Upgrades
Quicksilver Resrcs (KWK )- CapitalOne southcoast Neutral » Add
USG Corp (USG)- Longbow Sell » Neutral
Edwards Lifesci (EW)- Caris & Company Average » Above Average
American Community Bancshares (ACBA)- Sandler O’Neill Hold » Buy
Strayer Education (STRA)- Stifel Nicolaus Hold » Buy
Alliance Resource (ARLP)- Stifel Nicolaus Hold » Buy
American Public Education (APEI)- Stifel Nicolaus Hold » Buy
Alliance Holdings (AHGP)- Stifel Nicolaus Hold » Buy
Marketaxess (MKTX)- Credit Suisse Underperform » Neutral
Maguire Properties (MPG)- Deutsche Securities Sell » Hold
Hurray Holding (HRAY)- Piper Jaffray Neutral » Buy
Ultimate Software (ULTI)- Broadpoint Capital Neutral » Buy
Intergroup Corp. (INTG)- Citigroup Hold » Buy
Southwest Gas (SWX)- Citigroup Hold » Buy
Repsol SA (REP)- Deutsche Securities Hold » Buy
SandRidge Energy (SD)- Bear Stearns Peer Perform » Outperform
First Place Finl (FPFC)- Keefe Bruyette Mkt Perform » Outperform
Global Industries (GLBL)- Jefferies & Co Hold » Buy
Rock-Tenn (RKT)- JP Morgan Neutral » Overweight
Arch Capital (ACGL)- JP Morgan Neutral » Overweight
Downgrades
TravelCenters of America (TA)- Ferris Baker Watts Buy » Neutral
AngioDynamics (ANGO)- Canaccord Adams Buy » Hold
ISTA Pharm (ISTA)- Lazard Capital Hold » Sell
ISTA Pharm (ISTA)- Punk, Ziegel & Co Buy » Mkt Perform
Noble Intl (NOBL)- Sterne Agee Buy » Sell
RAE Systems (RAE)- Morgan Keegan Outperform » Mkt Perform
Infosys (INFY)- Kaufman Bros Buy » Hold
American Eagle (AEO)- Needham & Co Hold » Underperform
Northstar Neuroscience (NSTR)- Stanford Research Buy » Hold
PPG Industries (PPG)- Deutsche Securities Buy » Hold
Rohm and Haas (ROH)- Deutsche Securities Buy » Hold
Reddy Ice (FRZ)- Wachovia Outperform » Mkt Perform
Heidrick & Struggles (HSII)- Sun Trust Rbsn Humphrey Neutral » Reduce
Lexicon Pharma (LXRX)- Piper Jaffray Buy » Neutral
PeopleSupport (PSPT)- RBC Capital Mkts Outperform » Sector Perform
PeopleSupport (PSPT)- Piper Jaffray Buy » Neutral
AspenBio Pharma (APPY)- Oppenheimer Outperform » Perform
DealerTrack (TRAK)- JMP Securities Strong Buy » Mkt Perform
H.B. Fuller (FUL)- Deutsche Securities Buy » Hold
Airgas (ARG)- Deutsche Securities Buy » Hold
Valspar (VAL)- Deutsche Securities Buy » Hold
US Auto Parts (PRTS)- Piper Jaffray Buy » Neutral
Credicorp LTD (BAP)- Citigroup Buy » Hold
Horsehead Holding (ZINC)- Friedman Billings Outperform » Mkt Perform
Alcoa (AA)- Friedman Billings Outperform » Mkt Perform
Freeport-McMoRan (FCX)- Friedman Billings Outperform » Mkt Perform
Sunstone Hotel (SHO)- Keefe Bruyette Outperform » Mkt Perform
Dr. Reddy’s (RDY)- Citigroup Buy » Hold
Disclosure (“none” means no position):
