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Upgrades & Downgrades - October 21
(last updated 6:12pm Eastern U.S. time)

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Upgrades
CompanySymbolBrokerage FirmUpgrade from:» Upgrade to:More

Avon ProductsAVPBanc of America SecMarket Perform» Buy History
Brinker IntlEATMerrill LynchLT Accum» LT Buy History
CNF TransCNFBear StearnsAttractive» Buy History
Champ. Auto RacingMPHBear StearnsNeutral» Attractive History
Cirrus LogicCRUSBB Rbrtsn StphnsLT Attractive» Buy History
Columbia BankingCOLBPacific CrestMarket Perform» Strong Buy -
Conexant SystemsCNXTBear StearnsAttractive» Buy History
Davox CorpDAVXFAC/Eqts First AlbanyNeutral» Accumulate History
Davox CorpDAVXLadenburg ThalmannLong Term Buy» Buy History
E.W. ScrippsSSPPrudentialAccumulate» Strong Buy History
EMC CorpEMCBanc of America SecBuy» Strong Buy History
Eli Lilly & Co.LLYBear StearnsAttractive» Buy History
GatewayGTWBB Rbrtsn StphnsLT Attractive» Buy History
Herman MillerMLHRFirst Union SecBuy» Strong Buy History
Inso CorpINSOBanc of America SecMarket Perform» Buy History
KennametalKMTMerrill LynchNT Neutral» NT Accum History
Kimberly-ClarkKMBBanc of America SecBuy» Strong Buy History
LeCroy CorpLCRYNeedham & CoHold» Buy History
Lowe's CosLOWDeutsche Bc Alex. BrBuy» Strong Buy History
MKS InstrumentsMKSIBanc of America SecBuy» Strong Buy History
Modem MediaMMPTCE Unterberg TowbinBuy» Strong Buy History
Network AccessNASCFerris BakerOutperform» Strong Buy History
New Era of NetwksNEONPrudentialHold» Accumulate History
New Era of NetwksNEONVolpe Brown WhelanNeutral» Strong Buy History
NokiaNOKBanc of America SecBuy» Strong Buy History
PSS World Med.PSSINeedham & CoHold» Buy History
Pitney BowesPBIFAC/Eqts First AlbanyAccumulate» Buy History
Profit RecoveryPRGXBB Rbrtsn StphnsBuy» Strong Buy History
Robt Half IntlRHIFirst Union SecHold» Buy History
Robt Half IntlRHIGoldman SachsMarket Perform» Market Outperform History
Robt Half IntlRHIWarburg Dillon ReadHold» Buy History
Sonoco ProductsSONSalomon Smth BrnyNeutral» Outperform History
Storage USASUSPaineWebberNeutral» Attractive History
SymantecSYMCAG EdwardsAccumulate» Buy History
TellabsTLABAG EdwardsAccumulate» Buy History
U.S. FranchiseUSFSBear StearnsNeutral» Buy History
UAL CorpUALDLJMarket Perform» Buy History
UNUM CorpUNMMerrill LynchNT Neutral» NT Accum History
UNUM CorpUNMSalomon Smth BrnyOutperform» Buy History
ViacomVIABCIBC Wrld MktsHold» Buy History
Vignette CorpVIGNBanc of America SecBuy» Strong Buy History
Vignette CorpVIGNHambrecht & QuistBuy» Buy-Focus List History

