Below are interesting small-cap stocks on the NASDAQ and the NYSE with the highest sales growth.

Vantage Drilling Company (NYSE: VTG) has the sales growth estimate for fiscal year 2009 of 10,180% and market capitalization of $187.2 million. FBR Capital initiated coverage of VTG with an “outperform” rating.

Raser Technologies Inc (NYSE: RZ) has the sales growth estimate for fiscal year 2009 of 3,910% and market capitalization of $87.5 million. Rodman & Renshaw initiated coverage of RZ with a “market perform” rating.

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Here are the late Tuesday and early Wednesday calls.

UPGRADES

Apple AAPL Citigroup Hold » Buy
RealNetworks RNWK Soleil Sell » Hold
ArvinMeritor ARM UBS Neutral » Buy
Iomai IOMI UBS Neutral » Buy
Atlantic Tele-Network ATNI UBS Neutral » Buy
Apria Healthcare AHG Oppenheimer Sell » Neutral
HSBC Holdings HBC Citigroup Hold » Buy
Westamerica Banc WABC Citigroup Hold » Buy
AGCO Corp AG Bear Stearns Peer Perform » Outperform
Advanta Corp ADVNB Friedman Billings Mkt Perform » Outperform
Emdeon HLTH Friedman Billings Mkt Perform » Outperform
Fresh Del Monte FDP BB&T Capital Mkts Underweight » Hold
Alliance One AOI Davenport Neutral » Buy
Universal Corp UVV Davenport Neutral » Buy
Plum Creek PCL DA Davidson Neutral » Buy
American Dental ADPI Dougherty & Company Neutral » Buy
ValueClick VCLK Pacific Growth Equities Sell » Neutral
Sensient SXT KeyBanc Capital Mkts / McDonald Hold » Buy
Rohm and Haas ROH KeyBanc Capital Mkts / McDonald Buy » Aggressive Buy
Intl Flavors IFF KeyBanc Capital Mkts / McDonald Buy » Aggressive Buy
Koppers Holdings KOP KeyBanc Capital Mkts / McDonald Buy » Aggressive Buy
Heartland Express HTLD Stifel Nicolaus Hold » Buy
Centene CNC Matrix Research Buy » Strong Buy
Inverness Medical IMA Caris & Company Above Average » Buy
Sun Microsystems SUNW Caris & Company Average » Above Averag





DOWNGRADES

AC Moore ACMR Credit Suisse Outperform » Neutral
First Marblehead FMD JP Morgan Overweight » Neutral
ECI Telecom ECIL Jefferies & Co Buy » Hold
Maguire Properties MPG Deutsche Securities Hold » Sell
Community Health CYH Citigroup Buy » Hold
Newcastle Investment NCT Citigroup Buy » Hold
RAIT Invtmt Trust RAS KeyBanc Capital Mkts / McDonald Aggressive Buy » Hold
MGIC Investment MTG Keefe Bruyette Outperform » Mkt Perform
OSI Pharm OSIP CE Unterberg Towbin Buy » Market Perform
Health Management HMA Deutsche Securities Buy » Hold
Hot Topic HOTT AG Edwards Hold » Sell
Energy Transfer Equity ETE UBS Neutral » Reduce
West Marine WMAR Morgan Joseph Buy » Hold
CV Therapeutics CVTX Needham & Co Buy » Hold
Intevac IVAC Needham & Co Buy » Hold
Simpson Manufacturing SSD Matrix Research Buy » Hold
Goodyear Tire GT Matrix Research Hold » Sell

Here are the notable insider buys for the week ending July 15th.


Hudson Technologies (HDSN)= $10,186,000

Management Capital Investments (MGT)= $5,000,000

Books A Million (BAMM)= $1,985,000

Amicus Therapeutics (FOLD)= 1,892,000

Liberty Media (LCAPA)= $1,764,000