Top 10 Early Bird Analyst Upgrades & Downgrades (BBBY, BTI, PAG, VRTX, MT, STD, CRXL, FMCN, MR, OWW)

These are the ten early bird analyst upgrades and downgrades we have seen early this morning with two and a half hours until the market opens:

• Bed Bath & Beyond Raised (BBBY) Raised to Neutral from Sell at Goldman Sachs.
• British American Tobacco (BTI) Raised to Buy at Goldman Sachs.
• Penske Automotive (PAG) Raised to Buy at Goldman Sachs.
• Vertex Pharmaceuticals (VRTX) Started as Buy at piper Jaffray.
• Arcelor Mittal (MT) Cut to Sell from Buy at5 Citigroup.
• Banco Santander (STD) Cut to Underweight at JPMorgan.
• Crucell (CRXL) Cut to Hold at ING.
• Focus Media (FMCN) Downgraded at Citigroup and Goldman Sachs (likely others as well).
• Mindray Medical International (MR) Downgraded at Citigroup and Goldman Sachs.
• Orbitz Worldwide (OWW) Cut to Sell at Goldman Sachs.

Jon C. Ogg
November 12, 2008