Key Research: Commerzbank cautious SIE GY, UBS upgrades VK FP, Citi downgrades BBY LN & BYG LN, ING upgrades DSM NA Key Research: BofA downgrades AGN NA, JPM downgrades HEI GY, BofA upgrades CPW LN Reporting Pre-Open: AEE, COV, JCP, WCRX, ADY, APO, BAM, BTN, CEP, CRAY, CVU, DXYN, EPAM, ERF, FLO, FSS,

RKA LI, SDF GY, +ve IN LN, ING FP, ING upgrade VST PW ••• SocGen downgrade BARC LN, CGM FP, RCF FP, upgrade KGH PW, ADN LN ••• GS downgrade AV/ LN, AGN NA, CS downgrade URKA LI, ICL IT ••• Citi downgrade URKA LI, SDF GY, names SSE LN least pref — replace PNN LN ••• DBK downgrade NXT LN, upgrade IN LN,