Boeing (NYSE:BA) is recently down $2.40 to $102.11. BA has previously announced that the 787 Dreamliner's first flight will be in mid-November to mid-December, with the first 787 delivery in May of 2008. BA will announce EPS on 10/24. BA call option volume of 7,474 contracts compares to put volume of 9,344 contracts. BA October option implied volatility is at 24, November is at 28; January is at 26 near its 26-week average of 25 according to Track Data, suggesting non-directional risk.

Clearwire (NASDAQ: CLWR), founded by Craig McCaw, builds and operates wireless broadband networks that enable internet communications. CLWR is recently down $2.95 to $20.66. Bear Stearns says "downgrading CLWR from Outperform to Peer Perform based on increased risk to its partnership with S, delays in signing the S deal that will likely push out additional market launches, and continued worries about CLWR's substantial funding gap." The Wall Street Journal reported Sprint (NYSE: S) board of directors started a search in August to replace current CEO Gary Forsee. CLWR October & November option implied volatility of 63 is above its 26-week average of 53 according to Track Data, suggesting larger risk.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

MOST NOTEWORTHY: British Airways plc (BAB), Ryanair Holdings plc (RYAAY), Cox Radio, Inc (CXR) and Autoliv Inc (ALV) were today's noteworthy initiations:

• Deutsche Bank upgraded shares of both British Airways (NYSE: BAB) and Ryanair Holdings plc (NASDAQ: RYAAY) to Hold from Sell on valuation.

• Credit Suisse upgraded shares of Cox Radio Inc (NYSE: CXR) to Neutral form Underperform on valuation following the stock's recent pullback. Bear Stearns also upgraded Cox Radio to Outperform from Peer Perform on valuation.

• Merrill Lynch upgraded shares of Autoliv Inc (NYSE: ALV) to Neutral from sell.

OTHER UPGRADES:

• Wachovia upgraded Heelys, Inc (NASDAQ: HLYS) to Outperform from Market Perform following positive channel checks, which could lead to upside to the Street's Q1 EPS estimate of 18c, and valuation.

• Stifel upgraded VistaPrint Ltd (NASDAQ: VPRT) to Buy from Hold with a $43 target. The firm said risks from taxes and non-transaction revenue have been diminished to levels that allow them to focus on the core printing business.

• Ameristar Casinos, Inc (NASDAQ: ASCA) was upgraded to Buy from Hold at Jefferies.

• Bear Stearns upgraded Waddell & Reed Financial, Inc (NYSE: WDR) to Outperform from Peer Perform based on strong operating leverage and valuation.

• Potash Corp (NYSE: POT) was upgraded to Buy from Neutral at UBS.

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

MOST NOTEWORTHY: The Major European Pharmaceutical Sector was the most notable downgrade this morning.

• Lehman Bros. downgraded the Major European Pharmaceutical Sector based on its 2007 outlook.
  
• The firm downgraded Sanofi-Aventis ADS (NYSE: SNY) and Glaxosmithkline plc ADS (NYSE: GSK) to Equal Weight from Overweight.

OTHER DOWNGRADES:

• Deutsche Bank is cautious on British Airways' ADS (NYSE: BAB) 2007 outlook and downgraded the airliner to Sell from Hold, citing valuation.

• Goldman Sachs downgraded Hornbeck Offshore Svc (NYSE: HOS) to Sell from Neutral following the driller's disappointing fourth quarter outlook.

• Wachovia downgraded CACI Int'l (NYSE: CAI) to Market Perform from Outperform following the sudden announcement last night that CFO Waechter has resigned from the company.

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