Cognizant Technology Solutions Corp. (CTSH) was off today after the company issued results for the fourth quarter. With a little more than thirty minutes to go before the end of the regular session, I'm seeing a quote of $74.25, a price that represents a drop of about 1.6%. Volume is above average.

According to the press release, profit on a reported basis calculated out to 66 cents per share. A year ago, Cognizant booked 47 cents per share. On an adjusted basis, net income was 70 cents per share this time around versus 50 cents per share in the comparable period. Earnings.com says the call was for 65 cents per share.

"Outsourcing play Cognizant Technology (CTSH) is a bet that after a strong 2010, this sector will continue to yield big profits for investors," says Nicholas Vardy.

The editor of Global Bull Market Alert explains, "CTSH, a New Jersey-based company with more than 75% of its 100,000-plus employees based in India, is set to continue performing well as the global economic recovery gains momentum.

"Cognizant does more than just staff low-end call centers, or process online catalog orders. Cognizant's workers test drugs, develop software and engage in a host of other sophisticated activities.

Analyst Upgrades

• Diamond Offshore (DO) to conviction buy from sell and Baker Hughes (BHI) to buy from neutral at Goldman.
• Frontier Communications (FTR) to outperform from market perform at Wells Fargo.
• Syntel (SYNT) to outperform from market perform at Wells Fargo, to buy from hold at Deutsche Bank and to buy from neutral at Janney Capital.
• Kulicke & Soffa (KLIC) and Fiserv (FISV) to outperform from perform at Oppenheimer.
• 3M (MMM) to neutral from underweight and Tyco (TYC) to overweight from neutral at JPMorgan.
• Collective Brands (PSS) and Nordstrom (JWN) to overweight from equal weight, as well as Foot Locker (FL) to equal weight from underweight, at Morgan Stanley.
• Amazon.com (AMZN) to buy from hold at Lazard Capital.
• Yamana Gold (AUY) to outperform from neutral at Credit Suisse.

Analyst Upgrades

• Cisco (CSCO) to outperform from perform at Oppenheimer.
• Cognizant (CTSH) to buy from neutral at Goldman.
• Polypore (PPO) to outperform from neutral at RW Baird.
• Elan (ELN) to buy from neutral at UBS.
• Millicom (MICC) and NuStar GP Holdings (NSH) to overweight from equal weight at Morgan Stanley.
• Teekay LNG (TGP) to equal weight from underweight at Morgan Stanley.
• American Railcar (ARII) to outperform from market perform at Morgan Keegan.
• Texas Instruments (TXN) to buy from neutral at Sterne Agee.

Today's stock market could not offer a repeat of triple-digit DJIA gains. Personal income and spending failed to offer a renewed hope that a major upside was coming from Joe Public in new consumer spending. The pending home sales data is also running at historic lows.

Here are today's unofficial closing bell levels:

Dow Jones 10,636.38 -38.00 (-0.36%)
S&P 500 1,120.46 -5.40 (-0.48%)
Nasdaq 2,283.52 -11.84 (-0.52%)

Top Analyst Calls

Analyst upgrades:

• CLSA upgraded Freeport McMoRan (FCX) to Buy from Sell and has a price target of $85 based on expectations for improved copper prices. The analyst believes China is mostly done with tightening measures and that downside in copper prices is limited.
• Jefferies upgraded Concur Tech (CNQR) to Buy from Hold due to improvements in corporate travel and structural growth drivers from international and SMB. The firm has a price target of $55 on the stock.
• Deutsche Bank upgraded ESCO Technologies (ESE) to Buy from Hold on expectations the company will announce a contract with SoCal Gas within two months. The firm upped its target for shares to $35 from $33.
• Wells Fargo (WFC) was raised to Outperform from Market Perform at FBR Capital.
• Human Genome (HGSI) was upgraded to Outperform from Neutral at Baird.
• Brown & Brown (BRO) was upgraded to Neutral from Underweight at JP Morgan.

Analyst downgrades:

• Canaccord downgraded Netflix (NFLX) to Hold from Buy following the Q2 report and has a $107 price target on the stock. The firm is growing more cautious on ARPU pricing pressure, higher churn rates and higher SAC.
• Deutsche Bank downgraded Airgas (ARG) to Hold from Buy following the company's Q1 results due to valuation. The firm has a $65 price target for shares. Note shares were also downgraded at Soleil this morning.
• Goldman downgraded Piper Jaffray (PJC) to Neutral from Buy and lowered its price target to $35 from $46. The firm said Piper's ROE remains below peers.
• AMB Property (AMB) was downgraded to Neutral from Buy at BofA/Merrill.
• Odyssey Healthcare (ODSY) was downgraded to Negative from Neutral at Susquehanna.
• Trina Solar (TSL) was downgraded to Outperform from Strong Buy at Raymond James.

