Matrix USA Rating Changes 7/18 Jul 18, 2008 03:26PM

Upgrades:
Hitachi (NYSE: HIT) from Buy to Strong Buy; TeleTech Holdings (Nasdaq: TTEC) from Hold to Buy; Bally Technologies (NYSE: BYI) from Hold to Buy; Flow Int'l (Nasdaq: FLOW) from Strong Sell to Sell; Danaher (NYSE: DHR) from Hold to Buy;

Downgrades:
FedEx (NYSE: FDX) from Strong Buy to Buy; American Woodmark (Nasdaq: AMWD) from Sell to Strong Sell; Tenaris (NYSE: TS) from Buy to Hold; Michael Baker Corp. (NYSE: BKR) from Strong Buy to Buy; Alliance One Int'l (NYSE: AOI) from Hold to Sell;


Piper Jaffray Downgrades Infinity Property and Casualty (IPCC) To Neutral Jul 18, 2008 12:20PM

Piper Jaffray downgrades Infinity Property and Casualty (Nasdaq: IPCC) from Buy to Neutral based Piper thinking that Infinity is trading at an inflated value. However, Piper did raise IPCC's price target from $44 to $46.

Piper said Infinity Property and Casualty may have a strong earnings release, but Piper sees limited upside in IPCC from current valuation levels. Infinity is already trading at 1.2x existing book value and they think that reflects more than a fair valuation.

Piper noted that the tougher economic conditions and competition will likely outweigh gains made in key states such as Texas. Texas now requires about 4 million uninsured Texans to obtain minimum liability coverage and recently raised rates. One final note, Piper thinks that Infinity Property and Casualty could ultimately benefit as people save gas and drive less miles (thus, less accidents), but it is tough to quantify the financial impact.

Infinity Property and Casualty Corporation is a holding company that, through subsidiaries, provides personal automobile insurance with a concentration on nonstandard auto insurance.
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Stanford Downgrades ViroPharma (VPHM) to Hold Jul 18, 2008 09:50AM

Stanford Group downgrades ViroPharma (Nasdaq: VPHM) from Buy to Hold.

ViroPharma Incorporated, a biopharmaceutical company, engages in the development and commercialization of products that address serious infectious diseases treated by physician specialists and in hospital settings in the United States and internationally.


SemGroup Energy (SGLP) Gets Cut In Half Jul 18, 2008 09:43AM

Today, Wachovia Downgraded SemGroup Energy Partners (Nasdaq: SGLP) from Outperform to Underperform. Wachovia's downgrade followed the announcement that occurred late last night by the partnership that its GP sponsor SemGroup L.P. is undergoing liquidity issues and could possibly seek out bankruptcy protection.

SemGroup L.P. accounts for approximately 85-90% of the partnership’s revenue. Wachovia said the risk versus reward seems unfavorable at this time, and even after the stock was down 51.8% yesterday a potential bankruptcy announcement by SemGroup LP could further pressure SemGroup Energy's stock. The partnership would not comment on the potential effect on its business or any actions by its sponsor.

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Stanford Downgrades ValueClick (VCLK) to Hold Jul 18, 2008 09:38AM

Stanford Group downgrades ValueClick (Nasdaq: VCLK) from Buy to Hold.

ValueClick, Inc. provides online advertising campaigns and programs for advertisers and advertising agency customers in the United States and internationally.


