ADI cut to Neutral at JPMorgan, cut to Neutral at Credit Suisse.
AEP raised to Overweight at Lehman.
ARRY started as Overweight at JPMorgan.
AZO cut to Hold at Citigroup.
BBEP cut to Hold at Deutsche Bank.
BFLY started as Neutral at Merriman Curhan Ford.
BGH raised to Buy at Deutsche Bank.
CLMT raised to Buy at Deutsche Bank.
COMV started as Outperform at RBC.
COP raised to Outperform at Sanford Bernstein.
CVX cut to Mkt Perform atr Sanford Bernstein.
CYPB raised to Outperform at CIBC.
DOW cut to Neutral at Credit Suisse.
FIS cut to Neutral at Sun Trust Robinson Humphrey.
FRX raised to Strong Buy at First Albany.
ISIL cut to Neutral at Credit Suisse.
LEAP started as Outperform at Baird.
LLTC cut to Neutral at Credit Suisse.
MET cut to Neutral at UBS.
MDT raised to Outperform at Piper Jaffray.
MHP started as overweight at Lehman.
NFS cut to Neutral at UBS.
NILE cut to Equal Weight at Lehman.
NS cut to Hold at Deutsche Bank.
PCS started as Outperform at Baird.
PNW cut to Underweight at Lehman.
PNX cut to Neutral at UBS.
RDS.B raised to Outperform at Sanford Bernstein.
RGA cut to Neutral at UBS.
XEL cut to Underweight at Lehman.
Jon C. Ogg
May 23, 2007
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