UPGRADES
Tollgrade TLGD Ferris Baker Watts Neutral » Buy
Vocus VOCS Ferris Baker Watts Neutral » Buy
Blackboard BBBB Wedbush Morgan Buy » Strong Buy
Saba Software SABA Maxim Group Hold » Buy
Agrium AGU BMO Capital Markets Market Perform » Outperform
Biovail BVF BMO Capital Markets Underperform » Market Perform
Collective Brands PSS Caris & Company Average » Above Average
Take-Two TTWO Kaufman Bros Hold » Buy
Airgas ARG KeyBanc Capital Mkts Buy » Aggressive Buy
JDS Uniphase JDSU Roth Capital Hold » Buy
Verint Systems VRNT JP Morgan Underweight » Neutral
AmerisourceBergen ABC Banc of America Sec Neutral » Buy
Applied Signal APSG CIBC Wrld Mkts Sector Underperform » Sector Perform
Teekay LNG Partners TGP Citigroup Hold » Buy
DOWNGRADES
Comcast CMCSA JP Morgan Overweight » Neutral
Northern Trust NTRS Sandler O’Neill Hold » Sell
First Marblehead FMD Sandler O’Neill Buy » Hold
Electronic Arts ERTS Kaufman Bros Buy » Hold
Comcast CMCSA Kaufman Bros Buy » Hold
XM Satellite XMSR Stifel Nicolaus Buy » Hold
SK Telecom SKM Bear Stearns Outperform » Peer Perform
United Thera UTHR Brean Murray Buy » Hold
Ruths Chris Steak House RUTH Piper Jaffray Buy » Neutral
Famous Dave’s DAVE Piper Jaffray Buy » Neutral
Fannie Mae FNM Piper Jaffray Buy » Neutral
FPL Group FPL UBS Buy » Neutral
Freddie Mac FRE Credit Suisse Neutral » Underperform
Fannie Mae FNM Credit Suisse Neutral » Underperform
Johnson Controls JCI Deutsche Securities Buy » Hold
