Analyst Upgrades

• Polo Ralph Lauren (RL) to buy from hold at Citigroup.
• Qualcomm (QCOM) to buy from neutral at Roth Capital.
• Walgreen (WAG) to conviction buy from neutral at Goldman.
• Rockwell (ROK) to outperform from neutral at Credit Suisse.
• Carnival (CCL) to buy from hold at Deutsche Bank.
• SunTrust (STI) and TD Bank (TD) to outperform from market perform at Keefe Bruyette.
• Hawaiian Electric (HE) to outperform from neutral at RW Baird.
• Essex Property Trust (ESS) to outperform from neutral at Macquarie.
• Amgen (AMGN) to neutral from underperform at BofA/Merrill.

Markets were mixed into the closing bell today and down to the wire as indexes fluctuated between positive and negative. The FOMC kept rates at zero and committed to ongoing quantitative easing measures, which includes reinvesting monies coming in from its existing securities portfolio. Retail and electronics were weak based on an earnings disappointment.

Here were today's unofficial closing bell levels:

Dow Jones 11,476.62 +48.06 (0.42%)
S&P 500 1,241.58 +1.12 (0.09%)
Nasdaq 2,627.72 +2.81 (0.11%)

Top Analyst Upgrades & Downgrades

Late Monday, Amgen (AMGN) unveiled positive results for its bone drug, denosumab. A clinical study of 1,432 men with hormone refractory prostate cancer revealed that denosumab, which is also known as Xgeva, improved bone metastasis-free survival by 4.2 months. However, the overall survival rate was comparable to a placebo group.

Denosumab is already used to treat osteoporosis under the brand name Prolia, and has been approved under the brand name Xgeva for the prevention of skeletal-related events (SREs) in patients with bone metastases from solid tumors. The drug has not yet been approved for the prevention of SREs in multiple myeloma patients.

Analyst Upgrades

• Amgen (AMGN) to overweight from neutral at Piper Jaffray.
• Goodrich Petroleum (GDP) to outperform from market perform at Wells Fargo.
• Tutor Perini (TPC) to buy from neutral at UBS.
• Covidien (COV) to buy from neutral at Goldman.
• Sara Lee (SLE) and Comcast (CMCSA) to outperform from market perform at Bernstein.
• Research In Motion (RIMM) to outperform from sector perform at FBN Securities.

Stocks discounted a higher jobless claims release on larger issues. Many called today an extension of QE2, but it was a two-part issue. First was Bernanke issuing a defense of QE2 in in an op-ed piece and second was the note from the White House that Obama may compromise on certain Bush tax cut extensions for all income brackets.

Here were today's unofficial closing bell levels:

Dow Jones 11,434.77 +219.64 (1.96%)
S&P 500 1,221.04 +23.08 (1.93%)
Nasdaq 2,577.34 +37.07 (1.46%)

Top Analyst Calls
High P/E Stocks To Watch

Analyst Upgrades

• Goldman upgraded Jones Lang LaSalle (JLL) to buy from neutral.
• Credit Suisse upgraded Pulte Group (PHM) to neutral from underperform. Note that Citigroup downgraded the stock.
• Ameristar Casinos (ASCA) was upgraded to neutral from sell at Merriman.
• Citigroup upgraded Kimco Realty (KIM) to hold from sell.
• Mistras (MG) was upgraded to buy from hold at KeyBanc.
• Devon Energy (DVN) was upgraded to outperform from neutral at Macquarie.
• Garmin (GRMN) was upgraded to outperform from sector perform at PacCrest.

Analyst Upgrades

• Soleil upgraded Hologic (HOLX) to buy from hold on expectations the company's next-generation breast tomosynthesis instrument is likely to receive FDA approval. The firm raised its target price for shares to $20 from $16.
• ING Group upgraded Total (TOT) to buy from hold.
• BofA/Merrill raised Medicis (MRX) to neutral from underperform.
• CPFL Energia (CPL) was upgraded to buy from hold at Deutsche Bank.

Shares of biotech giant Amgen, Inc. (AMGN) are trading slightly higher in after hours trading this afternoon after the company delivered better than expected earnings for its second quarter.

Going into this afternoon's earnings report, analysts had been expecting to see Amgen report $1.30 per share, but the company was able to beat out analyst estimates by reporting an actual $1.38 for the quarter.

Health care stocks are seen as low-risk investments by many stock market investors. After all – folks will always get sick, right? While that may be the case, it's an oversimplification to say that all health care stocks then have a built in customer base. The fact of the matter is that the health care industry has seen a big shakeup in the wake of Obama's health care reform bill and not all stocks in this sector are adapting well.

To keep your portfolio in perfect health, here are three big-name health care blue chips to sell now.

Amgen (AMGN - option chain) shares are rising today after the company said this morning the Food and Drug Administration has agreed to a priority review for Denosumab, its new skeletal drug. The FDA will decide whether to approve the drug by November 18. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on AMGN.

AMGN opened this morning at $52.46. So far today the stock has hit a low of $50.32 and a high of $64.76. As of 12:15, AMGN is trading at $53.00 up 0.83 (1.6%). The chart for AMGN looks bullish and S&P gives AMGN a positive 4 STARS (out of 5) buy ranking.

Amgen (AMGN - option chain) shares are rising today after the Food & Drug Administration granted approval for its osteoporosis treatment Prolia two months earlier than expected. The company forecast revenue from the treatment of $115 million in 2010, $862 million in 2011, and $2.4 billion for 2013. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on AMGN.

AMGN opened this morning at $53.55. So far today the stock has hit a low of $53.31 and a high of $55.35. As of 12:30, AMGN is trading at $55.05 up $4.29 (8.5%). The chart for AMGN looks bullish and S&P gives AMGN a positive 4 STARS (out of 5) buy ranking.

Implied volatility increases on May 26: Amgen (AMGN), Sandridge Energy (SD) and Sirius Satellite (SIRI) according to IVolatility.

Cameron (CAM) provided blowout preventer for the Gulf of Mexico rig that caused the oil spill. Crude oil futures are recently up 2.28% to $73.14 according to Bloomberg. CAM June put option implied volatility is at 74, August and November is at 64; above its 26-week average of 45 according to Track Data, suggesting larger price movement.

Update is by Stock Specialist Paul Foster of theflyonthewall.com

A lot of investors think Amgen (AMGN) is a great next-generation biotech company. Wrong. Amgen was a decent last-generation biotech company.

It's terribly managed outfit living on EPO drugs for dialysis and oncology patients. True, it has a billion dollar (actually more) drug, Neupogen, but it could be subject to generic competition in the United States from TEVA within two years.

Spring is finally here, which means it's time to break out the broom and dustpan for some spring cleaning.

But your home isn't the only thing that requires constant maintenance -- your portfolio does too.

And what better time than spring to get a fresh start by cleaning out the stocks that are sitting around collecting dust rather than making you money?

U.S. stock futures moved firmly higher Monday morning, pointing to a rebound after a sharp three-day selloff last week. This morning, it seems, bargain hunters moved. Meanwhile, as earnings season kicks into high gear, investors also await housing data due out after the market open.

U.S. stocks skidded on Friday, with the Dow Jones Industrial Average pulling back 2.1%. For the week, the Dow lost 4.1% -- the worst week on a percentage basis since March. Fears that the White House plan to curb bank risk-taking would cut profits helped sour sentiment, as did several earnings report that didn't live up to expectations. The situation in China, with its bank tightening policy, didn't help either.