Analyst initiations:

• BofA/Merrill started Cognizant Technology (CTSH) with a Neutral rating.
• Stifel Nicolaus initiated Brigham Exploration (BEXP) with a Buy rating and $24 target.
• ThinkEquity assumed Dick's Sporting (DKS) with a Buy rating.
• Petrohawk Energy (HK) was initiated with a Perform rating at Oppenheimer.
• E.ON AG (EONGY) was initiated with a Buy rating at RBS.
• Atlas Energy (ATLS) was initiated with an Outperform rating at BMO Capital.

Analyst Upgrades

• JPMorgan upgraded T. Rowe Price (TROW) to overweight from neutral while downgrading Janus Capital (JNS) to underweight from neutral to reflect valuations and fundamentals. The firm has a $67 price target for T. Rowe Price shares.
• Piper Jaffray upgraded Lincoln Electric (LECO) to overweight from neutral as it believes the rebound in global manufacturing is accelerating. The firm has a $70 price target on the stock.
• Wells Fargo upgraded Highwoods Properties (HIW) to market perform from underperform, citing valuation and a strong balance sheet.
• Corning (GLW) was upgraded to outperform from sector perform at RBC Capital.
• Allergan (AGN) was upgraded to conviction buy from neutral at Goldman.
• Mohawk (MHK) was upgraded to buy from neutral at SunTrust.

Analyst Upgrades

• FBR Capital upgraded Bank of America (BAC) to outperform from market perform to reflect its positive view of the company's $20.5M common equity raise and $45B TARP repayment. The firm believes the $20.5B capital raise is lower than some expected and that Bank of America could potentially announce a new CEO by year-end. FBR raised its price target on shares to $20 from $15.
• JPMorgan upgraded Kennametal (KMT) to overweight from neutral. The firm, which has a $30 target on the stock, cites the recent pullback in shares and believes increased industrial production in 2010 could be a positive catalyst for the company.
• Credit Suisse upgraded Ternium (TX) to outperform from neutral and raised its target to $40 from $31. The firm upgraded shares based on expectations for further improvements in profitability.
• G-III Apparel (GIII) was upgraded to overweight from market weight at Thomas Weisel.
• Cubist Pharma (CBST) was raised to outperform from sector perform at RBC Capital.
• AvalonBay (AVB) was upgraded to neutral from sell at Goldman.

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

• Activision Blizzard Inc. (NASDAQ: ATVI) said its Q3 profit declined despite the popularity of Guitar Hero.
• Blackboard Inc. (NASDAQ: BBBB) said Q3 revenue surged and its offered impressive cash flow numbers.
• Boston Beer Co. Inc. (NYSE: SAM) easily beat Q3 earnings estimates and raised its full-year guidance.
• Cisco Systems Inc. (NASDAQ: CSCO) lower Q1 results topped estimates and sent shares higher.
• Cognizant Technology Solutions Inc. (NASDAQ: CTSH) was upgraded following its strong Q3 results.
• Corporate Executive Board (NASDAQ: EXBD) received an analyst's upgrade following the Q3 results.

Analyst upgrades:

• Oppenheimer upgraded Viacom (NYSE: VIA, VIA.B) to Outperform from Perform following the better-than-expected Q3 results to reflect an improving outlook for all the company's segments. The firm raised its target on shares to $36.
• Deutsche Bank upgraded C.R. Bard (NYSE: BCR) to Buy from Hold on expectations the company's underlying growth trends will improve. The firm raised its target on shares to $88 from $78.
• Wells Fargo upgraded Cognizant (NASDAQ: CTSH) to Outperform from Market Perform. The firm upgraded the stock after Cognizant reported better-than-expected Q3 results.
• Plug Power (NASDAQ: PLUG) was upgraded to Sector Perform from Underperform at RBC Capital.
• Digital River (NASDAQ: DRIV) was upgraded to Buy from Hold at Collins Stewart and to Overweight from Neutral at Piper Jaffray.
• Steris (NYSE: STE) was upgraded to Overweight from Equal Weight at Stephens.

Analyst upgrades:

• Kaufman Bros. upgraded Computer Sciences (NYSE: CSC) and Cognizant (NASDAQ: CTSH) to Buy from Hold on better demand trends as it believes overall enterprise IT spending is turning more positive. The firm raised its target on Computer Sciences to $62 from $54 and on Cognizant to $45 from $42.
• Citigroup upgraded E-Trade (NASDAQ: ETFC) to Buy from Hold as it believes loan less trends have improved and the company could potentially be acquired. Citi raised its target on shares to $2.30 from $1.50.
• Auriga upgraded Microsoft (NASDAQ: MSFT) to Buy from Hold as it believes consensus expectations for 2010 are too low, but admits the company's Q1 results could be fairly weak. Auriga believes Microsoft is coming up to its "most powerful product cycle in many years" and raised its price target on shares to $30 from $24.
• Motorola (NYSE: MOT) was upgraded to Buy from Neutral at UBS.
• Fidelity Southern (NASDAQ: LION) was upgraded to Neutral from Reduce at SunTrust.
• Sonoco Products (NYSE: SON) was upgraded to Buy from Neutral at BofA/Merrill.

