UPGRADES
Sprint Nextel (S)= Pali Research Sell » Neutral
Arch Chemicals (ARJ)= Wedbush Morgan Hold » Buy
Advanced Micro (AMD)= AmTech Research Hold » Buy
Perini (PCR)= BMO Capital Markets Market Perform » Outperform
BB&T Corp (BBT)= Keefe Bruyette Underperform » Mkt Perform
Columbus McKinnon (CMCO)= Rodman & Renshaw Mkt Perform » Mkt Outperform
LaserCard (LCRD)= Stanford Research Sell » Hold
Fluor (FLR)= Stanford Research Sell » Hold
KC Southern (KSU)= BMO Capital Markets Market Perform » Outperform
Endo Pharm (ENDP)= Citigroup Sell » Hold
Sealed Air (SEE)= Wachovia Mkt Perform » Outperform
Potash (POT)= Scotia Capital Sector Perform » Sector Outperform
Seagate Tech (STX)= Needham & Co Buy » Strong Buy $33
St. Mary Lnd/Expl (SM)= Sun Trust Rbsn Humphrey Neutral » Buy
Goodrich Petroleum (GDP)= Sun Trust Rbsn Humphrey Neutral » Buy
Bed Bath & Beyond (BBBY)= UBS Neutral » Buy
Staples (SPLS)= UBS Neutral » Buy
Research In Motion( RIMM)= Oppenheimer Perform » Outperform
Cerner (CERN)= Broadpoint Capital Neutral » Buy
Wrigley (WWY)= JP Morgan Neutral » Overweight
priceline.com (PCLN)= Citigroup Hold » Buy
Double Hull Tankers (DHT)= Citigroup Hold » Buy
Brookfield Asset Mngmt (BAM)= Credit Suisse Neutral » Outperform
DOWNGRADES
RPC Inc (RES)= Canaccord Adams Buy » Hold
PNC Bank (PNC)= Ferris Baker Watts Buy » Neutral
Security Capital Assurance (SCA)= Deutsche Securities Buy » Hold
MBIA Inc (MBI)= Deutsche Securities Buy » Hold
AMBAC Fincl (ABK)= Deutsche Securities Buy » Hold
Advanced Life Sciences (ADLS)= Lazard Capital Buy » Hold
AptarGroup (ATR)= Wachovia Outperform » Mkt Perform
Stanley Inc. (SXE)= Cowen & Co Outperform » Neutral
Medco Health Solutions (MHS)= Citigroup Buy » Hold
Express Scripts (ESRX)= Citigroup Buy » Hold
MBIA Inc (MBI)= Citigroup Buy » Hold
AMBAC Fincl (ABK)= Citigroup Buy » Hold
Stryker (SYK)= Piper Jaffray Buy » Neutral
Under Armour (UA)= Wachovia Outperform » Mkt Perform
Zymogenetics (ZGEN)= Oppenheimer Perform » Underperform
PrivateBancorp (PVTB )=Oppenheimer Perform » Underperform
Comerica (CMA)= Friedman Billings Outperform » Mkt Perform
AMBAC Fincl (ABK)= Banc of America Sec Buy » Neutral
Security Capital Assurance (SCA)= Banc of America Sec Buy » Neutral
MBIA Inc (MBI)= Banc of America Sec Buy » Neutral
Royal Philips Electronics (PHG)= Lehman Brothers Overweight » Underweight
