Matrix USA Rating Changes 7/14

Upgrades:
Fossil (Nasdaq: FOSL) from Buy to Strong Buy; Orient-Express Hotels (NYSE: OEH) from Strong Sell to Sell; Intermec (NYSE: IN) from Strong Sell to Sell; NYSE Euronext (NYSE: NYX) from Buy to Strong Buy; FreightCar America (Nasdaq: RAIL) from Strong Sell to Sell. Each of the above upgrades were due to a declining price.

Downgrades:
TIBCO Software (Nasdaq: TIBX) from Hold to Sell, citing new financials in its 10Q; Rehabcare Group (NYSE: RHB) from Strong Buy to Buy; Electro Rent (Nasdaq: ELRC) from Strong Buy to Buy; Excel Technology (Nasdaq: XLTC) from Sell to Strong Sell; Cynosure (Nasdaq: CYNO) from Strong Buy to Buy. Each of the above downgrades, save TIBCO, were due to an increasing stock price.

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