• Bear Stearns (BSC) raised to Buy at Merrill Lynch.
• Continental (CAL) raised to Outperform from Peer Perform at Bear Stearns.
• Dell (DELL) raised to Overweight from Neutral at JPMorgan.
• Express Scripts (ESRX) started as Buy at Deutsche Bank.
• Honeywell (HON) raised to Neutral at JPMorgan.
• Illumina (ILMN) raised to Overweight from Equal Weight at Lehman; raised to Buy at UBS.
• Nuance Communications (NUAN) raised to Buy from Hold at Citigroup.
• SPX Corp. (SPW) raised to Overweight at JPMorgan.
• STMicroelectronics (STM) downgraded to Neutral from Outperform.

DEUTSCHE BANK Downgrades Gold Stocks:

• Anglogold (AU) downgraded to Sell from Hold;
• DRDGOLD (DROOY) downgraded to Hold from Buy;
• Gold Fields (GFI) downgraded to Sell from Hold;
• Great Basin Gold (GBN) downgraded to Hold from Buy;
• Hamrmony Gold (HMY) downgraded to Sell from Hold.

Jon C. Ogg
January 11, 2008