UPGRADES
Amazon.com AMZN Stifel Nicolaus Sell » Buy
Ares Capital ARCC Wachovia Mkt Perform » Outperform
Network Appliance NTAP Caris & Company Above Average » Buy
WW Grainger GWW Morgan Keegan Mkt Perform » Outperform
Telefonos de Mex TMX Citigroup Hold » Buy
Holly HOC Soleil Hold » Buy
Western Union WU First Analysis Sec Underweight » Equal-Weight
Sciele Pharma SCRX RBC Capital Mkts Underperform » Sector Perform
Network Appliance NTAP Bear Stearns Underperform » Peer Perform
Merrill Lynch MER Credit Suisse Neutral » Outperform
CNA Financial CNA Credit Suisse Neutral » Outperform
Ceragon CRNT Susquehanna Financial Neutral » Positive
Telefonos de Mex TMX UBS Sell » Neutral
Portugal Telecom PT Bear Stearns Peer Perform » Outperform
Applied Bio ABI JP Morgan Neutral » Overweight
Amgen AMGN Lehman Brothers Equal-weight » Overweight
Mylan Labs MYL Bernstein Mkt Perform » Outperform
ValueClick VCLK Citigroup Hold » Buy
Lehman Brothers LEH Punk, Ziegel & Co Sell » Mkt Perform
DOWNGRADES
Gold Fields GFI BMO Capital Markets Outperform » Market Perform
AmeriGas Partners APU Wachovia Outperform » Mkt Perform
Navteq NVT Piper Jaffray Outperform » Market Perform
Sierra Wireless SWIR Piper Jaffray Outperform » Market Perform
VeriSign VRSN WR Hambrecht Buy » Hold
Portugal Telecom PT Citigroup Buy » Hold
Goldleaf Financial Solutions GFSI Friedman Billings Outperform » Mkt Perform
Rayonier RYN JP Morgan Overweight » Neutral
Sina SINA Citigroup Buy » Hold
InVesco IVZ HSBC Securities Neutral » Underweight
