UPGRADES
Sonic Solutions (SNIC)- Kaufman Bros Sell » Hold
Phase Forward (PFWD)- Needham Hold » Buy
Owens-Illinois (OI)- Banc of America Sec Neutral » Buy
Wimm-Bill-Dann Foods (WBD)- Credit Suisse Neutral » Outperform
JC Penney (JCP)- Deutsche Securities Hold » Buy
Cummins (CMI)- UBS Sell » Buy
Natl Oilwell Varco (NOV)- RBC Capital Mkts Underperform » Sector Perform
VisionChina Media (VISN)- Oppenheimer Perform » Outperform
DOWNGRADES
Perdigao S.A. (PDA)- Citigroup Buy » Hold
Cabot (CBT)- KeyBanc Capital Mkts Buy » Hold
Xyratex (XRTX)- Wachovia Outperform » Mkt Perform
Capital Trust (CT)- UBS Neutral » Sell
Motorola (MOT)- Piper Jaffray Neutral » Sell
MF Global (MF)- Keefe Bruyette Outperform » Mkt Perform
Xyratex (XRTX)- Robert W. Baird Outperform » Neutral
Acorda Therapeutics (ACOR)- Friedman Billings Outperform » Mkt Perform
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