 
Downgrades
CompanySymbolBrokerage FirmDowngrade from:» Downgrade to:More

AmgenAMGNLehman BrothersBuy» Outperform History
BMC SoftwareBMCSBanc of America SecBuy» Market Perform History
Boston CommsBCGISouthwest SecsBuy» Neutral History
Coinmach LaundryWDRYRobinson HumphreyST Buy» ST Mkt Perform History
Consol. PapersCDPJP MorganBuy» Mkt Perform History
Diagnostic ProductsDPWasserstein PerellaBuy» Hold -
Ezenia!VSVRBB Rbrtsn StphnsBuy» LT Attractive History
Genesis MicrochipGNSSSalomon Smth BrnyOutperform» Neutral History
Giant CementGCHIScott & StringfellowStrong Buy» Hold History
HarmonicHLITCE Unterberg TowbinStrong Buy» Buy History
IBMIBMAG EdwardsMaintain Position» Reduce History
IBMIBMFriedman BillingsBuy» Accumulate History
IBMIBMLehman BrothersBuy» Outperform History
IBMIBMMerrill LynchNT Buy» NT Neutral History
IBMIBMMrgn Stnly Dn WttrOutperform» Neutral History
IKON OfficeIKNPrudentialStrong Buy» Accumulate History
Indep Comm. BankICBCFriedman BillingsBuy» Accumulate History
Jos. A. Bank ClothiersJOSBJanney Mntgmy ScottAccumulate» Hold -
Omega HeathcareOHIFirst Union SecBuy» Hold History
Philip MorrisMOFirst Union SecBuy» Hold History
ServiceMasterSVMDeutsche Bc Alex. BrStrong Buy» Buy History
ServiceMasterSVMJosephthal & LyonBuy» Hold History
SouthdownSDWScott & StringfellowStrong Buy» Long Term Buy History
Structural DynamicsSDRCAG EdwardsAccumulate» Maintain Position History
Sun MicrosystemsSUNWPaineWebberBuy» Neutral History
West PharmWSTLehman BrothersBuy» Neutral History


 
Coverage Initiated
CompanySymbolBrokerage Firm» Initial Recommendation:More

AMB PropertyAMBWarburg Dillon Read» Hold History
AppliedTheoryATHYDLJ» Buy History
ArthroCareARTCSalomon Smth Brny» Buy History
Atwood OceanicsATWSalomon Smth Brny» Buy History
Brookstone, Inc.BKSTCruttenden Roth» Strong Buy -
CONMED CorpCNMDSalomon Smth Brny» Buy History
Concentric NtwkCNCXDLJ» Buy History
Concentric NtwkCNCXJefferies & Co» Buy History
Digex (a)DIGXDLJ» Buy History
E-Tek DynamicsETEKJP Morgan» Buy History
Excite@HomeATHMJefferies & Co» Buy History
Exodus CommsEXDSJefferies & Co» Buy History
Exodus Comms (b)EXDSDLJ» Buy History
Extreme NetworksEXTRSG Cowen» Buy History
Genesis Microchip (b)GNSSCE Unterberg Towbin» Buy History
Globix Corp (b)GBIXDLJ» Buy History
Go2NetGNETJefferies & Co» Hold History
IXnet Inc (a)EXNTDLJ» Buy History
InfoseekSEEKJefferies & Co» Hold History
InterliantINITDLJ» Buy History
JDS UniphaseJDSUJP Morgan» Buy History
JFAX.COM (b)JFAXDLJ» Buy History
Leap Wireless IntlLWINDLJ» Buy History
Limited TooTOOMerrill Lynch» NT Accum/LT Buy History
LycosLCOSJefferies & Co» Buy History
MacromediaMACRBB Rbrtsn Stphns» Buy History
Navidec, Inc.NVDCAdvest Inc» Strong Buy -
Novoste CorpNOVTSalomon Smth Brny» Buy History
PSINetPSIXDLJ» Top Pick History
PSINetPSIXJefferies & Co» Buy History
Pericom Semi (b)PSEMCE Unterberg Towbin» Buy History
Realty IncomeOFriedman Billings» Buy -
SDL IncSDLIJP Morgan» Buy History
Software.comSWCMCSFB» Strong Buy History
Sport ChaletSPCHWedbush Morgan» Buy -
Terayon CommTERNOscar Gruss» Buy History
Titan PharmTTPBB Rbrtsn Stphns» Buy History
Trintech GroupTTPABB Rbrtsn Stphns» Buy History
Tut SystemsTUTSBB Rbrtsn Stphns» Buy History
Verio (b)VRIODLJ» Buy History
Voyager.net (b)VOYNDLJ» Buy History
Western WirelessWWCAABN AMRO» Hold History
Yahoo!YHOOJefferies & Co» 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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