Analyst upgrades:

• Pacific Sunwear (NASDAQ: PSUN) was upgraded to Buy from Neutral by Pali Capital, which cited low expectations, new CEO experience, and compelling risk/reward for the upgrade.
• RBC Capital raised Aruba Networks (NASDAQ: ARUN) to Outperform from Sector Perform, based on increased visibility into wireless networking products.
• J. Crew (NYSE: JCG) was upgraded to Hold from Underperform by Needham after the company reported better-than-expected Q2 report and guidance.
• RBC Capital raised Lundin Mining (NYSE: LMC) to Outperform from Sector Perform, citing updated copper forecasts and valuation.
• Netezza (NYSE: NZ) was upgraded to Buy from Accumulate by ThinkEquity.
• Sanofi-Aventis (NYSE: SNY) was raised to Overweight from Neutral by JPMorgan.
• Williams-Sonoma (NYSE: WSM) was upgraded to Buy from Neutral by Goldman.
• Network Engines (NASDAQ: NENG) was raised to Buy from Hold by Cantor.

Analyst upgrades:

• Keefe Bruyette upgraded Intercontinental Exchange (NYSE: ICE) to Market Perform from Underperform following the company's in-line quarter and extended buyback. The firm raised its target price on shares to $103 from $98.
• Merriman upgraded Cree (NASDAQ: CREE) to Buy from Neutral after transitioning coverage of the stock as it believes HB-LED chips are gaining momentum and that the company can top its recently raised guidance.
• Deutsche Bank upgraded Glatfelter (NYSE: GLT) to Buy from Hold following the company's Q2 results due to falling net debt levels and valuation. The firm raised its target on shares to $14 from $8.
• Corporate Executive Board (NASDAQ: EXBD) was upgraded to Neutral from Underperform at Baird.
• Cognizant (NASDAQ: CTSH) was upgraded to Buy from Neutral at Goldman.
• Unit Corp. (NYSE: UNT) was upgraded to Buy from Sell at Jesup & Lamont.

Analyst upgrades:

• Bernstein upgraded Amgen (NASDAQ: AMGN) to Outperform from Market Perform on valuation as it believes threats to the core business are priced in at current levels and upside catalysts may come from pipeline news. The firm raised its target on shares to $65 from $57.
• Stephens upgraded CyberSource (NASDAQ: CYBS) to Overweight from Equal Weight on valuation as it believes the recent pullback creates a buying opportunity. The firm raised its target on shares to $16 from $14.
• JPMorgan upgraded Magna (NYSE: MGA) and Tenneco (NYSE: TEN) to Overweight from Neutral on expectations global auto production has sequentially bottomed with European light vehicle production rebounding in Q2. The firm also sees a short-term trading opportunity in TRW Automotive (NYSE: TRW), but keeps a Neutral rating on the stock.
• SINA Corp. (NASDAQ: SINA) was upgraded to Conviction Buy from Buy at Goldman.
• Cogent Communications (NASDAQ: CCOI) was raised to Buy from Hold at Citigroup.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Aeropostale Inc. (NYSE: ARO) beat profit expectations as revenue and same-store sales both increased.
• Aruba Networks Inc. (NASDAQ: ARUN) received an analyst's upgrade following its Q3 report.
• Buckle Inc. (NYSE: BKE) reported better-than-expected Q1 expectations as revenue surged.
• Campbell Soup Co. (NYSE: CPB) higher Q2 earnings beat expectations and sent shares upward.
• Deere & Co. (NYSE: DE) reported better-than-expected Q3 earnings, sending shares higher.

Analyst upgrades:

• Jefferies upgraded Aruba Networks (NASDAQ: ARUN) to Buy from Hold following the company's Q3 results to reflect improved visibility. The firm raised its target price to $6.50 from $3.
• Citigroup upgraded Mosaic (NYSE: MOS) and Potash (NYSE: POT) to Buy from Hold and Agrium (NYSE: AGU) to Hold from Sell as it believes stronger grain fundamentals more than offset China contract risk. The firm raised its target on Mosaic to $72 from $48, on Potash to $145 from $83 and on Agrium to $55 from $36.
• Fulton Financial (NASDAQ: FULT) Was upgraded to Market Perform from Underperform at Keefe Bruyette.
• Rio Tinto (NYSE: RTP) was raised to Neutral from Sell at Goldman.
• Noble Corp. (NYSE: NE) was upgraded at Deutsche Bank to Buy from Hold.

