UPGRADES
Biogen Idec BIIB BWS Financial Sell » Hold
SPSS Inc SPSS First Analysis Sec Equal-Weight » Overweight
Posco PKX HSBC Securities Neutral » Overweight
Schlumberger SLB Calyon Securities Neutral » Add
Pioneer Natural PXD Credit Suisse Neutral » Outperform
Weatherford WFT Calyon Securities Add » Buy
Investment Tech ITG Keefe Bruyette Mkt Perform » Outperform
51job JOBS Citigroup Hold » Buy
Repsol SA REP Credit Suisse Underperform » Neutral
McDermott MDR Calyon Securities Add » Buy
Yahoo! YHOO CIBC Wrld Mkts Sector Perform » Sector Outperform
TAM S.A. TAM Bear Stearns Peer Perform » Outperform
Brooks Automation BRKS Bear Stearns Peer Perform » Outperform
Yamana Gold AUY UBS Neutral » Buy
Smith & Nephew SNN Bear Stearns Peer Perform » Outperform
Tyson Foods TSN Deutsche Securities Hold » Buy
DOWNGRADES
Cognos COGN BMO Capital Markets Outperform » Market Perform
Trans World TWMC Wedbush Morgan Buy » Hold
Amerigroup AGP Stifel Nicolaus Buy » Hold
Koppers Holdings KOP KeyBanc Capital Mkts Aggressive Buy » Buy
Royal KPN KPN Credit Suisse Outperform » Neutral
Cognos COGN Broadpoint Capital Buy » Neutral
MSC Industrial MSM Robert W. Baird Outperform » Neutral
Fastenal FAST Robert W. Baird Outperform » Neutral
