Upgrades
KON Office (IKN)- Cross Research Hold » Buy
Aruba Networks (ARUN)- Brean Murray Hold » Buy
Nationwide (NFS)- UBS Neutral » Buy
ADC Telecom (ADCT)- Deutsche Securities Hold » Buy
Analog Devices (ADI)- Banc of America Sec Neutral » Buy
National Semi (NSM)- Banc of America Sec Sell » Neutral
PMC-Sierra (PMCS)- Banc of America Sec Sell » Neutral
Power Integrations (POWI)- Banc of America Sec Neutral » Buy
LSI Logic (LSI)- Banc of America Sec Sell » Neutral
Semtech (SMTC)- Banc of America Sec Neutral » Buy
Intel (INTC)- Banc of America Sec Neutral » Buy
Downgrades
Owens-Illinois (OI)- Longbow Buy » Neutral
Ventas (VTR)- Stifel Nicolaus Buy » Hold
Methanex (MEOH)- UBS Buy » Neutral
AmerisourceBergen (ABC)- Citigroup Buy » Hold
Cardinal Health (CAH)- Citigroup Buy » Hold
McKesson (MCK)- Citigroup Buy » Hold
Virgin Media (VMED)- Jefferies & Co Buy » Hold
Cirrus Logic (CRUS)- Oppenheimer Outperform » Perform
Mannkind (MNKD)- Piper Jaffray Buy » Neutral
Hain Celestial (HAIN)- JP Morgan Overweight » Underweight
Ralcorp Holdings (RAH)- JP Morgan Neutral » Underweight
Pantry (PTRY)- Friedman Billings Outperform » Mkt Perform
Dentsply (XRAY)- Robert W. Baird Outperform » Neutral
Patterson Companies (PDCO) Robert W. Baird Outperform » Neutral
Lennox Intl (LII)- JP Morgan Overweight » Neutral
Cheniere Energy (LNG)- Lehman Brothers Overweight » Equal-weight
Watsco (WSO)- JP Morgan Overweight » Neutral
PetroChina (PTR)- Citigroup Hold » Sell
Disclosure ("none" means no position):

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