Analyst Upgrades

• General Electric (GE) and Barclays (BCS) to buy from neutral at UBS.
• Warnaco (WRC) to outperform from market perform and Melco Crown (MPEL) to market perform from underperform at Wells Fargo.
• Parker-Hannifin (PH) and Emerson Electric (EMR) to buy from neutral at Goldman.
• AMD (AMD) to buy from neutral at Nomura.
• Novellus (NVLS) and Sherwin-Williams (SHW) to equal weight from underweight at Morgan Stanley.
• OpenTable (OPEN) to outperform from market perform at Morgan Keegan.
• Skilled Healthcare (SKH) to buy from hold at Jefferies.
• Lear (LEA) to overweight from equal weight at Barclays.
• Adobe (ADBE) to buy from neutral at BofA/Merrill.

Analyst upgrades:

• JP Morgan upgraded shares of Amazon (NASDAQ:AMZN) to Overweight from Neutral as they believe the company's market share gains in the e-commerce sector will continue and that new product lines are adding diversification of revenue streams.
  
• Wachovia upgraded Leap Wireless (NASDAQ:LEAP) to Outperform from Market Perform citing new market launches that should drive subscriber growth and reduced ARPU deterioration.
  
• Deutsche Bank upgraded shares of Pride International (NYSE:PDE) to Buy from Hold as they believe investors will view the stock as a pure deepwater play beginning in Q2.
• PDL BioPharma (NASDAQ:PDLI) was upgraded to Neutral from Underweight at JP Morgan.
  
• Best Buy (NYSE:BBY) was raised to Buy from Neutral at Goldman.
  
• Altera (NYSE:ALTR) was upgraded at Wachovia to Outperform from Market Perform.

Analyst downgrades:

• Keefe Bruyette downgraded Southside Bancshares (NASDAQ:SBSI), Prosperity Bancshares (NASDAQ:PRSP), Cullen/Frost (NYSE:CFR) and BancFirst (NASDAQ:BANF) to Underperform from Market Perform on valuation and the weakening economic outlook in the Southwest.
  
• Oppenheimer cut Varian Medial (NYSE:VAR) to Perform from Outperform as they believe U.S. hospitals could reduce capital spending budgets by 15%-25% in 2009.
  
• Dress Barn (NASDAQ:DBRN) was lowered to Neutral from Buy at SunTrust based on valuation and lack of near-term catalysts.
• JetBlue (NASDAQ:JBLU) was downgraded at Jesup & Lamont to Hold from Buy.
  
• Credit Suisse cut Novellus (NASDAQ:NVLS) to Underperform from Neutral.
  
• Helen of Troy (NASDAQ:HELE) was downgraded to Underweight from Neutral at JP Morgan.

Analyst initiations:

• Merriman initiated Capstone Turbine (NASDAQ:CPST) with a Neutral rating and finds the stock fairly valued at current levels.
  
• Leerink sees a high likelihood that Momenta's (NASDAQ:MNTA) lead product candidates M-Enoxaparin and M-356 clear regulatory and legal hurdles. The firm has an Outperform rating and $16 fair value estimate on shares.
  
• NCI (NASDAQ:NCIT) was initiated with a Market Perform rating at Wachovia based on valuation.
• Teradyne (NYSE:TER) was assumed at Barclays with an Overweight rating and $6 target.

The markets could have changed their name to 'Yo-Yo' today rather than 'Skydiver.' It wasn't the VIX reaching multi-year highs of 40 that ran us up. It wasn't last night's intervention. It was the first overseas curbing of short selling financial stocks in the U.K. and then the word that the government was preparing a new version of the Resolution Trust Corporation.

Dow 11,010.74 +401.08 +3.78%
Nasdaq 2,199.10 +100.25 +4.78%
S&P 500 1,202.86 +46.47 +4.02%
10 Yr Bond(%) 3.432% +0.022%

52-week lows
Top Analyst Upgrades & Downgrades

Washington Mutual Inc. (NYSE: WM) was a huge winner today. Shares were up over 50% at $3.17 right before the close after it has formally put itself up for sale. The rest of the rally came from government hopes of a new RTC.

American International Group (NYSE: AIG) also saw a monster run. Shares rose 20% to $2.45 on more than 200 million shares. Tie that one to a possible RTC as well.

Today was somewhat tiring -- there was no real direction and the media was competing for any broad stories with meat to them. Selling picked up at the end of the day and broke a three-day run. The US trade deficit came in narrower than expected and oil prices came down another $1.00+ to well under $114 per barrel. While there was more negative news in financial stocks, today's drumming may have been more analyst driven than on other days where large drops were seen. As you will see, bond yields came down sharply today.

