UPGRADES
Supertex SUPX Oppenheimer Neutral » Buy
Garmin GRMN AmTech Research Sell » Neutral
Vishay VSH AmTech Research Neutral » Buy
Powerwave PWAV Needham & Co Hold » Buy
Capital Senior CSU Stifel Nicolaus Hold » Buy
NovaGold Resources NG Citigroup Hold » Buy
Novatel Wireless NVTL CIBC Wrld Mkts Sector Perform » Sector Outperform
Valero Energy VLO Citigroup Hold » Buy
Sunoco SUN Citigroup Hold » Buy
American Reprographics ARP Sun Trust Rbsn Humphrey Neutral » Buy
Lehman Brothers LEH Credit Suisse Neutral » Outperform
CenterPoint CNP Credit Suisse Neutral » Outperform
DOWNGRADES
Smithfield Foods SFD BB&T Capital Mkts Buy » Hold
Hibbett Sporting HIBB Wedbush Morgan Strong Buy » Buy
Drew Industries DW Ferris Baker Watts Buy » Neutral
Aeropostale ARO Caris & Company Above Average » Average
Verifone PAY Morgan Keegan Outperform » Mkt Perform
Visual Sciences VSCN Needham & Co Buy » Hold
Senior Housing SNH Stifel Nicolaus Buy » Hold
Capital One COF Stifel Nicolaus Buy » Hold
CIT Group CIT Stifel Nicolaus Buy » Hold
AmeriCredit ACF Stifel Nicolaus Buy » Hold
US Cellular USM Citigroup Hold » Sell
Ceragon CRNT Morgan Joseph Buy » Hold
Sovereign Banc SOV Friedman Billings Outperform » Underperform
ASE Test ASTSF Friedman Billings Outperform » Mkt Perform
Rudolph Tech RTEC Friedman Billings Outperform » Mkt Perform
KLA-Tencor KLAC Friedman Billings Outperform » Mkt Perform
ASML Holding ASML Friedman Billings Outperform » Mkt Perform
Occidental Petro OXY Friedman Billings Mkt Perform » Underperform
Hess HES Friedman Billings Outperform » Mkt Perform
Merrill Lynch MER Credit Suisse Outperform » Neutral
Procter & Gamble PG Sun Trust Rbsn Humphrey Buy » Neutra