Stocks that affect the Dow:

• DIS Walt Disney Co. appears to top earnings, revenue estimates.
  
• INTC Intel Matrix Research Downgraded from Strong Buy to Sell;
  

Upgrades/Downgrades by Sector:

Airlines - Passenger

• AMR AMR Corp Calyon Securities Downgraded from Buy to Add
  
• CAL Continental Air Calyon Securities Downgraded from Buy to Add
  
• LUV Southwest Air Calyon Securities Downgraded from Add to Neutral
  
• PNCL Pinnacle Airlines Calyon Securities Upgraded from Neutral to Add $7.50
  

Apparel

• WRNC Warnaco Group Piper Jaffray Downgraded from Outperform to Market Per $26 to $17
  
• WRNC Warnaco Group Prudential Downgraded from Overweight to Neutral $25 to $16
  

Beverages

• SAM Boston Beer Co Prudential Price Target raised Overweight $30 to $33
  

Biotech

• ONXX Onyx Pharma Friedman Billings Downgraded from Mkt Perform to Underperform $17 to $13
  
• TECH Techne Leerink Swann Upgraded from Mkt Perform to Outperform
  
• TECH Techne Robert W. Baird Upgraded from Neutral to Outperform $65 to $60
  

Business Services

• EXBD Corp Exec Bd Lehman Brothers Upgraded from Underweight to Equal-weight
  
• JUPM Jupitermedia Stifel Nicolaus Downgraded from Buy to Hold
  

Chemicals-Ethanol

• AVR Aventine Renewbl Energy Banc of America Sec Initiated at Buy $50
  

Computer Hardware

• ADIC Advanced Digital AG Edwards Downgraded from Hold to Sell
  
• SNIC Sonic Solutions Kaufman Bros Price Target raised Buy $19 to $20
  
• FFIV - reiterated buy at NCPI
  

Computer Software

• OPWV Openwave CIBC Wrld Mkts Upgraded from Sector Per to Sector Outper $9
  

Environmental Products

• WCAA WCA Waste Friedman Billings Downgraded from Outperform to Mkt Perform $11 to $7.50
  

Financial

• AACC Asset Acceptance Capital William Blair Downgraded from Outperform to Mkt Perform
  

Foods

• GMKT GMarket Thomas Weisel Initiated at Peer Perform
  

Healthcare

• ATRC Atricure Piper Jaffray Upgraded from Market Perform to Outperform $8.50
  
• BOL Bausch & Lomb Rochdale Securities Downgraded from Buy to Hold $46
  
• OSUR OraSure Tech Needham & Co Downgraded from Buy to Hold
  
• AMSG AmSurg Banc of America Sec Downgraded from Buy to Neutral $21
  
• ALLI Allion Healthcare Thomas Weisel Downgraded from Outperform to Peer Perform
  
• DIGE Digene Montgomery & Co Price Target raised Buy $48 to $50
  
• DUSA DUSA Pharma Roth Capital Upgraded from Sell to Hold $5
  
• TEVA Teva Pharm Piper Jaffray Downgraded from Outperform to Market Per $42 to $38
  
• CMX - JP Morgan thinks Caremark's guidance is still conservative
  
• ALKS - price target lowered to $19 at Jefferies
  

Manufacturing

• MFLX Multi-Fineline First Albany Downgraded from Strong Buy to Neutral
  

Oil and Gas

• BEXP Brigham Exploration BMO Capital Markets Upgraded from Underperform to Market Per
  

Publishing

• NWS News Corp UBS Price Target raised Buy $23 to $24
  

Regional Banks

• SBCF Seacoast Banking Sandler O'Neill Downgraded from Buy to Hold $32
  

REITs

• EDR Education Realty Trust Stifel Nicolaus Downgraded from Buy to Hold
  
• TSY Trustreet Properties Banc of America Sec Downgraded from Neutral to Sell $11
  

Retail Trade

• AEOS American Eagle Friedman Billings Initiated at Outperform $42
  
• ANF Abercrombie Friedman Billings Initiated at Mkt Perform $60
  
• ANN AnnTaylor Friedman Billings Initiated at Outperform $48
  
• BEBE bebe stores Friedman Billings Initiated at Mkt Perform $20
  
• CHS Chico's FAS Friedman Billings Initiated at Mkt Perform $20
  
• DG Dollar General Bear Stearns Upgraded from Underperform to Peer Per
  
• GYMB Gymboree Friedman Billings Initiated at Outperform $40
  
• HOTT Hot Topic Friedman Billings Initiated at Mkt Perform $13
  
• PSUN Pacific Sunwear Friedman Billings Initiated at Mkt Perform $17
  
• TLB Talbots Friedman Billings Initiated at Outperform $29
  
• URBN Urban Outfitters Friedman Billings Initiated at Mkt Perform $15
  

Savings & Loan

• NTBK NetBank Friedman Billings Upgraded from Underperform to Mkt Perform $4.80
  
• STSA Sterling Financial Sandler O'Neill Downgraded from Buy to Hold $35
  

Semiconductors

• TWB Tween Brands Friedman Billings Initiated at Outperform $49
  
• TXN Texas Instruments Matrix Research Upgraded from Buy to Strong Buy
  

Steel and Iron Mining

• OS Oregon Steel UBS Price Target raised Buy $55 to $60
  

Telecommunications

• CELL Brightpoint Jefferies & Co Upgraded from Hold to Buy $15 to $21
  
• CSCO Cisco Systems JMP Securities Upgraded from Mkt Perform to Mkt Outper $23
  
• GSL Global Signal RBC Capital Mkts Downgraded from Outperform to Sector Perform $54 to $47
  
• IIVI II-VI Inc Roth Capital Price Target raised Buy $23 to $27.40
  
• CELL - price target raised to $19 at DBAB
  

Utilities

• WTR Aqua America Boenning & Scattergd Initiated at Market Outperform
  

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