Upgrades
Spirit Aerosystems (SPR)- Cowen & Co Neutral » Outperform
Adolor (ADLR)- Cowen & Co Neutral » Outperform
Vistaprint (VPRT)- Stifel Nicolaus Hold » Buy
China Petroleum (Sinopec) (SNP)- Deutsche Securities Hold » Buy
Discovery Labs (DSCO)- Brean Murray Hold » Buy
Lindsay Manu (LNN)- Rodman & Renshaw Mkt Underperform » Mkt Perform
Northeast Utilities (NU)- Jefferies & Co Hold » Buy
Napster (NAPS)- Bear Stearns Underperform » Outperform
SRA Intl (SRX)- UBS Sell » Neutral
GlaxoSmithKline (GSK)- UBS Neutral » Buy
General Maritime (GMR)- JP Morgan Neutral » Overweight
Frontline (FRO)- JP Morgan Underweight » Neutral
Downgrades
Neah Power (NPWS)- Jesup & Lamont Buy » Neutral
Centene (CNC)- Wachovia Outperform » Mkt Perform
NeuroMetrix (NURO)- Punk, Ziegel & Co Accumulate » Sell
Darden Restaurants (DRI)- MKM Partners Buy » Neutral
NeuroMetrix (NURO)- Stanford Research Buy » Hold
Brown & Brown (BRO)- Piper Jaffray Buy » Neutral
Baldwin & Lyons (BWINB)- Morgan Keegan Outperform » Mkt Perform
Capital Corp. of the West (CCOW)- FTN Midwest Buy » Neutral
Granite Constr (GVA)- BB&T Capital Mkts Buy » Hold
Microsoft (MSFT)- RBC Capital Mkts Outperform » Sector Perform
Level 3 (LVLT)- Credit Suisse Outperform » Neutral
Centene (CNC)- Credit Suisse Outperform » Neutral
BT Group PLC (BT)- Credit Suisse Neutral » Underperform
FirstMerit Corp (FMER)- Oppenheimer Perform » Underperform
Independent Bank (IBCP)- Oppenheimer Perform » Underperform
CBL & Assoc (CBL)- UBS Buy » Neutral
Castle Brands (ROX )- Piper Jaffray Buy » Neutral
UTI Worldwide (UTIW)- Bear Stearns Outperform » Peer Perform
Telecom Italia (TI)- Citigroup Buy » Hold
Unilever PLC (UL)- UBS Buy » Neutral
Tsakos Energy (TNP)- JP Morgan Overweight » Neutral
Arlington Tankers (ATB)- JP Morgan Neutral » Underweight
WW Grainger (GWW)- Robert W. Baird Outperform » Neutral
American Express (AXP)- Keefe Bruyette Outperform » Mkt Perform
Disclosure (“none” means no position):
