Analyst Upgrades

• General Growth (GGP) to outperform from neutral at Credit Suisse.
• PPL Corp. (PPL) to outperform from market perform at FBR Capital.
• Hudson City Bancorp (HCBK) to neutral from reduce at Nomura.
• Hologic (HOLX) to conviction buy from buy at Goldman.
• Cognex (CGNX) to overweight from neutral at Piper Jaffray.
• Buckeye Partners (BPL) to outperform from market perform at Wells Fargo.
• Ericsson (ERIC) and Health Care REIT (HCN) to buy from neutral and Olin (OLN) to neutral from sell at UBS.
• Nalco (NLC) to overweight from neutral at JPMorgan.
• Watts Water (WTS) to buy from hold at BB&T.
• McDermott (MDR) to buy from neutral at Pritchard.

U.S. stocks opened the trading session with the Dow Jones Industrial Average surging 125 points at the open. The Nasdaq Composite and S&P 500 also soared over 1%. The market responded partly to weekly jobless claims figures, which plunged to a nearly three-year low.

Overseas, positive sentiment ruled the European markets today. While STOXX Europe 600 Index has advanced 0.94%, London's FTSE 100 Index moved up 1.29%.

Today was a day that was media-heavy on election day as the markets were pricing in some Republican party recovery in the House and Senate. That remains to be known until tonight, barring any recounts or run-offs. The other issue that added support was the hope of a large quantitative easing measure tomorrow at 2:15 PM EST. Much of that is supposed to be priced in and the verdict is still out. Either way, this was a solid day where stocks rose, bond prices rose, oil rose, and gold all rose.

Here are today's unofficial closing bell levels:

Dow Jones 11,188.72 +64.10 (0.58%)
S&P 500 1,193.57 +9.19 (0.78%)
Nasdaq 2,533.52 +28.68 (1.14%)

Top Analyst Calls

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

• Alcatel-Lucent (NYSE: ALU) reported its fifth straight quarterly loss and lowered its outlook.
• Anadigics Inc. (NASDAQ: ANAD) beat Q1 expectations and raised its Q2 guidance.
• AuthenTec Inc. (NASDAQ: AUTH) Q1 revenues jumped 67% on new product offerings.
• CBS Corp. (NYSE: CBS) posted better-than-expected Q1 results and raised its dividend.
• Cognex Corp. (NASDAQ: CGNX) beat Q1 expectations and lifted its outlook.
• Comcast Corp. (NASDAQ: CMCSA) posted soild Q1 results on high-speed internet/digital phone strength.
• DreamWorks Animation Inc. (NYSE: DWA) earnings and revenues soared in the first quarter.
• Eastman Kodak Co. (NYSE: EK) narrowed its Q1 loss but missed earnings estimates.
• IAC/InterActivCorp (NASDAQ: IACI) Q1 profits fell but met analsts' expectations.
• LSI Corp. (NYSE: LSI) beat Q1 expectations and raised its guidance for the next quarter.
• NetSuite Inc. (NASDAQ: N) narrowed its loss on a surge in Q1 revenue.
• Omniture Inc. (NASDAQ: OMTR) Q1 revenue jumped 136% on acquisitions.
• RadioShack Corp. (NYSE: RSH) just beat low Q1 expectations on lower demand and narrower margins.
• SAP AG (NYSE: SAP) earnings for the first quarter fell short of analysts' expectations.

Cognex Corporation (NASDAQ: CGNX) provides machine vision computer systems that automate a range of manufacturing processes. Essentially, the systems link to video cameras and serve as eyes where human vision is insufficient. The firm's Modular Vision Systems automate the manufacture of discrete items (e.g: semiconductor chips) by locating, identifying, inspecting and measuring them during the manufacturing process. Its Surface Inspection Systems monitor the surfaces of materials processed in a continuous fashion (e.g: paper, metal, plastic) for imperfections. Cognex has offices throughout North America, Japan, Europe, Asia and Latin America. Boston Scientific (NYSE: BSX), Ford Motor (NYSE: F) and Sony (NYSE: SNE) are customers.

Cognex pleased investors earlier in the week, when it reported Q1 EPS of 20 cents and revenues of $60.5 million. Analysts had been looking for 17 cents and $59.9 million. Management also guided Q2 EPS to 20-24 cents (20 cent consensus) and Q2 revenues to $65-$68 million ($63.14 million consensus). The firm expects gross margin to remain in the low-70% range.

Cognex Corporation (NASDAQ: CGNX) provides machine vision computer systems that automate a range of manufacturing processes. Essentially, the systems link to video cameras and serve as eyes where human vision is insufficient. The firm's Modular Vision Systems automate the manufacture of discrete items (e.g: semiconductor chips) by locating, identifying, inspecting and measuring them during the manufacturing process. Its Surface Inspection Systems monitor the surfaces of materials processed in a continuous fashion (e.g: paper, metal, plastic) for imperfections. Cognex has offices throughout North America, Japan, Europe, Asia and Latin America. Boston Scientific (NYSE: BSX), Ford Motor (NYSE: F) and Sony (NYSE: SNE) are customers.

The company pleased investors earlier in the month, when it reported Q4 EPS of 25 cents and revenues of $65.3 million. Analysts had been expecting 20 cents and $60.9 million. Management also guided Q1 EPS to 13-18 cents (18 cent consensus) and Q1 revenues to $58-$61 million ($58.45 million consensus). In discussing the coming year, the CEO alluded to the introduction of "a number of important new products." Needham subsequently upgraded the shares to "strong buy" and declared a price target of $25.

Cognex Corporation (NASDAQ: CGNX) provides machine vision computer systems that automate a range of manufacturing processes. Essentially, the systems link to video cameras and serve as eyes where human vision is insufficient. The firm's Modular Vision Systems automate the manufacture of discrete items (e.g: semiconductor chips) by locating, identifying, inspecting and measuring them during the manufacturing process. Its Surface Inspection Systems monitor the surfaces of materials processed in a continuous fashion (e.g: paper, metal, plastic) for imperfections. Cognex has offices throughout North America, Japan, Europe, Asia and Latin America. Ford Motor (NYSE: F) is a major customer.

The company pleased investors earlier in the month, when it reported Q3 EPS of 17 cents and revenues of $54.8 million. Analysts had been expecting 10 cents and $54.6 million. Management also guided Q4 EPS to 17-23 cents (18 cent consensus) and Q4 revenues to $56-$62 million ($59.89 million consensus). Bear Stearns and Barrington Research subsequently upgraded the shares to "outperform".