Upgrades
AAPL – Apple’s halo effect appears intact (for now) – Rodman & Renshaw
SAP – SAP AG initiated with Buy at Citigroup
FOSL – Fossil initiated with an Outperform at Cowen
MCD – McDonald’s initiated with a Buy at Credit Agricole
YUM – YUM Brands initiated with a Buy at Credit Agricole
EXPE – Expedia initiated with an Overweight at Evercore
ARO – Aeropostale upgraded to Buy from Hold at Jefferies
MT – Arcelor Mittal and Nucor upgraded to Buy at Dahlman Rose
GIS – General Mills upgraded to Buy from Neutral at Goldman; added to Conviction Buy List
SLG – SL Green Rlty upgraded to Buy from Neutral at UBS
ARMH – ARM Holdings upgraded to Buy from Sell at Citigroup
SYK – Stryker upgraded to Buy from Neutral at BofA/Merrill
PCLN – Priceline.com initiated with an Equal Weight at Evercore
TSN – Tyson Foods upgraded to Buy from Underperform at BofA/Merrill
NFLX – Netflix upgraded to Hold from Sell at Hudson Square Research
SLE – Sara Lee upgraded to Outperform from Market Perform at Wells Fargo
VLO – Valero Energy upgraded to Overweight from Equal Weight at Barclays
ERIC – LM Ericsson upgraded to Add from Neutral at WestLB
SFD – Smithfield Foods upgraded to Buy from Underperform at BofA/Merrill
ZOLL – ZOLL Medical upgraded to Buy from Neutral at Lazard
Downgrades
S – Sprint Nextel downgraded to Hold at Argus
WSH – Willis Group downgraded to Underperform from Neutral at Sterne Agee
SBUX – Starbucks initiated with an Underperform at Credit Agricole
UFS – Domtar downgraded to Hold from Buy at Deutsche Bank
STM – STMicroelectronics downgraded to Sell from Buy at Citigroup
VECO – Veeco Instruments downgraded to Neutral from Overweight at Piper Jaffray
COP – ConocoPhillips downgraded to Underperform from Neutral at Macquarie
WLT – Walter Energy initiated with a Hold at Stifel Nicolaus
WLL – Whiting Petroleum downgraded to Neutral from Outperform at Macquarie
MS – Ticonderoga lowers estimates on Morgan Stanley
MLNX – Mellanox Tech initiated with a Neutral at Lazard
SQNS – Sequans Communications downgraded to Sell at Chardan Capital Markets
IHG – Intercontinental Hotels Group downgraded to Underweight from Overweight at Barclays
LH – Laboratory Corp downgraded to Sector Perform from Outperform at RBC Capital
ASML – ASML Holding downgraded to Hold from Buy at ING Group
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