With several major developments occurring around the world, many investors may wonder how they could affect their portfolios or their lives. Here are two of the current, newsworthy events and how investors may interpret them.

Libya

The oil from Libya totaled about 2 million barrels a day before the revolution, half of which was exported. About 1 million barrels a day are no longer available to the world. That isn't enough to really affect the price of oil for a long period of time. Plenty of other countries can supply that amount without straining their capacity. But they're unlikely to step in to fill the gap when oil prices are above $100 a barrel. That price should recede once the conflict finishes and a more stable government is in place.

FMC Corp. (FMC), a seller of industrial chemicals whose colleagues include Dow Chemical (DOW) and DuPont (DD), closed Monday's regular session at $81.08, a price that reflected a gain of about 1.1%. Volume was above average, so it looked as if investors were eagerly anticipating the company's fourth-quarter earnings report.

Unfortunately, those who bought in ahead of the release ended up being disappointed. The shares lost 4% of their value during the extended-hours session. The final quote of $77.75 represented a pullback from the 52-week high of $82.03.

Dow Chemical (DOW) had a spectacular quarter. It saw profits nearly triple. Companies such as Dow are vulnerable during times of recession as demand falls off. Now that demand has risen for its basic chemicals, agriculture and other products, the company revved up its profit engine.

Dow reported a profit of of $511 million, or 37 cents a share, up from $172 million, or eight cents a share, a year ago, as reported in the Wall Street Journal (subscription required). Excluding restructuring charges, earnings were 47 cents a share.

Analyst Upgrades

• Xilinx (XLNX) to buy from hold at Auriga.
• Orion Energy (OESX) to buy from neutral at Roth Capital.
• Goodyear Tire (GT) to buy from fair value at CRT Capital.
• RadioShack (RSH) to neutral from underperform at Wedbush.
• Novo Nordisk (NVO) to buy from neutral at Goldman.

Analyst Upgrades

• Piper Jaffray upgraded Duoyuan Global Water (DGW) to neutral from underweight, citing the potential for positive fundamental news flow through the end of the year, and upped its price target to $16 from $9.
• Jefferies upgraded Alcatel-Lucent (ALU) to buy from underperform, expecting a benefit from a significant ramp in EVDO software sales as mobile data growth accelerates.
• Myriad Genetics (MYGN) was upgraded at RBC Capital to outperform from sector perform with a $23 price target based on valuation and potential to be acquired.
• Goldman upgraded Mohawk (MHK) to neutral from sell with a $53 price target.
• Smithfield Foods (SFD) was upgraded to outperform from market perform at BMO capital with a $21 target.
• Priceline.com (PCLN) was upgraded to outperform from market perform at Morgan Keegan.

Analyst Upgrades

• Auriga upgraded Leap Wireless (LEAP) to buy from hold following the company's Q2 results and analyst day, citing valuation, longer-term potential for consolidation and prospects for business improvements. Despite upgrading, the firm lowered its target for shares to $16 from $19.
• Goldman upgraded Barnes & Noble (BKS) to neutral from sell following the company's announcement to explore strategic alternatives. The firm raised its price target to $15 from $12.
• RBC Capital upgraded ESCO Technologies (ESE) to sector perform from underperform following the better-than-expected Q3 report. The firm raised its price target to $30 from $28.
• MetLife (MET) was upgraded to buy from neutral at BofA/Merrill.
• Priceline.com (PCLN) was upgraded to buy from hold at Stifel Nicolaus.
• HSBC (HBC) was upgraded to outperform from underperform at CLSA.

Today's stock market could not offer a repeat of triple-digit DJIA gains. Personal income and spending failed to offer a renewed hope that a major upside was coming from Joe Public in new consumer spending. The pending home sales data is also running at historic lows.

Here are today's unofficial closing bell levels:

Dow Jones 10,636.38 -38.00 (-0.36%)
S&P 500 1,120.46 -5.40 (-0.48%)
Nasdaq 2,283.52 -11.84 (-0.52%)

Top Analyst Calls

Analyst Upgrades

• Raymond James upgraded Research in Motion (RIMM) to outperform from market perform based on valuation. The firm has a $70 price target on the stock.
• Macquarie upgraded Halliburton (HAL) to outperform from neutral and has a $40 price target on the stock. The firm said recent pressure pumping activity is above their expectations and pricing has firmed.
• Canaccord upgraded Baldor Electric (BEZ) to buy from speculative buy, citing improving business trends and the upcoming mandatory transition to premium efficiency motors. The firm has a $47 price target on the stock.
• Wells Fargo upgraded Williams-Sonoma (WSM) to outperform from market perform.
• Medco Health (MHS) was upgraded to conviction buy from buy at Goldman.
• Repsol (REP) was upgraded to buy from neutral at BofA/Merrill.

