Upgrades:
Ingersoll-Rand (IR) =Outperform
PrivateBancorp (PVTB)= Strong Buy
Natl Instruments (NATI) = Overweight
Tektronix (TEK) = Overweight
Fairchild Semi (FCS) = Outperform
CheckFree (CKFR)= Sector Outperform
Downgrades:
Hercules Offshore (HERO) =Hold
Action Semi (ACTS) =Hold
Western Digital (WDC) =Neutral
ChoicePoint (CPS) =Sector Perform