Analyst Upgrades
- Merriman upgraded Regal Entertainment (NYSE: RGC) to Buy from Neutral as the analyst is less concerned about Q2 box office performance following the Transformers 2 opening weekend.
- Baird upgraded Ball (NYSE: BLL) to Outperform from Neutral and raised its target to $52 from $46 citing cost cutting initiatives, a volume trough in Q1, and expected earnings growth.
- Morgan Stanley upgraded JCPenney (NYSE: JCP) to Overweight from Equal Weight. The firm cites valuation and gross margin opportunity for the upgrade. The firm has a $35 target on shares.
- KB Home (NYSE: KBH) was raised to Neutral from Underperform at Credit Suisse.
- Cognizant (NASDAQ: CTSH) was upgraded to Market Perform from Underperform at Wachovia.
- Lloyds Banking (NYSE: LYG) was upgraded to Conviction Buy from Neutral at Goldman.
Today's run might be more banked on Indian election results, one earnings report, and an analyst upgrade. The National Association of Home Builders reported a slightly more optimistic builder report as well, but today's gains were well entrenched with or without housing data. 
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