TSC Ratings provides exclusive stock, ETF and mutual fund ratings and commentary based on award-winning, proprietary tools. Its "safety first" approach to investing aims to reduce risk while seeking solid outperformance on a total return basis.P/>The following ratings changes were generated on Wednesday, April 8.

We've downgraded investment manager Calamos Asset Management ( CLMS) from hold to sell, driven by its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.

Net income fell to -$26.1 million in the most recent quarter from $9.3 million in the year-ago quarter. Return on equity also decreased, which could signal weakness in the corporation. Net operating cash flow fell 94.4% to $3.7 million, and EPS are also down, though the consensus estimate suggests that the company's two-year pattern of declining EPS should reverse in the coming year.

Shares have tumbled 70% over the past year, underperforming the S&P 500. The fact that the stock has come down in price over the past year should not necessarily be interpreted as a negative; it could be one of the factors that may help make the stock attractive down the road. Right now, however, we believe that it is too soon to buy.

We've upgraded off-price apparel and home-fashions retailer TJX ( TJX) from hold to buy, driven by its respectable return on equity which we feel is likely to continue. We feel these strengths outweigh the fact that the company shows low profit margins.

ROE rose compared with the same quarter last year, a sign of strength within the company, but revenue dropped by 0.2%. EPS also declined, and we expect the company to report a decline in EPS in the coming year. Net income fell 16.8% compared with the year-ago quarter, from $301.2 million to $250.7 million.

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