MOST NOTEWORTHY: Motorola, California Pizza, and Seagate were today's noteworthy downgrades:

• Banc of America downgraded shares of Motorola (NYSE: MOT) to Neutral from Buy, despite believing the split into two businesses could ultimately unlock value, as they see few catalysts over the next year to lift shares. Banc of America also sees risk to Q1 earnings and lowered their target to $11 from $15.
  
• Friedman Billings lowered California Pizza Kitchen (NASDAQ: CPKI) to Market Perform from Outperform citing sluggish trends in its core markets.
  
• Seagate (NYSE: STX) was cut to Neutral from Outperform at Baird, citing weakening industry conditions throughout the month of March.

OTHER DOWNGRADES:

• Goldman lowered the Communications Tech sector to Neutral from Attractive, and also downgraded Juniper Networks (NASDAQ: JNPR) and Starent Networks (NASDAQ: STAR) to Neutral from Buy, and Aruba Networks (NASDAQ: ARUN) to Sell from Neutral.

Cognizant Technology (NASDAQ: CTSH) is up 14% on good earnings.

Aruba Networks (NASDAQ: ARUN) is trading down 23% on a weak quarterly report.

MBIA (NYSE: MBI) is off 12% on news of a secondary offer to raise money.

comScore (NASDAQ: SCOR) is selling off 13% on a weak quarter.

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: The European insurance industry, Deutsche Telekom and Aruba Networks were today's noteworthy downgrades:

• Bear Stearns downgraded the European insurance industry to Market Weight from Overweight on concerns the companies are exposed to risky assets following the U.S. subprime mortgage collapse. In conjunction with the sector downgrade, Bear Stearns downgraded ING (NYSE: ING) to Underperform from Peer Perform and Prudential plc (NYSE: PUK) to Peer Perform from Outperform.
  
• JP Morgan downgraded shares of Deutsche Telekom (NYSE: DT) to Underweight from Neutral on concerns over increased competition and U.S. market risks.
  
• Jefferies downgraded shares of Aruba Networks (NASDAQ: ARUN) to Hold from Buy and lowered their target to $13 from $21, as they believe recent delays of 802.11n could impact FY09 sales and potential market share gains and that the valuation is rich at current levels.

OTHER DOWNGRADES:

• Lehman downgraded Vodafone (NYSE: VOD) to Equal Weight from Overweight.
  
• B. Riley downgraded Quiksilver (NYSE: ZQK) to Neutral from Buy.
  
• Marshall & Ilsley (NYSE: MI) was downgraded to Sell from Neutral at Merrill Lynch.

MOST NOTEWORTHY: The U.S. food industry, Mylan Labs, Amerigroup and Isle of Capri were today's noteworthy upgrades:

• BMO Capital upgraded the U.S. food industry sector to Outperform from Market Perform to reflect the group's defensive nature, the recent valuation contraction, and predictable earnings growth. General Mills (NYSE: GIS) is the firm's top pick in packaged food, and they raised Kellogg Company's (NYSE: K) target to $59 and Kraft Foods' (NYSE: KFT) to $36.
  
• Credit Suisse upgraded Mylan Laboratories (NYSE: MYL) to Outperform Underperform, as the firm believes investors are "too negative" on the Merck transaction. The firm said the company is well-positioned long-term to be a leader in the global generics industry.
• Credit Suisse also upgraded shares of Amerigroup Corporation (NYSE: AGP) to Outperform from Underperform, as they believe the company is poised for better than expected margin improvement in 2007 and 2008.
• Isle of Capri Casinos Inc's (NASDAQ: ISLE) rating was upped to Buy from Hold at Morgan Joseph, citing indications of progress in the company's turnaround.

OTHER UPGRADES:

• Epic Bancorp (NASDAQ: EPIK) was upgraded to Buy from Hold at Sandler.
• Aruba Networks Inc (NASDAQ: ARUN) was upgraded to Outperform from Sector Perform at Pacific Crest.
• Lazard upgraded shares of Amylin Pharmaceuticals (NASDAQ: AMLN) to Buy from Hold.
  
• BMO Capital upped shares of Goodrich Petroleum (NYSE: GDP) to Outperform from Market Perform.

MOST NOTEWORTHY: Aruba Networks (ARUN), the aesthetic energy devices sector and Emeritus Corp (ESC) were today's noteworthy initiations:

• JP Morgan initiated shares of Aruba Networks (NASDAQ: ARUN) with a Neutral rating. The firm believes Aruba shares are fully valued at these levels and reflects strong growth with operating leverage.Pacific Crest believes Aruba, initiated with a Sector Perform rating and $19 target, is a strong alternative to Cisco Systems (NASDAQ: CSCO) in the WLAN market and its strong position as a point vendor makes the company an attractive acquisition candidate.

