Upgrades
Taiwan Semi (TSM)- Lehman Brothers Equal-weight » Overweight
Regions Fincl (RF)- Stifel Nicolaus Sell » Hold
Biolase Technology (BLTI)- FTN Midwest Neutral » Buy
Mine Safety (MSA)- Friedman Billings Mkt Perform » Outperform
Pioneer Drilling (PDC)- Deutsche Securities Hold » Buy
Omniture (OMTR)- Jefferies & Co Hold » Buy
Plains Exploration (PXP)- Credit Suisse Neutral » Outperform
Obagi Medical (OMPI)- Oppenheimer Perform » Outperform
Panacos Pharma (PANC)- Bear Stearns Peer Perform » Outperform
Red Robin Gourmet (RRGB)- JP Morgan Neutral » Overweight
PepsiAmericas (PAS)- Deutsche Securities Hold » Buy
Legg Mason (LM)- Wachovia Underperform » Mkt Perform
Optium (OPTM )- Oppenheimer Perform » Outperfor
Downgrades
PDL BioPharma (PDLI)- Broadpoint Capital Buy » Neutral
Endo Pharm (ENDP)- Lazard Capital Buy » Hold
NCI Building Sys (NCS)- SMH Capital Buy » Neutral
Semi Manufacturing (SMI)- Lehman Brothers Equal-weight » Underweight
United Micro (UMC)- Lehman Brothers Overweight » Equal-weight
Liberty Media Capital (LCAPA)- Stifel Nicolaus Buy » Hold
Western Digital (WDC)- FTN Midwest Buy » Neutral
I.D. Systems (IDSY)- Cowen & Co Outperform » Neutral
Resource Capital (RSO)- Citigroup Hold » Sell
CBRE Realty Finance (CBF)- Citigroup Hold » Sell
Newcastle Investment (NCT)- Citigroup Hold » Sell
Arbor Realty Trust (ABR)- Citigroup Hold » Sell
Newstar Financial (NEWS)- Citigroup Buy » Hold
KKR Financial (KFN)- Citigroup Buy » Hold
CapitalSource (CSE)- Citigroup Buy » Hold
Gramercy Capital (GKK )- Citigroup Buy » Hold
iStar Financial (SFI)- Citigroup Buy » Hold
Diamondrock Hospitality (DRH)- RBC Capital Mkts Outperform » Sector Perform
Thornburg Mortg (TMA)- Jefferies & Co Buy » Hold
Whirlpool (WHR)- JP Morgan Neutral » Underweight
CRH Plc. (CRH)- Citigroup Buy » Hold
Tessera Tech (TSRA)- Friedman Billings Outperform » Mkt Perform
CompuCredit (CCRT)- Jefferies & Co Buy » Hold
Xinhua Finance (XFML )- JP Morgan Overweight » Neutral
PDL BioPharma (PDLI)- Lehman Brothers Overweight » Equal-weight
Oplink Comms (OPLK)- Oppenheimer Outperform » Perform
EXFO (EXFO)- Oppenheimer Outperform » Perform
Disclosure (“none” means no position):
