Upgrades
Marsh McLennan (MMC)= Credit Suisse Neutral » Outperform
Smith Intl (SII)= Citigroup Hold » Buy
Washington Mutual (WM)= Fox Pitt In Line » Outperform
Marsh McLennan (MMC)= Stifel Nicolaus Hold » Buy
CyberSource (CYBS)= Wedbush Morgan Buy » Strong Buy
Callidus Software (CALD)= Northland Securities Market Perform » Outperform
Northern Dynasty Minerals (NAK)= BMO Capital Markets Market Perform » Outperform
HF Financial Corporation (HFFC)= FTN Midwest Neutral » Buy
Walt Disney (DIS)= Pali Research Neutral » Buy
Ivanhoe Mines (IVN)= BMO Capital Markets Market Perform » Outperform
Travelers (TRV)= Sandler O’Neill Hold » Buy
NuStar GP Hldgs (NSH)= Wachovia Mkt Perform » Outperform
NuStar Energy (NS)= Wachovia Mkt Perform » Outperform
Atlas Pipeline Holdings (AHD)= Wachovia Mkt Perform » Outperform
Oil States (OIS)= RBC Capital Mkts Sector Perform » Outperform
Regal Entertainment (RGC)= JP Morgan Neutral » Overweight
Avon Products (AVP)= Bear Stearns Peer Perform » Outperform
Quanta Services (PWR)= JP Morgan Neutral » Overweight
Albemarle (ALB)= JP Morgan Neutral » Overweight
Quiksilver ( ZQK)= JP Morgan Neutral » Overweight
Kinder Morgan Prtnrs (KMP)= JP Morgan Neutral » Overweight
Red Lion Hotels (RLH)= JMP Securities Mkt Outperform » Strong Buy
Electronic Arts (ERTS)= Bear Stearns Peer Perform » Outperform
Unisys (UIS)= Jefferies & Co Underperform » Hold
Eagle Test Systems (EGLT)= Broadpoint Capital Neutral » Buy
NRG Energy (NRG)= Credit Suisse Neutral » Outperform
DTE Energy (DTE)= UBS Neutral » Buy
Nike (NKE)= JP Morgan Neutral » Overweight
Dionex (DNEX)= Robert W. Baird Underperform » Neutral
Canadian Solar (CSIQ)= Oppenheimer Perform » Outperform
Qimonda (QI)= UBS Neutral » Buy
Albemarle (ALB)= UBS Neutral » Buy
BEA Systems (BEAS)= Bernstein Underperform » Mkt Perform
Downgrades
CNX Gas (CXG)= RBC Capital Mkts Outperform » Sector Perform
Canadian Pacific (CP)= CIBC Wrld Mkts Sector Outperform » Sector Perform
Hutchinson (HTCH)= Caris & Company Above Average » Average
Centex (CTX)= UBS Buy » Neutral
Natl Instruments (NATI)= Citigroup Hold » Sell
Cymer (CYMI)= Brean Murray Buy » Hold
Hutchinson (HTCH)= Brean Murray Hold » Sell
Yahoo! (YHOO0= Citigroup Buy » Hold
Conseco (CNO)= Credit Suisse Outperform » Neutral
Cabela’s (CAB)= Wachovia Outperform » Mkt Perform
Columbia Sportswear (COLM)= JP Morgan Overweight » Neutral
T. Rowe Price (TROW)= Friedman Billings Mkt Perform » Underperform
Yahoo! (YHOO)= Oppenheimer Outperform » Perform
Hanmi Financial( HAFC )= Oppenheimer Perform » Underperform
Merrill Lynch (MER)= Oppenheimer Perform » Underperform
Scotts Miracle-Gro (SMG)= JP Morgan Overweight » Neutral
Cabot Micro CCMP (GARP)= Research Buy » Neutral
