Upgrades
QLogic (QLGC)- Pacific Growth Equities Neutral » Buy
Massey Energy (MEE)- Caris & Company Above Average » Buy
PF Chang’s (PFCB)- Wedbush Morgan Sell » Hold
Scotts Miracle-Gro (SMG)- BMO Capital Markets Underperform » Market Perform
Walgreen (WAG)- Credit Suisse Neutral » Outperform
SW Energy (SWN)- Sun Trust Rbsn Humphrey Neutral » Buy
Ultra Petroleum (UPL)- Sun Trust Rbsn Humphrey Neutral » Buy
American Eagle (AEO)- Needham Underperform » Hold
Brigham Exploration (BEXP)- JP Morgan Underweight » Overweight
Concho Resources (CXO)- Sun Trust Rbsn Humphrey Neutral » Buy
Arena Resources (ARD)- Sun Trust Rbsn Humphrey Neutral » Buy
Bill Barrett (BBG)- Sun Trust Rbsn Humphrey Neutral » Buy
PF Chang’s (PFCB)- Jefferies & Co Hold » Buy
Nalco (NLC)- JP Morgan Underweight » Neutral
Borg Warner (BWA)- Robert W. Baird Neutral » Outperform
Downgrades
Royal Bank of Scotland (RBS)- Edward Jones Buy » Hold
US Bancorp (USB)- Deutsche Securities Hold » Sell
Navigators Group (NAVG)- Fox Pitt Outperform » In Line
Nymagic (NYM)- Fox Pitt Outperform » In Line
Procter & Gamble (PG)- BMO Capital Markets Outperform » Market Perform
Sun Microsystems (JAVA)- Cross Research Buy » Hold
Orion Energy Systems (OESX)- Northland Securities Outperform » Market Perform
St. Mary Lnd/Expl (SM)- Sun Trust Rbsn Humphrey Buy » Neutral
Research In Motion (RIMM)- Needham Hold » Underperform
CSG Systems (CSGS)- Kaufman Bros Buy » Hold
Cardiome Pharma (CRME)- RBC Capital Mkts Outperform » Sector Perform
eResearchTech (ERES)- Leerink Swann Mkt Perform » Underperform
CB&I (CBI)- JP Morgan Overweight » Neutral
Penn Virginia (PVA)- Sun Trust Rbsn Humphrey Buy » Neutral
O2Micro (OIIM)- Roth Capital Buy » Hold
Brigham Exploration (BEXP)- Sun Trust Rbsn Humphrey Buy » Neutral
SAIC (SAI)- Cowen & Co Outperform » Neutral
Informatica (INFA)- Piper Jaffray Buy » Neutral
Lev Pharmaceuticals (LEVP)- Jefferies & Co Buy » Hold
Veraz Networks (VRAZ)- Jefferies & Co Hold » Underperform
Cisco Systems (CSCO)- Credit Suisse Outperform » Neutral
ADC Telecom (ADCT)- Credit Suisse Outperform » Neutral
Optium (OPTM)- Credit Suisse Outperform » Neutral
ADTRAN (ADTN)- Credit Suisse Neutral » Underperform
Ciena (CIEN)- Credit Suisse Outperform » Underperform
EW Scripps (SSP)- Lehman Brothers Overweight » Underweight
Esco Tech (ESE)- JP Morgan Neutral » Underweight
Time Warner Tcom (TWTC)- JP Morgan Overweight » Underweight
Washington Mutual (WM)- Edward Jones Hold » Sell
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