UPGRADES
Blackboard (BBBB)= Sun Trust Rbsn Humphrey Neutral » Buy
Openwave (OPWV)= Brean Murray Hold » Buy
QLT Inc (QLTI)= BMO Capital Markets Market Perform » Outperform
Ensign Group (ENSG)= Stifel Nicolaus Hold » Buy
CF Industries (CF)= JP Morgan Neutral » Overweight
NYMEX (NMX)= JP Morgan Neutral » Overweight
Netflix (NFLX)= JP Morgan Underweight » Neutral
Lowe's (LOW)= Bernstein Mkt Perform » Outperform
Kohl's (KSS)= Bernstein Mkt Perform » Outperform
Barrick Gold (ABX)= Credit Suisse Neutral » Outperform
Occam Networks (OCNW)= Merriman Curhan Ford Neutral » Buy
DOWNGRADES
Northstar Neuroscience (NSTR)= Jefferies & Co Buy » Underperform
Cheesecake Factory (CAKE)= MKM Partners Buy » Neutral
Bryn Mawr Bank (BMTC)= FTN Midwest Buy » Neutral
American Equity Investment Life (AEL)= Citigroup Buy » Hold
Mobile TeleSystems (MBT)= Credit Suisse Outperform » Neutral
Penson Worldwide (PNSN)= JP Morgan Overweight » Neutral
Oxford Industries (OXM)= Piper Jaffray Buy » Neutral
American Express (AXP)= Citigroup Buy » Hold
Medco Health Solutions (MHS)= UBS Buy » Neutral
NCI Building Sys (NCS)= UBS Buy » Neutral
Luxottica (LUX)= Lehman Brothers Equal-weight » Underweight
Kendle (KNDL)= Jefferies & Co Buy » Hold
Superior Offshore (DEEP)= Johnson Rice Overweight » Equal Weight
Lululemon Athletica (LULU)= BMO Capital Markets Market Perform » Underperform
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