Earlybird Research Notes (FEB 14, 2007)

ADLR started as Outperform at FBR.
AMAT raised to Buy at First Albany.
APPB raised to Buy at Jefferies.
BWLD cut to Mkt Perform at Piper Jaffray.
CCI raised to Buy at B of A.
CHH cut to Underperform at Bear Stearns.
EFD cut to Hold at Citigroup.
EMT cut to Sell at Citigroup.
FDX raised to Outperform at Morgan Keegan.
FLWS cut to Sell at Goldman Sachs.
GGP raised to Neutral at UBS.
HBC cut to Sell at Goldman Sachs.
HST cut to Hold at Citigroup.
IFSIA started as Outperform at Wachovia.
KBH raised to Outperform at JMP.
LSTR started as Buy at KeyBanc.
MIPS raised to Buy at AGEdwards.
NDAQ raised to Neutral at Prudential; Cut to Sector Performat CIBC.
PGNX started as Outperform at FBR.
SEPR started as Mkt Perform at FBR.
SNTS started as Mkt Perform at FBR.
SOMX started as Outperform at FBR.
TLCV cut to Sector Perform at CIBC.
VCLK started as Sector Perform at CIBC.
VNDA started as Outperform at FBR.
VSE cut to Sell at Goldman Sachs.
WAL started as Buy at Oppenheimer.