Piper Jaffray Companies (NYSE: PJC), a Minneapolis-based investment banking firm, serves the capital needs of a wide array of corporate and governmental entities.

With operations in corporate finance, municipal finance, institutional equity, bond sales, trading and private placements, Piper serves clients throughout the United States and Europe. Recently, the company made a major investment in China, viewing that country as having high levels of capital needs, as well as a growing institutional investor base.

Piper Jaffray has its roots in the commercial paper business, tracing its history back to the 1880s. For much of its 20th century existence, Piper operated as a regional retail distribution securities company.

Following a stressful period as a wholly owned subsidiary of U.S. Bancorp (NYSE: USB), the remaining principals of the former Piper Jaffray unwound the merger and emerged as an independent securities firm without a retail distribution arm.

MOST NOTEWORTHY: Norfolk Southern, OfficeMax and PetroQuest Energy were today's noteworthy upgrades:

• JP Morgan upgraded Norfolk Southern (NYSE:NSC) to Overweight from Neutral based on leverage to export coal and the tighter truckload market.
  
• Credit Suisse upgraded OfficeMax (NYSE:OMX) to Outperform from Neutral citing the company's clean balance sheet, positive cash flow, and limited downside.
  
• UBS upgraded PetroQuest Energy (NYSE:PQ) to Buy from Neutral citing valuation and production catalysts. The company's target was raised to $30 from $25.

OTHER UPGRADES:

• Piper Jaffray (NYSE:PJC) was upgraded to Market Weight from Underweight at Thomas Weisel.
  
• Corning(NYSE:GLW) was upgraded at Merrill to Buy from Neutral.
  
• HSBC lifted BP Plc (NYSE:BP) to Overweight from Neutral.
  
• Calgon Carbon (NYSE:CCC) was raised to Hold from Sell at Morgan Joseph.

MOST NOTEWORTHY: HSBC Holdings, Piper Jaffray and Rogers Communications were today's noteworthy downgrades:

• ABN Amro downgraded shares of HSBC (NYSE: HBC) to Sell from Hold as they believe the realignment of the American business could take 3-5 years. ABN expects a $2.5B loss in 2008.
  
• Wachovia downgraded Piper Jaffray (NYSE: PJC) to Market Perform from Outperform citing weaker market conditions.
  
• CIBC downgraded Rogers Communications (NYSE: RCI) to Sector Performer from Outperformer. Shares were also downgraded to Peer Perform from Outperform at Bear Stearns following the Canadian government's new wireless spectrum rules to only allow new entrants to bid in the upcoming AWS spectrum auction in May 2008.

OTHER DOWNGRADES:

• Tyler Tech (NYSE: TYL) was downgraded to Neutral from Buy at Banc of America.
  
• SunTrust lowered its rating on Aeropostale (NYSE: ARO) to Neutral from Buy.
  
• Piper downgraded State Auto Financial (NASDAQ: STFC) and Donegal Group (NASDAQ: DGICA) to Sell from Neutral.