• Leerink Swann estimates the aesthetic energy devices sector is likely to experience 20% revenue growth over the next five years. The firm finds Thermage (NASDAQ: THRM) a turnaround-story which has a compelling mix of revenues from disposable tips while Cynosure (NASDAQ: CYNO) is capitalizing successfully on new product cycles with Affirm and SmartLipo. Palomar Medical Technologies (NASDAQ: PMTI) is viewed as the IP leader for hair removal products; Leerink initiated Thermage and Cynosure with Outperform ratings and Palomar with a Market Perform rating.

• Emeritus Corp (AMEX: ESC) was initiated with a Buy rating and $33 target at Stifel, which believes ESC has one of the best cash earnings growth stories among any of the traded senior housing companies.

OTHER INITIATIONS:

• CE Unterberg started shares of Synchronoss (NASDAQ: SNCR) with a Buy rating and $41 target.

• Rodman & Renshaw started shares of Array Biopharma (NASDAQ: ARRY) and Tapestry Pharma (NASDAQ: TPPH) with Market Outperform ratings and an $18 target and $5 target, respectively.

• Blackstone Group (NYSE: BX) was initiated with an Overweight rating and $41 target at Morgan Stanley.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: American Home Mortgage Investment Corp (AHM), MasterCard Inc (MA) and the selective railroad companies were today's more notable initiations:

• JMP Securities started American Home Mortgage (NYSE: AHM) with a Market Perform frating citing the challenging mortgage market.

• UBS started MasterCard (NYSE: MA) with a Buy and doesn't believe margin upside is fully reflected in the stock's valuation.

• Morgan Stanley initiated five railroad companies: Union Pacific Corp (NYSE: UNP) and Norfolk Southern Corp (NYSE: NSC) with Overweight ratings and Burlington Northern Santa Fe Corp (NYSE: BNI), Canadian Natural Resource Ltd (NYSE: CNQ) and CSX Corp (NYSE: CSX) with Equal Weight ratings.

OTHER INITIATIONS:

• Ceradyne, Inc (NASDAQ: CRDN) was initiated with a Neutral rating at First Albany.

• United Therapeutics Corp (NASDAQ: UTHR) was started with a Buy rating and $81 target at Citigroup.

• Goldman Sachs initiated shares of Aruba Networks, Inc (NASDAQ: ARUN) with a Neutral rating and $16.50 target.

• Saks Inc (NYSE: SKS) was started at Bear Stearns with a Peer Perform rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MAJOR PAPERS:

• The Wall Street Journal (subscription required) reported that Microsoft Corporation (NASDAQ: MSFT) has launched a new, free Web-based email, called Windows Live Hotmail, available in 36 different languages.
• The Wall Street Journal reported that House lawmakers will challenge a deal made by House Financial Services Chairman Barney Frank and the U.S. Treasury to overhaul the supervision of Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE).
• The Wall Street Journal's "Heard on the Street" column wrote that investors are betting that dealmaking is not done in commodities, with United States Steel Corporation (NYSE: X) and Alcoa Inc (NYSE: AA) among those that could receive takeover offers.
• The Financial Times (subscription required) "Alphaville" section reported that Arcelor-Mittal (NYSE: MT) is looking at AK Steel Holding Corporation (NYSE: AKS), with a offer of as mush as $40 a share.

OTHER PAPERS:

• The New York Times reported, citing investigators, that Chevron Corporation (NYSE: CVX) is preparing to acknowledge that it should have known kickbacks were being paid to Saddam Hussein on oil the company bought in Iraq.

WEBSITES:

• DigiTimes.com reported that Aruba Networks Inc (NASDAQ: ARUN) CEO Dominic Orr said that the company is expecting to nearly double its share in the global enterprise mobility solution market in 2008 from 10%-12% to around 20%.

MOST NOTEWORTHY: Delta Air Lines, Inc (DAL), Goodrich Corp (GR), Opnext, Inc (OPXT), Terex Corp (TEX) and Aruba Networks (ARUN) topped today's most noteworthy initiations list:

• UBS started shares of Delta Air Lines Inc (NYSE: DAL) with a Reduce rating and $17 target on valuation and management's overly optimistic outlook.

• Deutsche Bank prefers to wait of a better entry point for Goodrich Corp (NYSE: GR) and initiated shares with a Hold rating.

• Opnext Inc (NASDAQ: OPXT) was initiated at JP Morgan with a Neutral rating citing concerns regarding new transceiver margins.

• Prudential believes Terex Corp (NYSE: TEX) is well positioned to take advantage of strong sustainable growth in the global infrastructure and mining markets over at least the rest of the decade, starting shares with an Overweight rating.

