grades TW/ LN HSBC downgrades ANDR AV/downgrades VOLVB SS, Exane upgrades DXNS LN GS upgrades MC FP, BEREN initiates CPI LN (b), BEREN upgrades ITK LN & initiates BAB LN (b) Citi initiates TRELB SS (b) & upgrades PNN LN, BEREN initiates SRP LN (h), MS cuts BZU IM Reporting Pre-Open: GCO, JOUT, SBLK,

BVT Key Research: (ow) Key Research: BMC Key Research: Barcap upgrades HTWR/AZN LN & downgrades NOVOB DC, BMO downgrades CHSI JPM upgrades ARM LN & initiates PPG (ow), RBC initiates IPHI (op) & downgrades MS upgrades GLE FP & initiates FFIV (ow) and FDS (ew), Piper initiates VCRA Roth reinstate

earch: GS downgrades US Managed Care and AGP/VRTX & adds ALXN to Conviction Buy list, SocGen downgrades UNA NA Key Research: Barcap downgrades RDSA LN & upgrades BBT, Think initiates IART/TH0R/REGN (buys) & HTWR (sell), MKM cuts MRK Key Research: Cantor initiates CUBE (buy) & SSS (hold) & EXR/PSA (s