Two analysts downgraded shares of Bank One Corp. on Thursday, one day after the Chicago banking company reported a surprise fourth-quarter loss of 44 cents per share.

The quarterly earnings report did not do much immediate damage to Bank One's shares Wednesday, as most observers said they thought that the management could turn the company around. But some market watchers expressed doubt about Bank One's near-term ability to generate profits. Nancy Bush, a bank analyst at Prudential Securities Inc., cut the Chicago company two tiers, to "hold" from "strong buy," and advised investors in a note "to take the money off the table and watch this one from the sidelines."

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