• RBC Capital started Aruba Networks (NASDAQ: ARUN) with a Sector Perform rating while Lehman Bros initiated Aruba with an Overweight rating.

OTHER INITIATIONS:

• Deutsche Bank started Delta Petroleum Corp (NASDAQ: DPTR) with a Buy rating and $27 target.

• JMP Securities started Hersha Hospitality Trust (AMEX: HT) with an Outperform rating and $14 target.

• Credit Suisse assumed coverage of Interline Brands, Inc (NYSE: IBI) with an Outperform rating and $34 target.

• Credit Suisse reinstated Brooks Automation, Inc (NASDAQ: BRKS) with a Neutral rating.

• Goldman Sachs started CenturyTel, Inc (NYSE: CTL) with a Sell rating and $42 target on valuation.

• B. Riley initiated Insteel Industries, Inc (NASDAQ: IIIN) with a Buy rating and $24 target.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: UnitedHealth Group Inc (UNH), Aetna Inc (AET), Hercules Inc (HPC) and Alcatel-Lucent (ALU), were today's noteworthy initiations:

• Jefferies started UnitedHealth Group inc NYSE: UNH) with a Hold rating and $48 target and said near-term risk is still present due to unfavorable reserve adjustments to the company's commercial risk business and high expectations for improvement in the company's commercial medical care ratio.

• Aetna Inc (NYSE: AET) was also initiated by Jefferies with a Hold rating based on valuation.

• Credit Suisse started Hercules Inc (NYSE: HPC) with an Outperform rating and $24 target.

• Matrix USA initiated Alcatel-Lucent (NYSE: ALU) with a Hold rating on valuation...

OTHER INITIATIONS:

• Cowen is positive on MIPS Technologies, Inc (NASDAQ: MIPS), starting the company with an Outperform rating, and expects a deal with Microchip Technology Inc (MCHP) to be announced soon.

• JP Morgan initiated shares of Headwaters Inc (NYSE: HW) with a Neutral rating.

• Needham assumed coverage of Harris Interactive Inc (NASDAQ: HPOL) with a Hold rating.

• ThinkEquity started Aruba Networks, Inc (NASDQ: ARUN) with an Accumulate rating and $15 target.

• Lazard initiated shares of Cyclacel Pharmaceuticals Inc (NASDAQ: CYCC) with a Buy rating and $11 target.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Jim Cramer has a new SELL BLOCK this evening on MAD MONEY, and many of these are not sells at all. He also reviewed many recent IPOs -- some he says to sell and some he still likes.

Cramer said he feels like he got a little played by the CEO of Syntax-Brillian Corp (NASDAQ: BRLC) because the CEO said all great things, but right after Cramer brought him on the company announced a $15.5 million capital raise at a huge discount in a private placement. Cramer said he felt gamed and he is upset with the CEO for not disclosing this. Cramer doesn't trust the CEO now and he said it is taken off the positive crew.

Out of his 4% yield plays in AT&T (NYSE: T), Cramer says he likes Verizon Communications (NYSE: VZ) better now, but you don't have to sell all of AT&T. He says you can keep some but if you don't own either then he likes VZ better right now.

He would rather see you in Exxon Mobil Corp (NYSE: XOM) and out of his BP (NYSE: BP) call now since everyone wants to own XOM.

Cramer changed his tune on Vonage Holdings (NYSE: VG), well sort of. He said it is very interesting $3.00 lower than here, which is basically ZERO. VG actually popped a tad on this after-hours, even though it sounded a little sarcastic. I would expect to hear a clarification from Cramer on this tomorrow or next week since VG is such a controversial stock.

Movado (NYSE: MOV) is up 12% since his call, but he said to wait for a pullback. Now you got it and it is lower than his first recommendation since they warned; stock was down 17% today.

Here are his recent IPO Sell Block notes: As far as BigBand Networks (NASDAQ: BBND), Cramer still likes it. On SourceFire (NASDAQ: FIRE) he said they have run enough and you can sell. Aruba Networks (NASDAQ: ARUN) and Glu Mobile (NASDAQ: GLUU) he still doesn't like. Cramer likes Clearwire Corp (NASDAQ: CLWR) down here. He still is sticking with the "the underwriters sold to the wrong hands" story and thinks it is a good buy in here. On eTelecare Global Solutions (NASDAQ: ETEL) he said he still likes it but you can sell most of it and just leave the amount on that you have profits in since it is up so much.

Jon Ogg is a partner in 24/7 Wall St. LLC; he does not own securities in the companies he covers.