Upgrades
- Reed Elsevier (RUK) upgraded by Goldman from Neutral to Buy
- Tempur Sealy (TPX) upgraded by Longbow from Neutral to Buy
- Take-Two (TTWO) upgraded by Sterne Agee CRT from Neutral to Buy
- NetEase.com (NTES) upgraded by Citigroup from Neutral to Buy
- THL Credit (TCRD) upgraded by Deutsche Bank from Hold to Buy
- MasterCard (MA) upgraded by Pacific Crest from Sector Weight to Overweight
- Sysco (SYY) upgraded by Credit Suisse from Neutral to Outperform
- Royal Caribbean (RCL) upgraded by JPMorgan from Neutral to Overweight
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Downgrades
- Urban Outfitters (URBN) downgraded by Piper Jaffray from Overweight to Neutral
- Urban Outfitters (URBN) downgraded by Oppenheimer from Outperform to Perform
- Numerex (NMRX) downgraded by Needham from Buy to Hold
- Healthways (HWAY) downgraded by Stifel from Buy to Hold
- Lumber Liquidators (LL) downgraded by Cantor from Buy to Hold
- HSBC (HSBC) downgraded by Bernstein from Outperform to Market Perform
- BHP Billiton (BHP) downgraded by HSBC from Hold to Reduce
- Ann Inc. (ANN,ASNA) downgraded by Piper Jaffray from Overweight to Neutral
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Upgrades & Downgrades provided by Theflyonthewall.com 
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