UPGRADES
CLECO Corp CNL Davenport Neutral » Buy
Bristol-Myers BMY Cowen & Co Underperform » Neutral
Energizer ENR BMO Capital Markets Market Perform » Outperform
Tidewater TDW Lehman Brothers Equal-weight » Overweight
Eaton ETN KeyBanc Capital Mkts Hold » Buy
Bronco Drilling BRNC Calyon Securities Neutral » Add
U.S. Steel X Soleil Sell » Hold
Ixia XXIA Nollenberger Capital Neutral » Buy
Laboratory Corp LH UBS Neutral » Buy
Hormel Foods HRL JP Morgan Underweight » Neutral
Qualcomm QCOM JP Morgan Neutral » Overweight
Repsol SA REP Citigroup Sell » Hold
WellPoint WLP Wachovia Mkt Perform » Outperform
Best Buy BBY Wachovia Mkt Perform » Outperform
Caterpillar CAT UBS Sell » Neutral
Apria Healthcare AHG Banc of America Sec Sell » Neutral
AFLAC AFL Citigroup Sell » Hold
NYMEX NMX Citigroup Hold » Buy
EchoStar DISH Citigroup Hold » Buy
VASCO Data Security VDSI Friedman Billings Mkt Perform » Outperform
RBC Bearings ROLL Robert W. Baird Neutral » Outperform
Drew Industries DW Ferris Baker Watts Neutral » Buy
DOWNGRADES
Tollgrade TLGD Ferris Baker Watts Buy » Neutral
Smithfield Foods SFD JP Morgan Overweight » Neutral
Leap Wireless LEAP Lehman Brothers Overweight » Equal-weight
UBS AG UBS CIBC Wrld Mkts Sector Outperform » Sector Perform
Coley Pharma COLY Susquehanna Financial Positive » Neutral
Fannie Mae FNM Friedman Billings Outperform » Mkt Perform
