UPGRADES
American Commercial Lines (ACLI)= Morgan Keegan Mkt Perform » Outperform
Delek US Holdings (DK)= Morgan Keegan Mkt Perform » Outperform
Shaw Comms (SJR)= UBS Neutral » Buy
Oplink Comms (OPLK)= Needham & Co Buy » Strong Buy
Puget Energy (PSD)= Soleil Sell » Hold
ADC Telecom (ADCT)= Credit Suisse Neutral » Outperform
FTD Group (FTD)= Roth Capital Sell » Hold
ValueClick (VCLK)= RBC Capital Mkts Sector Perform » Outperform
Werner Enterprises (WERN)= Bear Stearns Underperform » Peer Perform
Frontier Oil (FTO)= Friedman Billings Mkt Perform » Outperform
Northwest Airlines (NWA)= Credit Suisse Neutral » Outperform
Amdocs (DOX)= UBS Neutral » Buy
Affiliated Computer (ACS)= UBS Neutral » Buy
Knight Transportation (KNX)= Bear Stearns Underperform » Peer Perform
Heartland Express (HTLD)= Bear Stearns Underperform » Peer Perform
Con-way (CNW)= Bear Stearns Underperform » Peer Perform
Arkansas Best (ABFS)= Bear Stearns Underperform » Peer Perform
Ameriprise Financial (AMP)= Keefe Bruyette Mkt Perform » Outperform
Kaydon (KDN)= Deutsche Securities Hold » Buy
RF Micro Device (RFMD)= Deutsche Securities Hold » Buy
Bed Bath & Beyond (BBBY)= Credit Suisse Neutral » Outperform
Lowe's (LOW)= Credit Suisse Neutral » Outperform
Home Depot (HD )= Credit Suisse Neutral » Outperform
General Mills (GIS)= JP Morgan Underweight » Neutral
Under Armour (UA)= Citigroup Hold » Buy
ArvinMeritor (ARM)= KeyBanc Capital Mkts Hold » Buy
DOWNGRADES
Dick's Sporting Goods (DKS)= Wedbush Morgan Strong Buy » Buy
Steven Madden (SHOO)= Wedbush Morgan Buy » Hold
Supertex (SUPX)= Lazard Capital Buy » Hold
Opnext (OPXT)= Needham & Co Strong Buy » Buy
Valero Energy (VLO)= Caris & Company Buy » Above Average
Alon USA Energy (ALJ)= Caris & Company Buy » Above Average
Illumina (ILMN)= Caris & Company Buy » Above Average
Trimas (TRS)= KeyBanc Capital Mkts Buy » Hold
Telecom Italia (TI)= Bear Stearns Peer Perform » Underperform
Sunoco (SUN)= Friedman Billings Outperform » Mkt Perform
Automatic Data (ADP)= UBS Buy » Neutral
Paychex (PAYX)= UBS Buy » Neutral
Computer Sciences (CSC)= UBS Buy » Neutral
BearingPoint (BE)= UBS Buy » Neutral
Sapient (SAPE)= UBS Buy » Neutral
Hewitt Associates (HEW)= UBS Neutral » Sell
Advance Auto (AAP)= Credit Suisse Outperform » Neutral
Sears Hldg (SHLD)= Credit Suisse Outperform » UnderperforM
Cal Drive Intl (DVR)= JP Morgan Overweight » Neutral
Express Scripts (ESRX)= JP Morgan Overweight » Neutral
Teva Pharm (TEVA)= HSBC Securities Overweight » Neutral
AmeriCredit (ACF)= Friedman Billings Mkt Perform » Underperform
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