Analyst upgrades:

• JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
• Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
• Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
• ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
• China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

Rigel Pharmaceuticals, Inc. (NASDAQ: RIGL): Sees good news on its rheumatoid arthritis drug. Jumps to $26.45 up from 52-week low of $6.64.

Savient Pharmaceuticals, Inc. (NASDAQ: SVNT): Gets strong results from late stage trials for drug which effectively treated patients with gout. Shares move up to $18.58 from 52-week low of $10.58.

BioMarin Pharmaceuticals, Inc. (NASDAQ: BMRN): FDA approves company's new drug. Stock up to $30.49 and more after hours from 52-week low of $15.53.

Coca-Cola Enterprises Inc. (NYSE: CCE): Has a strong earnings outlook for next year. Moves up to $26.83 from 52-week low of $19.78.

PepsiCo, Inc. (NYSE: PEP): No news. Just a safe, successful place to put money. Up to $78.78 from 52-week low of $61.89.

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