UPGRADES
GSI Commerce GSIC Needham & Co Hold » Buy
Euronet EEFT Citigroup Sell » Hold
ADTRAN ADTN Brean Murray Hold » Buy
Teekay LNG Partners TGP Friedman Billings Mkt Perform » Outperform
AMBAC Fincl ABK Friedman Billings Mkt Perform » Outperform
Delek US Holdings DK Citigroup Hold » Buy
Kroger KR Credit Suisse Neutral » Outperform
Tesoro TSO Citigroup Hold » Buy
American Eagle AEO Bear Stearns Peer Perform » Outperform
MDU Resources MDU Citigroup Hold » Buy
Apria Healthcare AHG UBS Sell » Neutral
Orbitz OWW Lehman Brothers Equal-weight » Overweight
DOWNGRADES
UnionBanCal UB BMO Capital Markets Market Perform » Underperform
Symantec SYMC Cowen & Co Outperform » Neutral
US Bancorp USB Citigroup Hold » Sell
M&T Bank MTB Citigroup Hold » Sell
Comerica CMA Citigroup Hold » Sell
Wells Fargo WFC Citigroup Buy » Hold
Wachovia WB Citigroup Buy » Hold
PNC Bank PNC Citigroup Buy » Hold
JP Morgan Chase JPM Citigroup Buy » Hold
First Horizon FHN Citigroup Buy » Hold
Bank of America BAC Citigroup Buy » Hold
Westpac Banking Corp. WBK JP Morgan Overweight » Neutral
ArthroCare ARTC Susquehanna Financial Positive » Neutral
UBS AG UBS CIBC Wrld Mkts Sector Perform » Sector Underperform
Radian Group RDN Citigroup Hold » Sell
Capital One COF Citigroup Hold » Sell
Countrywide CFC Citigroup Buy » Hold
MGIC Investment MTG Citigroup Buy » Hold
Rexam PLC REXMY Citigroup Buy » Hold
priceline.com PCLN Citigroup Buy » Hold
Retail Ventures RVI Johnson Rice Overweight » Equal Weight
Starbucks SBUX RBC Capital Mkts Outperform » Sector Perform
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