Option traders appear to be setting up for a bullish move on Cypress Bioscience, Inc. (CYPB). Traders plowed into 1,305 new call option contracts -- 19.19 times the average volume -- on the stock on Friday. And we know that traders were eager to get into this trade because 100% of the trades came in on the ask price.

Cypress has been in a downtrend since hitting a high around $10.00 in July 2009. The stock closed Friday at $3.39, down 10.79% during the past month.

MOST NOTEWORTHY: Yahoo!, Goldman Sachs and Bankrate were today's noteworthy downgrades:

• Banc of America downgraded shares of Yahoo! (NASDAQ: YHOO) to Neutral from Buy as they believe that even if shareholders accept Microsoft's (NASDAQ: MSFT) offer, the regulatory hurdles are significant.
• Oppenheimer downgraded shares of Goldman Sachs (NYSE: GS) to Perform from Outperform as they believe the current valuation is not sustainable in a year when the company will probably deliver results that will not be substantially better than peers.
• Jefferies lowered its rating on Bankrate (NASDAQ: RATE) to Hold from Buy on valuation, as they believe the run-up in shares reflects expectations for strong Q4 results and guidance.

OTHER DOWNGRADES:

• SiRF Technology (NASDAQ: SIRF) was downgraded to Hold from Buy at Jefferies, to Market Weight from Overweight at Thomas Weisel and to Perform from Outperform at Oppenheimer.
• Goldman downgraded Posco (NYSE: PKX) to Sell from Neutral.
• Baird downgraded Associated Bancorp (NASDAQ: ASBC) to Neutral from Buy.