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Upgrades & Downgrades - October 08
(last updated 5:05pm Eastern U.S. time)

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Upgrades
CompanySymbolBrokerage FirmUpgrade from:» Upgrade to:More

AMR CorpAMRDLJMarket Perform» Buy History
Callaway GolfELYFerris BakerOutperform» Strong Buy History
Dayton HudsonDHSchroder & CoPerform-In-Line» Outperform History
Dow ChemicalDOWWarburg Dillon ReadHold» Buy History
Electr Data SysEDSLegg MasonOutperform» Buy History
Harbinger CorpHRBCBB Rbrtsn StphnsMkt Performer» LT Attractive History
Kennametal Inc.KMTMrgn Stnly Dn WttrNeutral» Outperform History
Mead CorpMEADeutsche Bc Alex. BrMkt Perform» Buy History
Northwest AirNWACDLJMarket Perform» Buy History
PanAmSatSPOTMerrill LynchNT Accum» NT Buy History
PathoGenesisPGNSPrudentialHold» Accumulate History
Plains All Amer.PAAGoldman SachsMarket Outperform» Recommended List History
Sthrn Peru CopperPCUGoldman SachsMarket Perform» Market Outperform History
Tredegar Corp.TGGoldman SachsMarket Perform» Market Outperform History
WeyerhaeuserWYDeutsche Bc Alex. BrMkt Perform» Buy History

 
Downgrades
CompanySymbolBrokerage FirmDowngrade from:» Downgrade to:More

Apollo GroupAPOLBear StearnsAttractive» Neutral History
Bank of AmericaBACFriedman BillingsBuy» Accumulate History
BiogenBGENSalomon Smth BrnyBuy» Outperform History
CarematrixCMDCBB Rbrtsn StphnsStrong Buy» Mkt Performer History
CarematrixCMDCPrudentialStrong Buy» Hold History
Charles SchwabSCHMrgn Stnly Dn WttrOutperform» Neutral History
Chelsea GCA RealtyCCGMerrill LynchLT Buy» LT Accum History
Chelsea GCA RealtyCCGMerrill LynchNT Buy» NT Accum History
Exchange AppsEXAPScott & StringfellowStrong Buy» Long Term Buy History
Ferrellgas PartnersFGPPaineWebberBuy» Attractive History
Golf Trust of AmericaGTALegg MasonBuy» Outperform History
Marriott IntlMARDLJBuy» Market Perform History
Marten TransportMRTNDeutsche Bc Alex. BrBuy» Mkt Perform History
Melita Int'lMELILadenburg ThalmannBuy» Hold History
Merrill LynchMERMrgn Stnly Dn WttrOutperform» Neutral History
PMC-SierraPMCSSalomon Smth BrnyBuy» Outperform History
Profit RecoveryPRGXUSB Piper JaffrayStrong Buy» Buy History
Quantum DLT StgDSSBB Rbrtsn StphnsBuy» LT Attractive History
SLI Inc.SLIBear StearnsBuy» Attractive History
Southwest AirLUVPaineWebberBuy» Attractive History
TD WaterhouseTWEMrgn Stnly Dn WttrOutperform» Neutral History
Vitesse SemiVTSSSalomon Smth BrnyBuy» Outperform History
Xerox CorpXRXPaineWebberBuy» Neutral History
Xerox CorpXRXPrudentialStrong Buy» Accumulate History
hi/fn, incHIFNBB Rbrtsn StphnsBuy» LT Attractive History
hi/fn, incHIFNSG CowenBuy» Neutral History
hi/fn, incHIFNThomas WeiselBuy» Market Perform History


 
Coverage Initiated
CompanySymbolBrokerage Firm» Initial Recommendation:More

AbercrombieANFUSB Piper Jaffray» Strong Buy History
Agile SoftwareAGILDain Rauscher Wessels» Buy History
American EagleAEOSUSB Piper Jaffray» Buy History
Applied MicroAMCCMerrill Lynch» NT Accum/LT Buy History
Ask JeevesASKJAdams Harkness» Strong Buy History
Auto Data ProcessAUDPaineWebber» Buy History
CD Radio Inc.CDRDCSFB» Buy History
Coldwater CreekCWTRUSB Piper Jaffray» Buy History
Commerce OneCMRCPacific Growth Equities» LT Buy History
Cytec IndustriesCYTWarburg Dillon Read» Buy History
DuPontDDWarburg Dillon Read» Hold History
EMusic.comEMUSPrudential» Strong Buy History
Engelhard CoECWarburg Dillon Read» Strong Buy History
Excite@HomeATHMDain Rauscher Wessels» Buy History
FCNB CorpFCNBFirst Union Sec» Hold History
HerculesHPCWarburg Dillon Read» Hold History
KeaneKEAPaineWebber» Neutral History
LM EricssonERICYPrudential» Accumulate History
Lesco, Inc.LSCOHCFP/Brenner Sec» SB -
MarketWatch.comMKTWDain Rauscher Wessels» Buy History
Miravant Medical Tech.MRVTHCFP/Brenner Sec» SB -
Nam Tai Electronics, Inc.NTAIHCFP/Brenner Sec» SB -
Orbotech Ltd.ORBKGoldman Sachs» Recommended List History
PMC-SierraPMCSLehman Brothers» Buy History
PPG IndustriesPPGWarburg Dillon Read» Buy History
Pacific SunwearPSUNUSB Piper Jaffray» Strong Buy History
Peoples Heritage Fin.PHBKAG Edwards» Maintain Position History
Perot SystemsPERPaineWebber» Neutral History
PolyMedica CorpPLMDFirst Union Sec» Strong Buy History
QLT Photother.QLTIHCFP/Brenner Sec» SB History
Rare HospitalityRARESouthwest Secs» Buy History
Spiegel, Inc.SPGLAUSB Piper Jaffray» Buy -
Starwood HotelsHOTDLJ» Market Perform History
Streicher Mobile FuelingFUELHCFP/Brenner Sec» SB -
Tanning TechTANNPaineWebber» Buy History
The GapGPSUSB Piper Jaffray» Strong Buy History
TranSwitch CorpTXCCMerrill Lynch» NT Accum/LT Accum History
ViatelVYTLSalomon Smth Brny» Buy History
Washington REITWRECIBC Wrld Mkts» Hold History
Wells FargoWFCFirst Union Sec» Buy History
Whittman-HartWHITPaineWebber» Attractive History
Wind River SysWINDDain Rauscher Wessels» Buy History
dELiA*s Inc.DLIAUSB Piper Jaffray» Buy History
priceline.comPCLNING Barings» Strong Buy History

(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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