UPGRADES
Centurytel (CTL)- Stanford Research Hold » Buy
Cheesecake Factory (CAKE)- Wedbush Morgan Hold » Buy
Global Industries (GLBL)- CapitalOne southcoast Add » Strong Buy
Pioneer Natural (PXD)- BMO Capital Markets Market Perform » Outperform
Raytheon (RTN)- JP Morgan Neutral » Overweight
RC2 (RCRC)- Piper Jaffray Neutral » Buy
Key Energy (KEG)- RBC Capital Mkts Sector Perform » Outperform
UST Inc (UST)- UBS Neutral » Buy
Invitrogen (IVGN)- JP Morgan Neutral » Overweight
Marvel Enterprises (MVL)- RBC Capital Mkts Sector Perform » Outperform
Telecom Italia (TI)- Bernstein Mkt Perform » Outperform
Clearwire (CLWR)- Citigroup Sell » Hold
Credence (CMOS)- Citigroup Sell » Hold
Complete Production Services (CPX)- JP Morgan Neutral » Overweight
Huntsman (HUN)- UBS Neutral » Buy
Puget Energy (PSD)- Robert W. Baird Neutral » Outperform
DOWNGRADES
Oceaneering Intl (OII)- CapitalOne southcoast Strong Buy » Add
Stanley Inc. (SXE)- BB&T Capital Mkts Buy » Hold
Mentor Graphics (MENT)- Needham Buy » Hold
Visa (V)- Avondale Mkt Outperform » Mkt Perform
Marshall & Ilsley (MI)- Fox Pitt Outperform » In Line
NYMEX (NMX)- Fox Pitt Outperform » In Line
SAIC (SAI)- JP Morgan Overweight » Neutral
Fuel Systems Solutions (FSYS)- Broadpoint Capital Buy » Neutral
HOKU Scientific (HOKU)- Broadpoint Capital Buy » Neutral
Emerson (EMR)- Credit Suisse Outperform » Neutral
Corn Products (CPO)- Citigroup Buy » Hold
BJ’s Wholesale (BJ)- Citigroup Buy » Hold
Affiliated Managers (AMG)- Wachovia Outperform » Mkt Perform
UPS (UPS)- Robert W. Baird Outperform » Neutral
Third Wave (TWTI)- Robert W. Baird Outperform » Neutral
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