Upgrades
Lam Research (LRCX)- AmTech Research Neutral » Buy
IBM (IBM)- Canaccord Adams Hold » Buy
Swift Energy (SFY)- UBS Neutral » Buy
Newfield Expl (NFX)- Friedman Billings Mkt Perform » Outperform
Venoco (VQ)- Jefferies & Co Hold » Buy
Cepheid (CPHD)- UBS Neutral » Buy
Cimarex (XEC)- UBS Neutral » Buy
Forest Oil (FST)- UBS Neutral » Buy
Downgrades
eBay (EBAY)- AmTech Research Buy » Neutral
Emulex (ELX)- Caris & Company Above Average » Average
Artes Medical (ARTE)- Lazard Capital Buy » Hold
j2 Global (JCOM)- Stanford Research Buy » Hold
Caribou Coffee (CBOU)- Cowen & Co Outperform » Neutral
PF Chang's (PFCB)- Cowen & Co Outperform » Neutral
Cosi (COSI)- Cowen & Co Outperform » Neutral
Illinois Tool (ITW)- Credit Suisse Outperform » Neutral
Astoria Fincl (AF)- RBC Capital Mkts Sector Perform » Underperform
Intl Paper (IP)- Credit Suisse Outperform » Neutral
Esterline Techs (ESL)- Credit Suisse Outperform » Neutral
Procter & Gamble (PG)- Deutsche Securities Buy » Hold
UST Inc (UST)- UBS Buy » Neutral
Sonic Automotive (SAH)- UBS Buy » Neutral
Arcelor Mittal (MT)- HSBC Securities Overweight » Neutral
Spansion (SPSN)- Deutsche Securities Buy » Hold
Old Dominion (ODFL)- Robert W. Baird Outperform » Neutral
Badger Meter (BMI)- Robert W. Baird Neutral » Underperform

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