• Wachovia upgraded Legg Mason (NYSE: LM) to Market Perform from Underperform citing valuation, new CEO change, and reduced Citigroup (NYSE: C) ownership.
  
• Bear upgraded Panacos Pharma (NASDAQ: PANC) to Outperform from Peer Perform citing renewed confidence in Bevirimat, an HIV inhibitor, following analysis of Phase IIb data. The firm expects a partnership for Bevirmat to be the next catalyst.
  
• Deutsche Bank raised PepsiAmericas (NYSE: PAS) to Buy from Hold shares on valuation, as they believe the recent weakness is overdone.

• Fannie Mae (NYSE: FNM) was raised to Equal Weight from Underweight at Morgan Stanley.
  
• Friedman Billings added Great Atlantic & Pacific Tea (NYSE: GAP) to its FBR Top Picks List.
  
• Jabil Circuit (NYSE: JBL) was upgraded to Neutral from Sell at Merrill Lynch.

Panacos Pharmaceuticals (NASDAQ: PANC): Moving up 14% on good earnings.

Big Lots (NYSE: BIG): Moving up 17% on a good quarter.

PDL Biopharma (NASDAQ: PDLI): Fell almost 20% on word that the company is suspending sales and restructuring.

KongZhong (NASDAQ: KONG): Falling over 5% on poor earnings.

Douglas A. McIntyre is an editor at 247wallst.com.