Analyst Upgrades

• Chesapeake (CHK) to buy from hold at Canaccord.
• Biogen (BIIB) and Regeneron (REGN) to outperform from sector perform at RBC Capital.
• Caribou Coffee (CBOU) to outperform from neutral and Encore Energy (ENP) to neutral from underperform at RW Baird.
• Fluor (FLR) to market perform from underperform at BMO Capital.
• Hornbeck Offshore (HOS) to conviction buy from neutral at Goldman.
• Saks (SKS) and Zale (ZLC) to neutral from underperform at BofA/Merrill.

Analyst Upgrades

• Goldman upgraded Jones Lang LaSalle (JLL) to buy from neutral.
• Credit Suisse upgraded Pulte Group (PHM) to neutral from underperform. Note that Citigroup downgraded the stock.
• Ameristar Casinos (ASCA) was upgraded to neutral from sell at Merriman.
• Citigroup upgraded Kimco Realty (KIM) to hold from sell.
• Mistras (MG) was upgraded to buy from hold at KeyBanc.
• Devon Energy (DVN) was upgraded to outperform from neutral at Macquarie.
• Garmin (GRMN) was upgraded to outperform from sector perform at PacCrest.

Biogen Idec (BIIB) improved its bullish prospects today as it announced earnings of $1.31 per share -- well above the Wall Street consensus estimate of $1.12 -- and raised its 2010 earnings outlook.

Total revenue for last quarter -- thanks in large part to better-than-expected sales of Biogen's multiple sclerosis drug Avonex -- came in at $1.2 billion, up 11% year over year.

Perhaps most exciting, however, was Biogen's announcement that it is raising its guidance for 2010 earnings to $4.70 per share, up from the current consensus of $4.57.

Alcoa, Inc. (AA) is expected to report Q2 EPS on July 12. AA overall option implied volatility of 52 is above its 26-week average of 46 according to Track Data, suggesting larger movement.

Advanced Micro Devices, Inc. (AMD) is expected to report Q2 EPS on July 15. AMD July put option implied volatility is at 58, August and October is at 53; verses its 26-week average of 52. AMD option volume of 64K contracts compares to put volume of 11K contracts, according to Track Data suggesting traders taking positions for price movement.

It appears that U.S.-based drug makers and cigarette companies caught the attention of traders Tuesday -- at least, that's what they're searching for.

If you want to know what stocks traders are interested in right now at this very second, you need look no further than what's hot in Google.

Here's what's hot Friday:

Analyst Upgrades

• Scotia Capital upgraded Apple (AAPL) to outperform from sector perform, citing valuation, potential increased iPhone distribution and iPad upside. The firm's two-year price target is $325.
• UBS upgraded Parker-Hannifin (PH) to neutral from sell following the company's better-than-expected Q3 report.
• Piper Jaffray upgraded Arkansas Best (ABFS) to neutral from underweight after the Teamsters union announced a tentative agreement with the company. The firm has a $33 price target for shares.
• Harley-Davidson (HOG) was upgraded to market perform from underperform at Raymond James.
• Allegheny Tech (ATI) was upgraded to buy from hold at KeyBanc.
• Manhattan Associates (MANH) was upgraded to buy from hold at Benchmark.

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

• Abercrombie & Fitch Co. (ANF) received an analyst's upgrade ahead of next week's Q4 earnings report.
• Acer Inc. reported its highest quarterly earnings in almost three years due in part to growth in shipments.
• Baidu Inc. (BIDU) swung to a better-than-expected Q4 profit, with strong revenue growth, and offered rosy guidance.
• Biogen Idec Inc. (BIIB) offered an upside surprise as well as full-year earnings above Wall Street estimates.
• Coinstar Inc. (CSTR) strong quarterly results and guidance, as well as litigation concerns, failed to inspire Wall Street.
• Coca-Cola Co. (KO) posted strong Q4 and full-year earnings results due to growth in emerging markets.

As my colleague Karla Yeh pointed out over at ONN.tv earlier today, Biogen Idec (BIIB) saw some unusual options trading in the wake of its positive earnings surprise before the bell.

BIIB gapped higher at the open, jumping almost 2% out of the gate. Less than a half hour into the trading day, large blocks of roughly 4,000 contracts each traded at four March strikes: the 45-strike put, the 50-strike put, the 55-strike call, and the 60-strike call. It appears as though this investor sold the March 50/55 strangle (the 50 put and the 55 call) and simultaneously purchased the March 45/60 strangle (the 45 put and the 60 call).

A short strangle is typically employed when the investor expects the underlying instrument to stay range-bound; a long strangle is used by traders who expect a sharp move in either direction. In this case, with one of each crossing the tape as part of one strategy, it can be referred to as an iron condor.

