UPGRADES
| Company | Analyst’s Firm | From | To |
| Churchill Downs (Nasdaq: CHDN) | Hilliard Lyons | Neutral | Buy |
| Encana (NYSE: ECA) | Ticonderoga | Sell | Neutral |
| Great Panther Silver (AMEX: GPL) | Global Hunter Securities | Accumulate | Buy |
| Hain Celestial (Nasdaq: HAIN) | RBC Capital Markets | Sector Perform | Outperform |
| Office Depot (NYSE: ODP) | UBS | Sell | Neutral |
| Towers Watson (NYSE: TW) | Stifel Nicolaus | Hold | Buy |
DOWNGRADES
| Company | Analyst’s Firm | From | To |
| Andatee China (Nasdaq: AMCF) | Rodman & Renshaw | Market Outperform | Market Perform |
| Blue Coat (Nasdaq: BCSI) | Needham | Buy | Hold |
| Brookdale Senior Living (NYSE: BKD) | Stifel Nicolaus | Buy | Hold |
| Five Star Quality Care (NYSE: FVE) | Stifel Nicolaus | Buy | Hold |
| Kid Brands (NYSE: KID) | Needham | Strong Buy | Buy |
| Madison Square Garden (NYSE: MSG) | Stifel Nicolaus | Buy | Hold |
| ValueVision Media (Nasdaq: VVTV) | Feltl & Co. | Strong Buy | Buy |

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