UPGRADES
Comverse Tech CMVT Canaccord Adams Hold » Buy
Cognos COGN BMO Capital Markets Market Perform » Outperform
Imclone IMCL Bear Stearns Peer Perform » Outperform
American Railcar Industries ARII Longbow Sell » Neutral
Ruby Tuesday RT KeyBanc Capital Mkts Underweight » Hold
Alnylam Pharmaceuticals ALNY Cantor Fitzgerald Hold » Buy
Western Digital WDC Bear Stearns Peer Perform » Outperform
Thornburg Mortg TMA UBS Neutral » Buy
DOWNGRADES
United Retail URGI Merriman Curhan Ford Buy » Neutral
Omnicare OCR Matrix Research Buy » Hold
Smart Modular Tech SMOD Needham & Co Buy » Hold
RAIT Invtmt Trust RAS RBC Capital Mkts Outperform » Underperform
Smart Modular Tech SMOD JMP Securities Strong Buy » Mkt Outperform
VASCO Data Security VDSI Friedman Billings Outperform » Mkt Perform