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Jul 18, 2008 09:16AM BMO Capital Downgrades Gilead Sciences (GILD) to Market Perform
Jul 18, 2008 09:15AM BMO Downgrades Gilead Sciences (GILD) to Market Perform
Jul 18, 2008 09:12AM Raymond James Downgrades TD Ameritrade (AMTD) to Market Perform
Jul 18, 2008 09:07AM ThinkPanmure Downgrades Avocent (AVCT) to Accumulate
Jul 18, 2008 08:51AM Credit Suisse Downgrades Tim Hortons (THI) to Neutral
Jul 18, 2008 08:47AM Fox-Pitt Downgrades Merrill Lynch (MER) to Underperform
Jul 18, 2008 08:45AM ThinkPanmure Downgrades Google (GOOG) to Accumulate
Jul 18, 2008 08:44AM Fox-Pitt Downgrades Huntington Bancshares (HBAN) to In Line
Jul 18, 2008 08:39AM Citi Downgrades ValueClick (VCLK) from Buy to Hold
Jul 18, 2008 08:35AM Citi Downgrades SemGroup Energy Partners LP (SGLP) from Buy to Hold
Jul 18, 2008 08:29AM Societe General Downgrades Novartis AG (NVS) to Hold
Jul 18, 2008 08:25AM Citi Downgrades Somanetics (SMTS) to Hold
Jul 18, 2008 08:25AM Stifel Nicolaus Downgrades Mission West Properties (MSW) to Sell
Jul 18, 2008 08:22AM Citi Downgrades International Game Technology (IGT) to Hold.
Jul 18, 2008 08:18AM Morgan Keegan Downgrades Ashford Hospitality (AHT) to Market Perform
Jul 18, 2008 08:02AM Citi Downgrades Allergan (AGN) to Hold
Jul 18, 2008 07:50AM BMO Capital Downgrades TD Ameritrade (AMTD) to Market Perform
Jul 18, 2008 07:45AM Goldman Sachs Downgrades Macerich (MAC) to Neutral
Jul 18, 2008 07:41AM Goldman Sachs Downgrades Brookfield Properties (BPO) to Neutral
Jul 18, 2008 07:39AM RBC Downgrades Best Buy (BBY) to Outperform
Jul 18, 2008 07:30AM Sanford C. Bernstein Downgrades Sunoco (SUN) to Market Perform
Jul 18, 2008 07:29AM Oppenheimer Downgrades International Game Technology (IGT) to Perform
Jul 18, 2008 07:28AM Jefferies & Co downgrades Gilead Sciences (GILD) to Hold
Jul 18, 2008 07:27AM Sanford C. Bernstein Downgrades Tesoro (TSO) to Market Perform
Jul 18, 2008 07:25AM J.P. Morgan Downgrades Virtusa (VRTU) to Neutral
Jul 17, 2008 02:04PM Fitch Ratings Downgrades Cincinnati Financial (CINF); Rating Outlook Negative
Jul 17, 2008 11:57AM Matrix USA Rating Changes 7/17
Jul 17, 2008 11:52AM Color on AmTech Downgrade of eBay (EBAY)
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Jul 17, 2008 10:38AM Stifel Nicolaus Downgrades Host Hotels (HST) to Hold
Jul 17, 2008 09:45AM Merrill Lynch Downgrades eBay (EBAY) to Neutral
Jul 17, 2008 09:33AM Susquehanna Downgrades Host Hotels & Resorts (HST) to Neutral
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Jul 17, 2008 09:30AM AmTech Downgrades eBay (EBAY) to Sell
Jul 17, 2008 09:14AM Raymond James Downgrades Landstar (LSTR) to Outperform
Jul 17, 2008 08:37AM Citi Investment Research Lowers U.S. Ad Forecasts - Downgrades Omnicom (OMC) to Hold
Jul 17, 2008 08:17AM Piper Jaffray Downgrades Jamba (JMBA) to Neutral
Jul 17, 2008 08:00AM J.P. Morgan Downgrades ProLogis (PLD) to Neutral
Jul 17, 2008 07:58AM Jefferies & Co Downgrades Albany Molecular (AMRI) to Hold
Jul 17, 2008 07:52AM Societe Generale Downgrades ArcelorMittal (MT) to Sell
Jul 17, 2008 07:51AM Thomas Weisel Downgrades eBay (EBAY) to Marketweight
Jul 17, 2008 07:47AM Piper Jaffray Downgrades Starbucks (SBUX) to Neutral
Jul 17, 2008 07:35AM Lehman Downgrades Georgia Gulf (GGC) to Underweight
Jul 17, 2008 07:34AM J.P. Morgan Downgrades AMB Property (AMB) to Neutral
Jul 17, 2008 07:32AM Merrill Lynch Downgrades ASML Holding (ASML) to Underperform
Jul 17, 2008 07:28AM Merrill Lynch Downgrades TeleTech (TTEC) to Neutral
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Jul 17, 2008 07:22AM UBS Downgrades Wells Fargo (WFC) to Neutral
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