PENNON UPGRADED TO 'BUY' VS 'ADD' AT DRESDNER KLEINWORT
ARM HOLDINGS, WOLFSON MICRO BOTH UPPED TO 'BUY' FROM 'HOLD' BY CITIGROUP
HALFORDS CUT TO 'EQUAL-WEIGHT' VS 'OVERWEIGHT' AT MORGAN STANLEY
HMV CUT TO 'UNDERWEIGHT' VS 'EQUAL-WEIGHT' AT MORGAN STANLEY