CBOE Volatility Index (VIX) at 23.84; 10-day moving average is 19.52, 50-day is 17.99, 200-day moving average is 22.07, according to Track Data.

Two stocks with IV rise on May 4; Annaly Mortgage (NLY) +5%, Dow Chemical (DOW) +9%, according to IVolatility.

Crocs (CROX) is expected to report Q1 EPS on May 6th. CROX May put option implied volatility is at 97, June is at 77, September is at 70, above its 26-week average of 64, according to Track Data, suggesting larger price movement.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

This was a day which could have gone either way. The markets recovered this morning despite weakness in overseas markets in reaction to yesterday's S&P downgrading of Portugal and Greece credit worthiness. Today came another S&P downgrade of Spain. Then the FOMC kept rates steady and maintained its "extended period" period for that no to low rate policy.

Here were today's unofficial closing bell levels:

Dow 11,045.27 +53.28 (0.48%)
Nasdaq 2,471.73 +0.26 (0.01%)
S&P 500 1,191.36 +7.65 (0.65%)

After slumping earlier in the morning, U.S. stock futures turned higher Wednesday. Perhaps following Tuesday's steep sell-off this may have been expected. Still, as earnings season rages on, investors remained highly concerned about debt problems in Europe and awaited a statement and an interest-rate decision from the Federal Reserve.

U.S. stocks fell sharply Tuesday after Standard & Poor's downgraded Greece's debt rating to junk and downgraded Portugal's rating. The Dow Jones Industrial Average plummeted 213 points, or 1.9%, the Nasdaq Composite lost 51 points, or 2%, and the S&P 500 fell 28 points, or 2.3%.

"Berkshire Hathaway's Warren Buffet is a disciple of the teachings of Benjamin Graham and David Dodd, who made their fortunes by buying businesses that were selling for less than the value of their working capital (current assets minus current liabilities," notes Vita Nelson.

The editor of The Moneypaper explains, "The pair developed a Net Current Asset Value (NCAV) model to determine if a company was worth its market price. Their formula subtracts all liabilities, including short-term debt and preferred stock, from a company's current asset balance"

U.S. stock futures edged higher Tuesday morning, pointing to a potential second day of gains on Wall Street. As investors look to recover from January's down market, digesting more earnings this morning, they also await some economic data, including housing and auto sales and a Senate hearing on proposed new rules on financial reform.

Already on Monday, the tide started turning from January's depressed sentiment following strong manufacturing data and better-than-forecast Exxon Mobil earnings. The Dow industrials, the Nasdaq composite and the S&P 500 all finished more than 1% higher.

Analysts surveyed by Thomson Reuters are looking for life insurance giant MetLife Inc. (MET) to report that its earnings rose 80.0% from a year ago to $0.95 per share for the three months that ended in December. Revenue, however, is expected to total $12.6 billion, which is down 10.1% from a year ago, during a fourth quarter in which it offered guidance and declared a quarterly dividend. The analysts' forecast for the full year calls for earnings of $2.89 per share (-25.7%) on $48.3 billion in revenue (-5.3%). This New York-based insurer's earnings results have been better than expected in three of the past four quarters, beating estimates by as much as 20 cents per share.

MetLife's long-term EPS growth forecast is 10.7%, which is better than that of competitor Prudential Financial Inc. (PRU), and its earnings multiple is 8.8x. The First Call consensus recommendation has been to buy MET for more than 90 days, despite a recent downgrade of the stock. The mean price target is $42.87. Shares have been trading between $32.00 and $40.00 since August and closed the week at $35.32.

Analyst Upgrades

• Canaccord upgraded IBM (IBM) to buy from hold, citing the better-than-expected Q4 report, an ongoing economic recovery and higher IT budgets. The firm raised its target to $150 from $130.
• Citigroup upgraded Archer Daniels Midland (ADM) to buy from hold to reflect strength in the oilseed processing market and a positive inflection in ethanol profitability. The firm raised its target on shares to $37 from $33.
• FBR Capital upgraded Tesco (TESO) to outperform from market perform on expectations the company's top drive orders will accelerate in the coming quarters. The firm raised its target price on shares to $18.
• CBS (CBS) was upgraded to buy from hold at Jefferies.
• HSBC Holdings (HBC) was upgraded to buy from hold at RBS.
• Essex Property Trust (ESS) was upgraded to overweight from equal weight at Barclays.