Analyst Upgrades

• Akamai (AKAM) to overweight from neutral at Piper Jaffray.
• Las Vegas Sands (LVS) to buy from neutral at UBS.
• Aetna (AET) to Outperform from market perform at Leerink.
• Hot Topic (HOTT) to buy from neutral at Janney Capital.
• Colonial Properties (CLP) upgraded to Outperform from market perform at FBR Capital and to buy from hold at Citigroup.
• Altera (ALTR) to buy from hold at Citigroup.
• American Reprographics (ARC), CarMax (KMX) and American Campus (ACC) to outperform from neutral at RW Baird.
• Zebra Tech (ZBRA) to neutral from underweight at JPMorgan.
• IMAX (IMAX) to buy from hold at Canaccord.
• Basic Energy (BAS) to neutral from sell at Goldman.
• Mednax (MD) to buy from neutral at BofA/Merrill.
• UTi Worldwide (UTIW) to buy from hold at Stifel Nicolaus.

Analyst Upgrades

• Time Warner Cable (TWC) was upgraded to outperform from market perform at Bernstein.
• Citigroup upgraded MEMC Electronic (WFR) and Skilled Healthcare (SKH) to buy from hold at Citigroup.
• Administaff (ASF) was upgraded to buy from hold at Roth Capital.
• The Buckle (BKE) was upgraded to buy from hold at KeyBanc.
• BofA/Merrill upgraded DreamWorks (DWA) to neutral from underperform.
• Corrections Corp. (CXW) was upgraded to buy from neutral at SunTrust.
• Marvell Technology (MRVL) was upgraded to positive from neutral at Susquehanna.

"With the new school year underway, we're adding an attractive REIT to our portfolio that specializes in campus housing: American Campus Communities (ACC)," says Stephen Leeb.

The growth & income specialist and editor of The Complete Investor explains, "The real estate investment trust, which went public in 2004, has been providing housing for college students since 1993, and is now one of the nation's largest developers, owners, and managers of high-quality student housing communities.

"The REIT has grown both through internal development and via acquisitions, most notably its 2008 purchase of the student housing division of GMH Communities Trust for around $1.4 billion.

Analyst Upgrades

• Bernstein upgraded Corning (GLW) to outperform from market perform based on Gorilla glass prospects and valuation. The firm raised its price target to $22 from $21.
• RBC Capital upgraded Beckman Coulter (BEC) two rating levels to outperform from underperform, citing valuation and customer checks that indicate high retention rates. The firm upped its target for shares to $65 from $55.
• Credit Suisse upgraded Canadian Pacific (CP) to outperform from underperform. The firm expects Canadian Pacific to have stronger-than-average Q2 volume growth, improved productivity and notes leverage to growth in Asia, among other reasons for the upgrade. The firm raised its target to $75 from $59.
• Freeport McMoRan (FRX) was upgraded to overweight from neutral at HSBC.
• Solera (SLH) was upgraded to strong buy from buy at Needham.
• Jefferies upgraded IPC The Hospitalist Co. (IPCM) to buy from hold.

Suddenly, there is an outcrop of support for conference realignment in college football. This groundswell started a few weeks ago when rumors surfaced that the Big 10 Conference was thinking about inviting Notre Dame into the conference.

The expansion list has since expanded; branching out to include Nebraska, Rutgers, Missouri, Notre Dame, and Pittsburgh -- making the Big Ten the Big Sixteen. The rumored invites sent speculation running rampant about who is going to play in what conference and who will be left out. Let's take a look at the financial ramifications of any moves.

GMH Communities Trust (NYSE: GCT) is up 61% on a buy-out offer from American Campus Communities (NYSE:ACC).

DepoMed (NASDAQ: DEPO) is up 26% on positive drug trial news for one of its menopausal drugs.

IndyMac ((NYSE: IMB) is down 17% on weak earnings and a dividend cut.

Vertex Pharmaceuticals (NASDAQ: VRTX) is down 9% on poor earnings.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

MOST NOTEWORTHY: Merrill Lynch, Yahoo! and T Rowe Price were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Merrill Lynch (NYSE: MER) to Underperform from Perform on valuation and their negative outlook related to the monoline insurers given MER's overall exposure to sub-prime mortgage related assets. The broker believes MER could have an additional write-down of $10B if the monolines were to be downgraded and that MER shares are valued more appropriately below $44.
  
• Yahoo! (NASDAQ: YHOO) was downgraded to Hold from Buy at Citigroup and lowered their target to $22 from $33 to reflect the company's continued share losses in the search market and uncertainty over 2008 investments. Oppenheimer lowered shares to Perform from Outperform and lowered their target to $20 from $30 to reflect the weaker than expected 2008 margin guidance.
  
• Friedman Billings downgraded T Rowe Price (NASDAQ: TROW) to Underperform from Market Perform and expects margin pressure in 2008.

OTHER DOWNGRADES:

• JP Morgan downgraded Scotts Miracle-Gro (NYSE: SMG) to Neutral from Overweight.
  
• UBS lowered Centex (NYSE: CTX) to Neutral from Buy.
  
• Merrill lowered American Campus (NYSE: ACC) to Neutral from Buy.

Goldman Sachs keeps a list of the Top Five Tech Value Stocks. The list includes big tech companies like Microsoft (NASDAQ: MSFT) and Symantec (NASDAQ: SYMC). To make room for Intel (NASDAQ: INTC) and Cisco (NASDAQ: CSCO), IBM (NYSE: IBM) and Accenture (NYSE: ACN) were pushed off the list.

Intel was added to the list because Goldman thinks it will beat Q2 earnings. Cisco was added because it falls into the "top quartile on both growth and value lists" at the investment bank.

The problem with these lists is often that, for shareholders, they are a look into the rear view mirror. Wall Street has already caught on to the fact that these are promising companies, a fact that may already be priced into their shares.

Over the last year, Intel's shares are up nearly 40%. Most of the concerns about it continuing to lose market share to AMD (NYSE: AMD) are now gone. Cisco's shares are up about 50% over the same period. The market's perception that its router business will benefit from cable and telco upgrades to handle more broadband traffic have pushed the shares relentlessly forward.

To say that there is something wrong with Intel or Cisco would be to get on the wrong side of Wall Street's perception. But that does not mean the shares are going higher.

Douglas A. McIntyre is a partner at 24/7 Wall St.

The Forbes/Slatin Real Estate Report, edited by industry expert Peter Slatin, is a professional-level newsletter geared to the more sophisticated real estate investor.

Along with his own insights and advice on investment opportunities in the sector, one feature of the service is its monthly interviews with REIT-sector equity analysts. Below, I share some highlights from Slatin's interview with Jordan Sadler of KeyBanc Capital, who discusses some of his current favorite ideas among REITs.

FORBES/SLATIN: KeyBanc is focused on the U.S. What are you seeing here?

SADLER: My view, initiated last October, was a cautious outlook overall. The recent M&A squeezed shares. We continue to feel that way. REITs are trading at a level where it's hard to justify incremental investment across the space, although you can be tactical with names that are more attractive.

FORBES/SLATIN: In your universe of tactical moves, what stands out?

SADLER: Our top pick was Digital Realty Trust (NYSE: DLR), and it continues to be. It has fundamental drivers that are significantly differentiated from most of their REIT brethren. That, in theory, should be able to generate excess profit until competition gets hip, which seems to be slowly happening. For their type of building, there is limited supply, and a ton of demand, from financial services, Internet and enterprise companies and channel users.