Before the Bell-ImClone drops after broker downgrade

NEW YORK, May 12 (Reuters) - Shares of ImClone Systems Inc (IMCL.O: Quote, Profile, Research) dropped more than 4 percent to $42.75 before the bell on Monday after theflyonthewall.com reported that Morgan Stanley had cut its rating on the biotechnology company to "underweight" from "equal weight." (Reporting by Ellis Mnyandu; Editing by Theodore d'Afflisio)