MOST NOTEWORTHY: Alaska Communications, Royal Bank of Scotland and Frontier Oil were today's noteworthy upgrades:

• Banc of America upgraded shares of Alaska Communications (NASDAQ: ALSK) to Buy from Neutral as they believe the company will return to a dividend growth focus after completing its strategic initiatives.
  
• Credit Suisse raised Royal Bank of Scotland (NYSE: RBS) to Neutral from Underperform as they believe the company has already taken "prudent" write-downs.
  
• Bear upgraded Frontier Oil (NYSE: FTO) to Peer Perform from Underperform as they believe the company is better positioned to withstand this period of margin weakness.

OTHER UPGRADES:

• Jefferies upgraded Adobe Systems (NASDAQ: ADBE) to Hold from Underperform.
  
• RBC Capital lifted Medarex Inc. (NASDAQ: MEDX) to Sector Perform from Underperform.
  
• United Parcel Service (NYSE: UPS) was upgraded at Merrill to Buy from Neutral.