UPGRADES
Western Refining WNR BMO Capital Markets Underperform » Market Perform
Merix MERX Jefferies & Co Underperform » Hold
ADVENTRX Pharma ANX Dawson James Sell » Speculative Buy
Nextest Systems NEXT Needham & Co Hold » Buy
MRV Comms MRVC Needham & Co Hold » Buy
MKS Instruments MKSI Banc of America Sec Sell » Neutral
Conexant CNXT Roth Capital Sell » Hold
UBS AG UBS JP Morgan Underweight » Neutral
Forest Labs FRX Citigroup Sell » Hold
The Medicines Co MDCO UBS Sell » Buy
Navteq NVT Deutsche Securities Sell » Hold
PDL BioPharma PDLI Wachovia Mkt Perform » Outperform
ProLogis PLD Banc of America Sec Neutral » Buy
AMB Property AMB Banc of America Sec Neutral » Buy
DOWNGRADES
Prospect Energy PSEC Ferris Baker Watts Neutral » Sell
Alon USA Energy ALJ BMO Capital Markets Outperform » Market Perform
ADVENTRX Pharma ANX Fortis Bank Buy » Hold
Navteq NVT JMP Securities Mkt Outperform » Mkt Perform
Navteq NVT AmTech Research Buy » Neutral
Onyx Pharma ONXX Bear Stearns Outperform » Peer Perform
Mobile TeleSystems MBT Bear Stearns Outperform » Peer Perform
Citigroup C Punk, Ziegel & Co Mkt Perform » Sell
FLIR Systems FLIR Needham & Co Buy » Hold
Wrigley WWY Stifel Nicolaus Buy » Hold
Axcan Pharma AXCA CIBC Wrld Mkts Sector Outperform » Sector Perform
Smith Intl SII Calyon Securities Add » Neutral
Natl Oilwell Varco NOV Calyon Securities Buy » Add
XL Capital XL Wachovia Outperform » Mkt Perform
ACE Limited ACE Wachovia Outperform » Mkt Perform
Everest Re RE Wachovia Outperform » Mkt Perform
IDM Pharma IDMI Cantor Fitzgerald Buy » Hold
Biogen Idec BIIB Credit Suisse Neutral » Underperform
Navteq NVT UBS Buy » Neutral
CBS Corp CBS Deutsche Securities Buy » Hold
Syntax-Brillian BRLC Robert W. Baird Outperform » Neutral