UPGRADES
Donnelley & Sons (RRD)= CL King Neutral » Strong Buy
Quidel (QDEL)= Pacific Growth Equities Neutral » Buy
Sunpower (SPWR)= Pacific Growth Equities Neutral » Buy
First Solar (FSLR)= Pacific Growth Equities Neutral » Buy
Blue Nile (NILE)= AmTech Research Sell » Neutral
PNM Resources (PNM )= Lehman Brothers Equal-weight » Overweight
VistaCare (VSTA)= Deutsche Securities Sell » Hold
Temple-Inland (TIN)= Citigroup Hold » Buy
Sunpower (SPWR)= Wedbush Morgan Buy » Strong Buy
PNM Resources (PNM)= RBC Capital Mkts Underperform » Sector Perform
Penn Natl Gaming (PENN)= Jefferies & Co Hold » Buy
Mattel (MAT)= Needham & Co Hold » Strong Buy
Cbeyond Comms (CBEY)= Needham & Co Hold » Buy
New Oriental Education & Technology (EDU)= Piper Jaffray Neutral » Buy
Clorox (CLX)= BMO Capital Markets Market Perform » Outperform
Silver Wheaton (SLW)= RBC Capital Mkts Underperform » Sector Perform
FormFactor (FORM)= JP Morgan Underweight » Neutral
Vertex Pharm (VRTX)= Banc of America Sec Neutral » Buy
Boston Scientific (BSX)= Banc of America Sec Neutral » Buy
Supervalu (SVU)= Banc of America Sec Sell » Neutral
FMC Corp (FMC)= Banc of America Sec Neutral » Buy
Affiliated Computer (ACS)= Credit Suisse Neutral » Outperform
Kindred Healthcare (KND )= Lehman Brothers Equal-weight » Overweight
Diageo plc (DEO )= Lehman Brothers Equal-weight » Overweight
Estee Lauder (EL)= UBS Sell » Neutral
Tellabs TLAB (UBS)= Neutral » Buy
Roper Inds (ROP)= Friedman Billings Mkt Perform » Outperform
ADC Telecom (ADCT)= Morgan Keegan Mkt Perform » Outperform
DOWNGRADES
SMSC (SMSC)= Canaccord Adams Buy » Hold
PFF Bancorp (PFB)= B. Riley & Co Neutral » Sell
Quiksilver (ZQK )= B. Riley & Co Buy » Neutral
Boeing (BA )= AmTech Research Buy » Sell
Cabela's (CAB)= Piper Jaffray Buy » Neutral
Owens-Illinois (OI)= Deutsche Securities Buy » Hold
Consolidated Comms Illinois (CNSL)= Citigroup Hold » Sell
Prudential Plc (PUK)= Bear Stearns Outperform » Peer Perform
ING Group (ING)= Bear Stearns Peer Perform » Underperform
Regal Entertainment (RGC)= Wedbush Morgan Buy » Hold
CIBC (CM)= Citigroup Buy » Hold
LifeCore Biomed (LCBM)= JMP Securities Mkt Outperform » Mkt Perform
Petro-Canada (PCZ)= Credit Suisse Outperform » Neutral
Packeteer (PKTR)= Jefferies & Co Buy » Hold
F5 Networks (FFIV)= Jefferies & Co Buy » Hold
Deutsche Telekom (DT)= JP Morgan Neutral » Underweight
Vodafone PLC (VOD)= Lehman Brothers Overweight » Equal-weight
Aruba Networks (ARUN)= Jefferies & Co Buy » Hold
Autodesk (ADSK)= Jefferies & Co Buy
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