Upgrades
AXIS Capital (AXS)- Wachovia Mkt Perform » Outperform
NeuroMetrix (NURO)- Punk, Ziegel & Co Sell » Mkt Perform
Buffalo Wild Wings (BWLD)- Dougherty & Company Neutral » Buy
Douglas Emmett (DEI)- Stifel Nicolaus Hold » Buy
Anadigics (ANAD)- Needham & Co Buy » Strong Buy
Forward Air (FWRD)- William Blair Mkt Perform » Outperform
Qwest (Q)- Deutsche Securities Hold » Buy
SLM Corp (SLM)- Friedman Billings Mkt Perform » Outperform
Hecla Mining (HL)- BMO Capital Markets Market Perform » Outperform
Ensco (ESV)- Credit Suisse Underperform » Neutral
Diamond Offshore (DO)- JP Morgan Underweight » Neutral
Dynegy (DYN)- Citigroup Hold » Buy
HSBC Holdings (HBC)- UBS Neutral » Buy
Valeant Pharmaceuticals (VRX)- Bear Stearns Underperform » Peer Perform
Cephalon (CEPH )- Broadpoint Capital Buy » Strong Buy
Schering-Plough (SGP)- Banc of America Sec Neutral » Buy
Downgrades
Sovereign Banc (SOV)- Sandler O’Neill Hold » Sell
IndyMac Banc (IMB)- RBC Capital Mkts Sector Perform » Underperform
Bankunited Fin (BKUNA)- RBC Capital Mkts Sector Perform » Underperform
Sierra Pacific (SRP)- Wachovia Outperform » Mkt Perform
EastGroup (EGP)- Robert W. Baird Outperform » Neutral
U.S. Concrete (RMIX)- BB&T Capital Mkts Buy » Hold
Masco (MAS)- Wachovia Outperform » Mkt Perform
O’Reilly Auto (ORLY)- BMO Capital Markets Outperform » Market Perform
Gibraltar Industries (ROCK)- Wachovia Outperform » Mkt Perform
Nxstage Medical (NXTM)- Piper Jaffray Buy » Neutral
T. Rowe Price (TROW)- Credit Suisse Outperform » Neutral
Dick’s Sporting Goods (DKS)- Susquehanna Financial Positive » Neutral
Boardwalk Pipeline (BWP)- RBC Capital Mkts Outperform » Sector Perform
American Reprographics (ARP)- JP Morgan Overweight » Neutral
Brasil Telecom Part (BRP)- JP Morgan Overweight » Neutral
Brown-Forman (BF.B)- JP Morgan Neutral » Underweight
Blue Nile (NILE)- Citigroup Buy » Hold
Morgan Stanley (MS)- Oppenheimer Outperform » Perform
Disclosure (“none” means no position):
