Upgrades
Callaway Golf (ELY)- FTN Midwest Neutral » Buy
Aixtron (AIXG)- Needham & Co Hold » Buy
Hellenic Telecom (OTE)- Bear Stearns Underperform » Peer Perform
Concur Tech (CNQR)- Piper Jaffray Neutral » Buy
Advanced Analogic Tech (AATI)- Piper Jaffray Neutral » Buy
Ashland (ASH)- Jefferies & Co Hold » Buy
Nordic American Tanker (NAT)- JP Morgan Underweight » Neutral
Photon Dynamics (PHTN)- Lehman Brothers Equal-weight » Overweight
Wynn Resorts (WYNN)- Bear Stearns Peer Perform » Outperform
PepsiAmericas (PAS)- HSBC Securities Underweight » Neutral
AnnTaylor (ANN)- Citigroup Hold » Buy
Downgrades
UCBH Holdings (UCBH)- DA Davidson Buy » Neutral
Dolbys Labs (DLB)- Canaccord Adams Buy » Hold
Infosys (INFY)- Oppenheimer Outperform » Perform
Nike (NKE)- Caris & Company Buy » Above Average
CEMEX S.A. (CX)- Credit Suisse Outperform » Neutral
Interface (IFSIA)- Stifel Nicolaus Buy » Hold
Hibbett Sporting (HIBB)- Piper Jaffray Buy » Neutral
Brooke Credit (BRCR)- Morgan Joseph Buy » Hold
Sterling Construction (STRL)- Morgan Joseph Buy » Hold
Metabolix (MBLX)- Jefferies & Co Buy » Hold
Double Hull Tankers (DHT)- JP Morgan Neutral » Underweight
TD Ameritrade (AMTD)- Friedman Billings Outperform » Mkt Perform
Charles Schwab (SCHW)- Friedman Billings Mkt Perform » Underperform
Newcastle Investment (NCT)- Bear Stearns Outperform » Peer Perform
Portugal Telecom (PT)- JP Morgan Neutral » Underweight
TD Ameritrade (AMTD)- UBS Buy » Neutral
InVesco (IVZ)- UBS Buy » Neutral
State Street (STT)- UBS Buy » Neutral
Goldman Sachs (GS)- UBS Buy » Neutral
Lehman Brothers (LEH)- UBS Buy » Neutral
Bank of NY (BK)- UBS Buy » Neutral
Coach (COH)- Citigroup Buy » Hold
