Prudential Securities, Banc of America Securities, PaineWebber, Credit Suisse First Boston and Salomon Smith Barney.
And Banc of America, Bear Stearns, Merrill Lynch and Donaldson Lufkin & Jenrette lowered their earnings estimates on the company.
Gap said Wednesday its August sales at stores open a year or more  tumbled 14 percent from last year.
With an OPEC meeting just over a week away, oil was also on analysts' minds. Schroder Salomon Smith Barney cut its investment ratings on some leading oil companies, including Royal Dutch Petroleum (RD: Research, Estimates), BP Amoco (BP: Research, Estimates), TotalFinaElf (TOT: Research, Estimates), Repsol (REP: Research, Estimates) and Enterprise Oil (ETP: Research, Estimates).
Schroder said these stocks may have peaked due to their recent run-up as a result of surging oil prices. But the brokerage raised its 2000 oil price forecast to $26.80 a barrel and its 2001 forecast to $22.75 a barrel.
ABN Amro initiated coverage of leading drilling firm Schlumberger (SLB: Research, Estimates) with a "buy" rating.
On the heels of a patent lawsuit filed against Broadcom (BRCM: Research, Estimates), S.G. Cowen warned investors the company's stock will likely be volatile until the chip maker issues a statement. 
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