initiates CHSI (neutral), MF Global upgrades VOD.LN (conviction buy), Brean upgrades MGM (buy) Key Research: Da Davidson initiates AXTI (neutral), Merriman initiates DLB (neutral), Multiple MTGE initiations, MS downgrades QLIK & SWI Key Research: Wells initiates Chemicals (DOW/LYB/GGC/OLN/WLK/POL/PPG/

adds ORCL to conviction buy list & downgrades IPI (sell) / DAR & upgrades AGU/MOS/SAFM Key Research: HSBC upgrades VIP, Jefferies downgrades CALP, Merriman upgrades GCOM (buy) Key Research: MM Warburg downgrades PUM.GR & PAH3.GR, SocGen upgrades KGF.LN, Piper initiates IPHI (ow) Reporting Pre-Open: BR

arcap upgrades ARUN, Piper upgrades ZQK, Janney upgrades NWY, CS downgrades FDO Key Research: Jeff initiates FINL/SGNT/NKE (buy) & CSCO/VFC (hold), Merriman initiates IRDM (buy), JPM upgrades FRX Key Research: Soleil downgrades NEE/SSI, Baird downgrades THRX/ENP/SWSH, Ticonderoga raises target JEF Rep

EU (buy) Key Research: Stifel downgrades CBOE (sell), W Blair upgrades ESI/DV/EDMC & downgrades CPLA/STRA, BofA initiates CLGX (buy) Key Research: Merriman upgrades KVHI (buy), Jefferies initiates SON (hold), Bofa downgrades HSBA.LN & initiates TMS (buy) Key Research: BMO downgrades LFT & DEER, CS resu