Upgrades
Nalco (NLC)- UBS Neutral » Buy
MacQuarie Infrastructure (MIC)- Stifel Nicolaus Hold » Buy
Innovative Solutions (ISSC)- Northland Securities Under Perform » Market Perform
Bristow Group (BRS)- Credit Suisse Underperform » Neutral
DIRECTV (DTV)- Cowen & Co Neutral » Outperform
DCP Midstream (DPM)- Wachovia Mkt Perform » Outperform
Imclone (IMCL)- Cowen & Co Neutral » Outperform
American Equity Investment Life (AEL)- KeyBanc Capital Mkts Hold » Buy
Discovery (DISCA)- Credit Suisse Underperform » Neutral
Verenium (VRNM)- JP Morgan Underweight » Neutral
Williams Cos (WMB)- RBC Capital Mkts Sector Perform » Outperform
Asbury Automotive (ABG)- JP Morgan Underweight » Neutral
Kilroy Realty (KRC)- Robert W. Baird Neutral » Outperform
Linear Tech (LLTC)- UBS Neutral » Buy
Northeast Utilities (NU)- UBS Neutral » Buy
Arcelor Mittal (MT)- Deutsche Securities Hold » Buy
Dynavax Technologies (DVAX)- Oppenheimer Perform » Outperform
Trans1 (TSON)- Lehman Brothers Equal-weight » Overweight
Downgrades
eTelecare (ETEL)- Janney Mntgmy Scott Buy » Neutral
ChoicePoint (CPS)- Barrington Research Outperform » Underperform
NICOR (GAS)- Robert W. Baird Outperform » Neutral
BankFinancial (BFIN)- Sterne Agee Buy » Hold
MDS Inc (MDZ)- Scotia Capital Sector Outperform » Sector Perform
McGrath RentCorp (MGRC)- RBC Capital Mkts Outperform » Sector Perform $29 » $21
ChoicePoint (CPS)- William Blair Outperform » Mkt Perform
Utd Nat Foods (UNFI)- Piper Jaffray Buy » Neutral
Universal Truckload Services (UACL)- Stifel Nicolaus Buy » Hold
LTC Properties (LTC)- Stifel Nicolaus Buy » Hold
Sovereign Banc (SOV)- Keefe Bruyette Mkt Perform » Underperform
Barrick Gold (ABX)- UBS Buy » Neutral
Kinross Gold (KGC)- UBS Buy » Neutral
K-Swiss (KSWS)- Brean Murray Buy » Hold
Meadowbrook Ins (MIG)- KeyBanc Capital Mkts Aggressive Buy » Buy
Movado Group (MOV)- Morgan Joseph Buy » Hold
Allied Healthcare (AHCI)- Friedman Billings Outperform » Mkt Perform
Univ Elec (UEIC)- Deutsche Securities Buy » Hold
BioMed Realty (BMR)- Robert W. Baird Outperform » Neutral
Vital Images (VTAL)- Deutsche Securities Buy » Hold
Gilead Sciences (GILD)- Bernstein Outperform » Mkt Perform
ChoicePoint (CPS)- GARP Research Buy » Neutral
Disclosure (“none” means no position):
