UPGRADES
VMware VMW Caris & Company Above Average » Buy
NII Holdings NIHD UBS Neutral » Buy
EMC Corp EMC Caris & Company Above Average » Buy
Safeway SWY CIBC Wrld Mkts Sector Perform » Sector Outperform
IAMGOLD IAG CIBC Wrld Mkts Sector Underperform » Sector Perform
Telefonica S.A. TEF Citigroup Hold » Buy
Centene CNC Lehman Brothers Equal-weight » Overweight
Annaly Mortgage NLY RBC Capital Mkts Sector Perform » Outperform
PharmaNet Devlpmt PDGI Jefferies & Co Hold » Buy
Millennium Pharm MLNM Robert W. Baird Neutral » Outperform
Sprint Nextel S Wachovia Mkt Perform » Outperform
DOWNGRADES
Chordiant Sftwr CHRD JMP Securities Mkt Outperform » Mkt Perform
ACCO Brands ABD Sun Trust Rbsn Humphrey Buy » Neutral
SanDisk SNDK Needham & Co Buy » Hold
NPS Pharm NPSP Oppenheimer Buy » Neutral
Commvault Systems CVLT Morgan Keegan Outperform » Mkt Perform
NPS Pharm NPSP Jefferies & Co Buy » Hold
Jetblue Airways JBLU Bear Stearns Peer Perform » Underperform
Southwest Air LUV Bear Stearns Outperform » Peer Perform
Alaska Air ALK Bear Stearns Outperform » Peer Perform
Business Objects BOBJ Roth Capital Buy » Hold
Citigroup C Deutsche Securities Buy » Sell
Coldwater Creek CWTR Lehman Brothers Overweight » Equal-weight
Massey Energy MEE Friedman Billings Mkt Perform » Underperform
Alpha Natural Resources ANR Friedman Billings Outperform » Mkt Perform
Qiao Xing Mobile QXM CIBC Wrld Mkts Sector Outperform » Sector Perform
Blue Nile NILE Citigroup Hold » Sell
Costco COST UBS Buy » Neutral
Lincare LNCR Citigroup Buy » Hold
Shaw Group SGR Citigroup Buy » Hold
United Micro UMC UBS Buy » Neutral
Pepsi Bottling PBG Banc of America Sec Buy » Neutral
Bankrate RATE RBC Capital Mkts Top Pick » Outperform
Momenta Pharma MNTA Bear Stearns Peer Perform » Underperform
UQM Technologies UQM Merriman Curhan Ford Buy » Neutral
Borg Warner BWA Robert W. Baird Neutral » Underperform
ValueClick VCLK Jefferies & Co Buy » Hold
