Here is the late Tuesday and early Wednesday action
UPGRADES
Hain Celestial HAIN UBS Neutral » Buy
Payless Shoe PSS KeyBanc Capital Mkts / McDonald Buy » Aggressive Buy
Countrywide CFC Keefe Bruyette Underperform » Mkt Perform
Alaska Comms ALSK Lehman Brothers Underweight » Equal-weight
Amazon.com AMZN Lehman Brothers Underweight » Equal-weight
Amazon.com AMZN Bear Stearns Underperform » Peer Perform
Seabright Insurance Holdings SEAB Friedman Billings Mkt Perform » Outperform
Amazon.com AMZN RBC Capital Mkts Sector Perform » Outperform
Amazon.com AMZN JP Morgan Underweight » Neutral
Total System TSS JMP Securities Mkt Perform » Mkt Outperform
Ultra Clean Holdings UCTT Needham & Co Hold » Buy
Ultra Clean Holdings UCTT Stanford Research Hold » Buy
Telus TU RBC Capital Mkts Sector Perform » Outperform
Amylin Pharms AMLN Stanford Research Hold » Buy
Sonoco Products SON Matrix Research Buy » Strong Buy
Commercial Metals CMC Matrix Research Buy » Strong Buy
Ceragon CRNT Morgan Joseph Hold » Buy
Rightnow Tech RNOW Credit Suisse Neutral » Outperform
Wachovia WB Citigroup Hold » Buy
DOWNGRADES
Radian Group RDN Friedman Billings Outperform » Mkt Perform
MGIC Investment MTG Friedman Billings Outperform » Mkt Perform
PMI Group PMI Friedman Billings Outperform » Mkt Perform
Spectrum Pharma SPPI Friedman Billings Outperform » Mkt Perform
Skechers USA SKX First Albany Buy » Neutral
Inter Parfums IPAR Oppenheimer Buy » Neutral
Overseas Shipholding OSG Banc of America Sec Buy » Neutral
Weight Watchers WTW Lehman Brothers Equal-weight » Underweight
Nutrisystem NTRI Lehman Brothers Overweight » Equal-weight
Countrywide CFC Friedman Billings Mkt Perform » Underperform
Sterling Financial STSA Punk, Ziegel & Co Accumulate » Mkt Perform
Tellabs TLAB Kaufman Bros Buy » Hold
Astec Industries ASTE Janco Partners Accumulate » Mkt Perform
Netflix NFLX Cowen & Co Outperform » Neutral
Neoware Systems NWRE BMO Capital Markets Outperform » Market Perform
Cumulus Media CMLS BMO Capital Markets Outperform » Market Perform
TASER TASR Feltl & Co. Buy » Hold
San Juan Basin Royalty SJT AG Edwards Buy » Hold
DuPont DD BB&T Capital Mkts Buy » Hold
Netflix NFLX Needham & Co Buy » Hold
American Express AXP Friedman Billings Outperform » Mkt Perform
Canadian Natl Rail CNI Stifel Nicolaus Buy » Hold