Here are today's unofficial closing bell levels:
DJIA 11,642.47 (-1.19%)
S&P500 1,289.59 (-1.20%)
NASDAQ 2.430.61 (-0.38%)
10 YR T-Note 3.918% (-0.08%)
Top Analyst Upgrades
Top Analyst Downgrades

Apple Inc. (NASDAQ: AAPL) rose on two separate analyst calls. It was started as "Outperform" in news coverage at Credit Suisse and Lehman Brothers also reiterated an "Outperform" rating. Shares were up almost 25 at $176.48 in today's final minutes.

Capstone Turbine Corp. (NASDAQ: CPST) managed to rack up gains despite fears over cautious earnings. The company had a single order that accounted for this and racked up another gain to its backlog. Shares were up 7.5% at $2.61 in today's final minutes. Here are the Q&A comments from the conference call.

Today was a mixed day in the news, despite the rally we saw in the equity markets. Some was related to a surge in the dollar causing a relatively small drop in oil prices after hints of the Saudis boosting production. The Labor Department reported that the inflation index, the Consumer Price Index, rose by +0.6% in May, just above the +0.5% economists were looking for. The core-CPI, an ex-food and ex-energy basis, showed only a gain of +0.2% that matched expectations. Too bad that no one can go without energy or food. Perhaps the more shocking number came out of the housing sector where there were reports that May's foreclosure rates were up 48% compared to last year's reading. Below are the unofficial closing bell levels for major index levels:]

DJIA: 12307.67 up 166.09
NASDAQ 2,454.50 up 50.15
S&P 500: 1,360.12
52-WEEK LOWS
TOP 10 ANALYST CALLS

Capstone Turbine Corporation (NASDAQ: CPST) was one the more active movers after its earnings, but the real boost came from the realization that its backlog was actually understated and even better than an already strong report. Shares were up in the final minutes today.

MOST NOTEWORTHY: Capstone Turbine, Insulet and Teradata were today's noteworthy initiations:

• Merriman believes Capstone Turbine (NASDAQ: CPST) is well-positioned for rapid growth as capacity constraints and dependence on subsidies drive the adoption of clean, dependable hydrocarbon-based technologies. Shares were assumed with a Buy rating.
  
• JMP Securities initiated Insulet (NASDAQ: PODD) with an Outperform rating and $29 target and expects increased adoption of the company's OmniPod disposable, tubeless insulin pump.
  
• Pacific Crest initiated Teradata (NYSE: TDC) with an Underperform rating. The firm is a seller of shares given the slowing economy and the company's exposure to larger IT deals.

OTHER INITIATIONS:

• Commercial Metals (NYSE: CMC) was initiated at UBS with an Outperform rating and $37 target.

Producer prices rose almost twice as much as forecast in March, reflecting higher fuel and food costs that show more signs of a pickup in inflation. The 1.1% gain followed a 0.3% increase in the prior month. U.S. foreclosure filings jumped 57% and bank repossessions more than doubled in March from a year earlier as adjustable mortgages increased and more owners gave up their homes to lenders. May crude oil even came within one penny of $114 per barrel today.

Below are the unofficial closes for major US index levels:

• DJIA 12,368.01 (+65.95; +0.54%)
• S&P500 1,335.00 (+6.68; +0.50%)
• NASDAQ 2,286.04 (+10.22; +0.45%)
• 10YR-TBond 3.57% (+0.067%)
• Full Pre-Market analyst calls.
• Big list of 52-week lows today.

Wednesday, and maybe even the rest of the week, will probably be dominated by Intel Corporation (NASDAQ: INTC), with shares up 0.7% at $20.84 right before the close ahead of its major earnings report.

In sharp contrast to the ten horrifically downtrending stocks I warned against buying in this article, today I feature these 10 solidly uptrending stocks.

AK STEEL (NYSE: AKS)
Gilead Sciences (NASDAQ: GILD)
United States Oil (AMEX: USO)
Quicksilver Resources (NYSE: KWK)
Kinross Gold (NYSE: KGC)
Yamana Gold (NYSE: AUY)
streetTRACKS Gold (NYSE: GLD)
Capstone Turbine (NASDAQ: CPST)
Converted Organics (NASDAQ: COIN)
Steel Dynamics (NASDAQ: STLD)

It's charts like theirs that make you wonder why you're messing around with any other stocks. Ahhh, if it was only that easy. No matter that all the stocks listed above are making new highs, now the concern is that they may have come too far too fast. In 2008, several of these stocks-the gold plays in particular-have risen nearly 50%. Obviously the oil stocks have also been surging, but how much further can the "black gold" plays really run?