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Upgrades & Downgrades - August 25
(last updated 6:02pm Eastern U.S. time)

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Upgrades
CompanySymbolBrokerage FirmUpgrade from:» Upgrade to:More

ComdiscoCDOPrudentialHold» Accumulate History
Jabil CircuitJBLSoundViewBuy» Strong Buy History
Orckit CommsORCTJosephthal & LyonBuy» Focus List History
SafewaySWYAG EdwardsMaintain Position» Buy History
Security FirstSONEAdams HarknessAccumulate» Strong Buy History
Tech DataTECDBanc of America SecBuy» Strong Buy History
Time WarnerTWXING BaringsBuy» Strong Buy History
Time WarnerTWXSG CowenBuy» Strong Buy History
UGI CorporationUGISalomon Smth BrnyNeutral» Outperform History

 
Downgrades
CompanySymbolBrokerage FirmDowngrade from:» Downgrade to:More

AmgenAMGNMerrill LynchNT Buy» NT Accum History
AutoZoneAZOMerrill LynchLT Buy» LT Accum History
AutoZoneAZOMerrill LynchNT Buy» NT Accum History
Bank OneONEAG EdwardsBuy» Maintain Position History
Bank OneONEAdvest IncStrong Buy» Market Perform History
Bank OneONECIBC World MarketsStrong Buy» Hold History
Bank OneONEFriedman BillingsAccumulate» Market Perform History
Bank OneONEMcDonald InvstBuy» Underweight History
Bank OneONEMerrill LynchNT Accum» NT Neutral History
Bank OneONEMrgn Stnly Dn WttrStrong Buy» Neutral History
Bank OneONEPaineWebberBuy» Neutral History
Bank OneONESalomon Smth BrnyBuy» Outperform History
Bank OneONEWarburg Dillon ReadBuy» Hold History
Barnes & NobleBKSMerrill LynchNT Buy» NT Accum History
BiogenBGENMerrill LynchNT Buy» NT Accum History
Borders GroupBGPMerrill LynchNT Accum» NT Neutral History
Capital OneCOFFirst Union Cap MktsBuy» Outperform History
Capital OneCOFUSB Piper JaffrayStrong Buy» Buy History
Champion IntlCHAJP MorganBuy» Mkt Perform History
Citadel CommsCITCFirst Union Cap MktsBuy» Outperform History
Comm. First BnkshrCFBXAG EdwardsBuy» Accumulate History
Commerce BancshCBSHAG EdwardsBuy» Maintain Position History
Cooper IndustriesCBEGoldman SachsMarket Outperform» Market Perform History
Dayton HudsonDHMerrill LynchNT Buy» NT Accum History
First SecurityFSCOAG EdwardsBuy» Accumulate History
FirstMerit CorpFMERAG EdwardsBuy» Accumulate History
Fremont GeneralFMTCSFBBuy» Hold History
Fremont GeneralFMTMerrill LynchLT Buy» LT Accum History
Fremont GeneralFMTMerrill LynchNT Buy» NT Neutral History
Genzyme GeneralGENZMerrill LynchNT Buy» NT Accum History
IDEC PharmIDPHMerrill LynchNT Buy» NT Accum History
IDEC PharmIDPHPrudentialStrong Buy» Accumulate History
J.C. PenneyJCPMerrill LynchNT Buy» NT Accum History
JPM CompanyJPMXAdvest IncStrong Buy» Market Perform History
Kmart Corp.KMMerrill LynchNT Buy» NT Accum History
Kohl's CorpKSSMerrill LynchNT Buy» NT Accum History
MBNA CorpKRBUSB Piper JaffrayBuy» Neutral History
MedImmuneMEDIMerrill LynchNT Buy» NT Accum History
Metris CosMXTUSB Piper JaffrayStrong Buy» Buy History
Minn Mining & MfgMMMFAC/Eqts First AlbanyAccumulate» Neutral History
Miss. Valley BancMVBIAG EdwardsBuy» Maintain Position History
Nordstrom, Inc.JWNMerrill LynchNT Buy» NT Accum History
O'Reilly AutoORLYMerrill LynchLT Buy» LT Accum History
O'Reilly AutoORLYMerrill LynchNT Buy» NT Accum History
Periphonics CorpPERIFirst Analysis SecAccumulate» Neutral History
Providian FinancialPVNUSB Piper JaffrayStrong Buy» Buy History
Regions FinancialRGBKAG EdwardsAccumulate» Maintain Position History
Sears, RoebuckSMerrill LynchNT Accum» NT Neutral History
SouthTrustSOTRAG EdwardsAccumulate» Maintain Position History
Transaction NetworkTNIFirst Analysis SecStrong Buy» Neutral History
Wal-MartWMTMerrill LynchNT Buy» NT Accum History
Wet SealWTSLAFirst Union Cap MktsBuy» Hold History
Zions BancorpZIONAG EdwardsBuy» Accumulate History


 
Coverage Initiated
CompanySymbolBrokerage Firm» Initial Recommendation:More

Accrue Sftwr (a)ACRUBB Robertson Stephens» Buy -
Accrue Sftwr (a)ACRUThomas Weisel» Buy -
Aironet Wireless (a)AIRODain Rauscher Wessels» Strong Buy -
AmeriSource HlthAASCSFB» Hold History
Cadence DesignCDNDain Rauscher Wessels» Neutral History
Cardinal HealthCAHCSFB» Buy History
Carriage Services (b)CSVABN AMRO» Outperform History
Empresa Ncnl de ElecEOCJP Morgan» Buy History
Endocardial SolsECSINeedham & Co» Buy History
Gener S.A.CHRJP Morgan» Mkt Perform History
Host MarriottHMTLegg Mason» Buy History
Justin IndustriesJSTNBear Stearns» Attractive -
KN EnergyKNEGoldman Sachs» Recommended List History
Limited TooTOOJP Morgan» Buy History
Limited TooTOOPaineWebber» Attractive History
Matthew's IntlMATWABN AMRO» Buy -
MedImmuneMEDISalomon Smth Brny» Buy History
Middlesex WaterMSEXJanney Mntgmy Scott» Buy -
Service CorpSRVABN AMRO» Hold History
Snap-On Inc (b)SNAMerrill Lynch» NT Accum/LT Accum History
Structural DynamicsSDRCDain Rauscher Wessels» Neutral History
SynopsysSNPSDain Rauscher Wessels» Buy Aggressive History
Talisman EnergyTLMMrgn Stnly Dn Wttr» Strong Buy History
US OncologyUSONDeutsche Bc Alex. Br» Buy -
UST Inc.USTCSFB» Hold History
Watchguard Tech (a)WGRDDain Rauscher Wessels» Strong Buy -
Watchguard Tech (a)WGRDSoundView» Buy -
Watchguard Tech (a)WGRDWarburg Dillon Read» Buy -

(a) Brokerage firm initiating coverage participated in underwriting the recent IPO.
(b) Brokerage firm resumes coverage.
(c) Brokerage firm initiating coverage participated in the secondary offering.

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