Upgrades
Phoenix Tech (PTEC)- Dougherty & Company Neutral » Buy
Cache (CACH)- Roth Capital Hold » Buy
TCF Financial (TCB)- Stifel Nicolaus Hold » Buy
CVB Financial (CVBF)- Credit Suisse Neutral » Outperform
Zoran (ZRAN)- Lazard Capital Hold » Buy
Vertex Pharm (VRTX)- Cowen & Co Neutral » Outperform
First Cash (FCFS)- Roth Capital Hold » Buy
Cogent Communications (CCOI)- RBC Capital Mkts Sector Perform » Outperform
Trex (TWP)- Sun Trust Rbsn Humphrey Neutral » Buy
Hot Topic (HOTT)- Friedman Billings Mkt Perform » Outperform
Royal Bank of Scotland (RBS)- Citigroup Hold » Buy
Northwest Airlines (NWA)- Lehman Brothers Equal-Weight » Overweight
UAL Corp. (UAUA)- Lehman Brothers Equal-Weight » Overweight
UAL Corp. (UAUA)- Soleil Sell » Hold
Cortex Pharm (COR)- Rodman & Renshaw Mkt Underperform » Mkt Perform
Downgrades
Integral Systems (ISYS)- Feltl & Co. Buy » Hold
Carpenter Tech (CRS)- JP Morgan Overweight » Neutral
Indevus Pharm (IDEV)- Ladenburg Thalmann Buy » Neutral
F5 Networks (FFIV)- Kaufman Bros Buy » Hold
Adobe Systems (ADBE)- Cowen & Co Outperform » Neutral
Regeneron Pharms (REGN)- Credit Suisse Outperform » Neutral
RSC Holdings (RRR)- UBS Buy » Neutral
United Rentals (URI)- UBS Buy » Neutral
H&E Equipment Srvs (HEES)- UBS Buy » Neutral
Hercules (HPC)- Jefferies & Co Buy » Hold
VeriSign (VRSN)- JP Morgan Overweight » Neutral
Haynes Intl (HAYN)- JP Morgan Overweight » Neutral
Allegheny Tech (ATI)- JP Morgan Overweight » Neutral
American Wdmrk (AMWD)- Robert W. Baird Outperform » Neutral
Parker-Hannifin (PH)- UBS Neutral » Sell
Caterpillar (CAT)- UBS Neutral » Sell
Kennametal (KMT)- UBS Neutral » Sell
PACCAR (PCAR)- UBS Neutral » Sell
Motorola (MOT)- Oppenheimer Perform » Underperform
Navistar (NAVZ)- UBS Buy » Neutral
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