Wednesday's Upgrades and Downgrades

UPGRADES
Choice Hotels CHH Wachovia Underperform » Mkt Perform
Cogent Communications CCOI RBC Capital Mkts Sector Perform » Outperform
Schawk SGK Robert W. Baird Neutral » Outperform
Activision ATVI Lehman Brothers Equal-weight » Overweight
Cephalon CEPH Friedman Billings Mkt Perform » Outperform

DOWNGRADES
Vulcan Materials VMC BB&T Capital Mkts Buy » Hold
Verifone PAY Wedbush Morgan Strong Buy » Hold
PeopleSupport PSPT AmTech Research Buy » Neutral
Auxilium Pharma AUXL Soleil Buy » Hold
Verifone PAY Credit Suisse Outperform » Neutral
Leggett & Platt LEG Morgan Keegan Mkt Perform » Underperform
CNOOC Ltd CEO Credit Suisse Outperform » Neutral
Gander Mountain GMTN William Blair Outperform » Mkt Perform
Lehman Brothers LEH Punk, Ziegel & Co Mkt Perform » Sell
Bear Stearns BSC Punk, Ziegel & Co Mkt Perform » Sell
Goldman Sachs GS Punk, Ziegel & Co Mkt Perform » Sell
Ariba ARBA JMP Securities Strong Buy » Mkt Outperform
Oracle ORCL JMP Securities Strong Buy » Mkt Outperform
Tiffany & Co TIF Banc of America Sec Buy » Neutral
E*TRADE ETFC GARP Research Buy » Neutral

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