Upgrades
- Owens Corning (OC) upgraded by Goldman from Sell to Neutral
- Pinnacle Foods (PF) upgraded by Goldman from Neutral to Buy
- Chesapeake (CHK) upgraded by Piper Jaffray from Underweight to Neutral
- PennyMac Financial (PFSI) upgraded by BofA/Merril from Neutral to Buy
- ClubCorp (MYCC) upgraded by Macquarie from Neutral to Outperform
- Endeavour Mining (EDVMF) upgraded by Canaccord from Hold to Buy
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Downgrades
- Armstrong World (AWI) downgraded by Goldman from Neutral to Sell
- Apogee Enterprises (APOG) downgraded by Goldman from Buy to Neutral
- Vodafone (VOD) downgraded by Citi from Buy to Neutral
- EMC (EMC) downgraded by Mizuho from Buy to Neutral
- Cognizant (CTSH) downgraded by SunTrust from Buy to Neutral
- Energizer (ENR) downgraded by Goldman from Buy to Neutral
- Cincinnati Bell (CBB) downgraded by Gabelli from Buy to Hold
- Imperva (IMPV) downgraded by Deutsche Bank from Buy to Hold
- HollyFrontier (HFC) downgraded by Deutsche Bank from Buy to Hold
- Och-Ziff Capital (OZM) downgraded by Jefferies from Buy to Hold
- WhiteWave (WWAV) downgraded by SunTrust from Buy to Neutral
- Astec (ASTE) downgraded by BB&T from Buy to Hold
- Forward Air (FWRD) downgraded by BB&T from Buy to Hold
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