Stocks had effectively no real market moving economic data to trade off of. We also saw a break-away from the inverse relationship between stocks and the US Dollar, as both were up on the day.

Here were today's unofficial closing bell levels:

Dow 10,414.07 +85.18 (0.82%)
S&P 500 1,114.05 +11.58 (1.05%)
Nasdaq 2,237.66 +25.97 (1.17%)

Top Day Trader Alerts
Top 10 Analyst Calls

This was the day that could have been. Earnings were coming out favorably, yet the data just couldn't support the stocks. There were also trader comments that BofA/Merrill had large sell orders or sell programs throughout the day. It looks like the DJIA even closed out under the 10,000 mark on an unofficial basis.

Here were today's unofficial closing bell levels:

Dow 9,974.75 -106.56 (-1.06%)
S&P 500 1,079.73 -13.18 (-1.21%)
Nasdaq 2,154.47 -10.82 (-0.50%)

Top 10 Analyst Calls
Top Day Traders Stocks
Top Stock/Market Rumors

The earnings crunch ramps up this week, and again expectations are generally low. Among the so-called bellwethers that are expected to report lower earnings year over year are CSX Corp. (NYSE: CSX), Gannett Inc. (NYSE: GCI), General Electric Co. (NYSE: GE), Harley Davidson Inc. (NYSE: HOG), Intel Corp. (NASDAQ: INTC), International Business Machines Corp. (NYSE: IBM), Johnson & Johnson (NYSE: JNJ), Marriott International Inc. (NYSE: MAR), Mattel Inc. (NYSE: MAT), Nokia Corp. (NYSE: NOK), and Yum! Brands Inc. (NYSE: YUM). Analysts surveyed by Thomson Reuters do expect the profits of CSX, Gannett, Mattel, and Nokia to be up from the previous quarter, however.

A number of financial companies, big and small, are scheduled to report second-quarter earnings this week, providing a good look at what's going on in the sector. Perhaps the best news will be coming from Citigroup and Marshall & Ilsley. While they are expected to post further losses, at least they are headed in the right direction by narrowing those losses year over year.

"Midyear is as good a time as any to pause and reflect," says Richard Moroney in Dow Theory Forecasts -- a newsletter with the distinction of having been published for more than 50 years.

Here, he reviews the state of the market and offers a look at trio of favorite stocks which he considers "fundamentally superior" companies: Biogen Idec (NASDAQ: BIIB), Comcast (NASDAQ: CMCSA), and Oceaneering International (NYSE: OII).

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

• Anadarko Petroleum Corp. (NYSE: APC) reported that its Q4 profit tripled but it fell short of estimates.
• Biogen Idec Inc. (NASDAQ: BIIB) met earnings estimates but it is getting more pressure from Carl Icahn.
• BP (NYSE: BP) surprised Wall Street with a multibillion dollar Q4 loss due to lower oil prices.
• Cisco Systems Inc. (NASDAQ: CSCO) beat Q2 estimates but warned that incoming orders have declined.
• Dick's Sporting Goods Inc. (NYSE: DKS) reaffirmed its previous Q4 guidance, which pleased investors.
• Estee Lauder Companies Inc. (NYSE: EL) topped Q2 earings estimates and it announced job cuts.
• Humana Inc. (NYSE: HUM) Q4 earnings fell on higher claim expenses and lower investment income.
• JDS Uniphase Corp. (NASDAQ: JDSU) adjusted earnings were in line with estimates but revenue fell.

Today's rally came on strong as horrible unemployment data showed the need for a much stronger stimulus package. Expect a big package Monday, or at least expect a huge sell-off in many banks and financials if not. Here are the unofficial closing bell levels:


Dow 8,280.59 +217.52 (2.70%)
S&P 500 868.56 +22.71 (2.68%)
Nasdaq 1,591.71 +45.47 (2.94%)

When you have a trading day like today and it comes after a week like this week, it is hard to determine if you are happier that the rally came on at the end of the day or if you are happier that the closing bell came to end the week. The markets closed down today but today felt like a win when you consider the 400 point move higher off of late day lows in the last hour. There are hopes of a coordinated G7 announcement this week along with some fresh hopes that the Treasury will make new banking injections and help in the LIBOR woes. The bond traders left at 2:00 PM early for Columbus Day, and the bond market is closed Monday.

Here are the unofficial closing bell levels, and remember that the exchange takes much longer to find actual close levels right now:
DJIA 8,477.40 -101.79 -1.19%
NASDAQ 1,649.51 +4.39 +0.27%
S&P500 901.24 -8.68 -0.95%
10YR T-NOTE 3.861% +0.027%
Top Analyst Upgrades

Barclays plc (NYSE: BCS) fell on reports that the financial bank giant is considering raising capital as part of the government's bailout package in the UK. Shares were down 9% at $14.66 in the final minutes before the close.