AMR raised to Neutral at UBS.
BEAS raised to Outperform at Credit Suisse.
BHP cut to Hold at Deutsche Bank.
BTU cut to Neutral at HSBC.

COGN raised to Strong Buy at JMP Securities.
CPA raised to Overweight at JPMorgan.
CRZO cut to Hold at Jefferies.
DAL raised to Neutral at UBS.
DK started as Hold at Deutsche Bank.
EME started as Buy at KeyBanc/McDonald.
GFIG cut to Hold at Citigroup.
GSIC started as Hold at Jefferies.
IACI started as Neutral at B of A.
JEC started as Buy at KeyBanc/McDonald.
NLS cut to Sector Perform at RBC.
ORB raised to Outperform at Wachovia.
PWR started as Buy at KeyBanc/McDonald.
RCI started as Overweight at JPMorgan.
ROH raised to Buy at Citigroup.
SAPE raised to Outperform at FBR.
TWB raised to Outperform at FBR.
UAUA raised to Neutral at UBS.
VSCN cut to Sell at Deutsche Bank.
WAT started as Hold at Deutsche Bank.
WTSLA started as Buy at Merriman Curhan Ford.

Jon C. Ogg
July 17, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in the companies he covers.