UPGRADES

Massey Energy MEE Stifel Nicolaus Hold » Buy
Cyberonics CYBX Collins Stewart Market Perform » Buy
Spectrum Pharma SPPI Brean Murray Hold » Buy
Century Casinos CNTY Brean Murray Hold » Buy
Winnebago Inds WGO RBC Capital Mkts Sector Perform » Outperform
CyberSource CYBS JMP Securities Mkt Perform » Mkt Outperform

DOWNGRADES

China Mobile CHL Deutsche Securities Buy » Hold
Microchip MCHP AmTech Research Buy » Neutral
U.S. Xpress XPRSA Stifel Nicolaus Buy » Hold
Universal Truckload Services UACL Stifel Nicolaus Buy » Hold
Sprint Nextel S Stifel Nicolaus Hold » Sell
Aon AOC Stifel Nicolaus Buy » Hold
Lihir Gold LIHR HSBC Securities Neutral » Underweight
State Auto Fin STFC KeyBanc Capital Mkts Buy » Hold
Ntelos Holdings NTLS UBS Buy » Neutral
Elizabeth Arden RDEN Sun Trust Rbsn Humphrey Buy » Neutral
Business Objects BOBJ Jefferies & Co Buy » Hold
Cognos COGN Jefferies & Co Buy » Hold
Cooper Cos COO JP Morgan Neutral » Underweight
DRDGOLD DROOY HSBC Securities Neutral » Underweight
Meridian Gold MDG HSBC Securities Overweight » Neutral
Kinross Gold KGC HSBC Securities Overweight » Neutral
Harmony Gold HMY HSBC Securities Overweight » Neutral
Royal Gold RGLD HSBC Securities Overweight » Neutral
Randgold Resources GOLD HSBC Securities Overweight » Neutral
Goldcorp GG HSBC Securities Neutral » Underweight
Buenaventura SA BVN HSBC Securities Overweight » Underweight
F5 Networks FFIV RBC Capital Mkts Outperform » Sector Perform
Business Objects BOBJ UBS Buy » Neutral
Wimm-Bill-Dann Foods WBD Citigroup Buy » Hold
Health Care REIT HCN UBS Buy » Neutral
Nationwide Health NHP UBS Buy » Neutral
Ventas VTR UBS Buy » Neutral

Major indices closed up the quarter here the details:
Nasdaq 7,5%
Dow Jones 8,5%
S&P 500 5,8%

Here The Weekly Movers:

GAINERS
Ventana Medical Systems, Inc. (VMSI)
SurModics, Inc. (SRDX)
DayStar Technologies Inc. (DSTI)
U.S. Xpress Enterprises (XPRSA)
Chittenden Corporation (CHZ)
Wimm-Bill-Dann Foods OJSC (ADR) (WBD)
LOSERS
InterOil Corporation (USA) (IOC)
NovaStar Financial Inc. (NFI)
American Home Mortgage Investment Corp. (AHM)
The Blackstone Group L.P. (BX)
Force Protection, Inc. (FRPT)

Filed under: Before the bell, Analyst upgrades and downgrades, Bad news, Adobe Systems (ADBE), Verizon Communications (VZ)

MOST NOTEWORTHY: Cadbury Schweppes plc (CSG), Adobe Systems (ADBE), Verizon Communications (VZ) and Arcelor-Mittal (MT) were today's noteworthy downgrades:

• Citigroup downgraded shares of Cadbury Schweppes (NYSE: CSG) to Hold from Buy as they see limited upside now that the company is close to divesting its beverage division.

• Adobe (NASDAQ: ADBE) was cut to Neutral from Buy at Goldman and was removed from the Americas Buy List as they do not believe revenue growth will significantly top 17% this year and may not meet investors high expectations.

• Soleil downgraded shares of Verizon Communications (NYSE: VZ) to Sell from Hold on valuation as they think the stock is trading near the high end of a reasonable trading range. They believe shares are due for a 10%-15% correction.

• Merrill expects carbon steel prices to come under pressure in Q3, sending Arcelor-Mittal (NYSE: MT) shares to Neutral from Buy...

OTHER DOWNGRADES:

• Lehman cut Human Genome Sciences (NASDAQ: HGSI), Millennium Pharmaceuticals (NASDAQ: MLNM) and Biogen Idec Inc (NASDAQ: BIIB) to Equal Weight from Overweight.

• Stifel cut U.S. Xpress Enterprises (NASDAQ: XPRSA) to Hold from Buy.

• Calyon downgraded SkyWest, Inc (NASDAQ: SKYW) to Neutral from Buy.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

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