UPGRADES
Sierra Wireless SWIR RBC Capital Mkts Sector Perform » Outperform
Western Refining WNR Banc of America Sec Sell » Neutral
Ikanos Comms IKAN Needham & Co Hold » Buy
Vistaprint VPRT Needham & Co Hold » Buy
Aetna AET Citigroup Hold » Buy
Panacos Pharma PANC Caris & Company Average » Buy
Sierra Wireless SWIR Piper Jaffray Market Perform » Outperform
DeVRY DV Bear Stearns Peer Perform » Outperform
Cummins CMI Credit Suisse Neutral » Outperform
Digital River DRIV BMO Capital Markets Market Perform » Outperform
Cummins CMI Citigroup Sell » Hold
Alexion Pharm ALXN Credit Suisse Neutral » Outperform
Foundry Ntwks FDRY JMP Securities Mkt Underperform » Mkt Perform
Novatel Wireless NVTL JMP Securities Mkt Perform » Mkt Outperform
DeVRY DV Piper Jaffray Market Perform » Outperform
General Mills GIS Deutsche Securities Hold » Buy
Hess HES Banc of America Sec Neutral » Buy
Taiwan Semi TSM HSBC Securities Neutral » Overweight
Discover Financial Services DFS Calyon Securities Neutral » Buy
Methanex MEOH CIBC Wrld Mkts Sector Underperform » Sector Perform
Blue Nile NILE Citigroup Sell » Hold
Nuance Communications NUAN Broadpoint Capital Neutral » Buy
Banco Santander Central STD Citigroup Hold » Buy
Infinity Prpty & Casualty IPCC Ferris Baker Watts Neutral » Buy
Corp Exec Bd EXBD Deutsche Securities Hold » Buy
DOWNGRADES
Zimmer Hldgs ZMH FTN Midwest Buy » Neutral
Covance CVD First Analysis Sec Overweight » Equal-Weight
Activision ATVI Janco Partners Accumulate » Mkt Perform
LSI Logic LSI Lehman Brothers Overweight » Equal-weight
Trident Microsystems TRID Longbow Buy » Neutral
Providence Service Corp PRSC Jefferies & Co Buy » Hold
Trident Microsystems TRID Needham & Co Strong Buy » Buy
CSG Systems CSGS First Analysis Sec Equal-Weight » Underweight
Avid Tech AVID Kaufman Bros Buy » Hold
Comcast CMCSA CIBC Wrld Mkts Sector Outperform » Sector Perform
Eli Lilly LLY Banc of America Sec Buy » Neutral
Level 3 LVLT JP Morgan Overweight » Neutral
Online Resources ORCC CIBC Wrld Mkts Sector Outperform » Sector Perform
Power Integrations POWI Citigroup Buy » Hold
eTelecare ETEL JMP Securities Mkt Outperform » Mkt Perform
LIFE TIME Fitness LTM Piper Jaffray Outperform » Market Perform
Penn Natl Gaming PENN Jefferies & Co Buy » Hold
Oil States OIS RBC Capital Mkts Outperform » Sector Perform
Tumbleweed Comms TMWD Roth Capital Buy » Hold
Bunge BG HSBC Securities Overweight » Neutral
MoneyGram MGI Calyon Securities Neutral » Reduce
AXT Inc AXTI Roth Capital Buy » Hold
Diamond Offshore DO Calyon Securities Add » Neutral
Trident Microsystems TRID Jefferies & Co Buy » Hold