Analyst upgrades:

• Keefe Bruyette upgraded Intercontinental Exchange (NYSE: ICE) to Market Perform from Underperform following the company's in-line quarter and extended buyback. The firm raised its target price on shares to $103 from $98.
• Merriman upgraded Cree (NASDAQ: CREE) to Buy from Neutral after transitioning coverage of the stock as it believes HB-LED chips are gaining momentum and that the company can top its recently raised guidance.
• Deutsche Bank upgraded Glatfelter (NYSE: GLT) to Buy from Hold following the company's Q2 results due to falling net debt levels and valuation. The firm raised its target on shares to $14 from $8.
• Corporate Executive Board (NASDAQ: EXBD) was upgraded to Neutral from Underperform at Baird.
• Cognizant (NASDAQ: CTSH) was upgraded to Buy from Neutral at Goldman.
• Unit Corp. (NYSE: UNT) was upgraded to Buy from Sell at Jesup & Lamont.

Analyst upgrades:

• Jefferies upgraded VMware (NYSE: VMW) to Hold from Underperform on expectations June quarter revenue will be inline-to-slightly-better and negative revisions to September quarter revenue will not be as great as in the most recent two quarters. The firm raised its target on shares to $25 from $20.
  
• Citigroup upgraded Blue Nile (NASDAQ: NILE) to Buy from Hold on valuation following the recent pullback and believes expectations for Q2 are reasonable. The firm has a $50 price target on the stock.
  
• FBR Capital upgraded Bronco Drilling (NASDAQ: BRNC) to Market Perform from Underperform on valuation as it believes negative sentiment will ease. The firm raised its target on shares to $4 from $3.
• Unilever (NYSE: UL) was upgraded to Overweight from Neutral at JP Morgan.
  
• Posco (NYSE: PKX) was upgraded to Overweight from Equal Weight at Morgan Stanley.
  
• Gol Linhas Aereas (NYSE: GOL) was upgraded to Buy from Underperform at BofA/Merrill.

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.

Analyst upgrades:

• Oppenheimer upgraded shares of Cree (NASDAQ: CREE) to Outperform from Perform as they believe LEDs are beginning to gain traction in general lighting applications.
  
• Jefferies upgraded Constellation Energy (NYSE: CEG) to Hold from Underperform following the acquisition by MidAmerican Energy. The company's target was increased to $25 from $20.
  
• RBC upgraded the Banking sector to Overweight from Underweight following the governments "massive assault" on the financial crisis. RBC believes government actions that include the potential creation of a Resolution Trust Corporation, the creation of federal insurance for money market fund investors and the ban on short selling will result in higher bank stock prices through year end; Wilmington Trust (NYSE: WL), KeyCorp (NYSE: KEY) and Pacific Capital Bancorp (NASDAQ: PCBC) were upgraded to Sector Perform from Underperform.
  
• Oracle (NASDAQ: ORCL) was raised to Buy from Neutral at Piper.
  
• UBS upgraded Murphy Oil (NYSE: MUR) to Neutral from Sell.
  
• Gap (NYSE: GPS) was upgraded to buy from Neutral at Goldman Sachs.

Analyst downgrades:

• Deutsche Bank downgraded shares of Thomson Reuters (NASDAQ: TRIN) to Sell from Buy as they believe uncertainty in the financial sector will hinder growth.
  
• Piper cut MIPS Technologies (NASDAQ: MIPS) to Neutral from Buy as they believe estimates are at risk following the departure of ChipIdea's co-founder. The company's target was lowered to $3.70 from $8.
  
• Jefferies downgraded GSI Commerce (NASDAQ: GSIC) to Hold from Buy on valuation as they view the risk/reward less compelling following the recent rally.
• Host Hotels (NYSE: HST) was downgraded at Baird to Neutral from Outperform.
  
• Wachovia downgraded Accenture (NYSE: ACN), Cognizant (NASDAQ: CTSH) and Infosys (NASDAQ: INFY) to Market Perform from Outperform.

Analyst initiations:

• Jefferies initiated Abercrombie & Fitch (NYSE: ANF) with an Underperform rating and $38 target and thinks the company's sales and margins are at risk with negative comp trends getting worse.
  
• Cantor believes Lawson Software (NASDAQ: LWSN) has a powerful franchise while the stock trades at a 33% discount to peers. Shares were assumed with a Buy rating and $8 target.
  
• Stanford started Mentor (NYSE: MNT) with a Buy rating and $32 target and thinks the company is poised to benefit from growing global demand for products and services that make people look younger and more attractive.
• Scripps Networks (NYSE: SNI) was initiated at UBS with a Neutral rating and $43 target.
  
• BMO Capital initiated Costco (NASDAQ: COST) and BJ's Wholesale (NYSE: BJ) with Market Perform ratings and a $72 target and $42 target, respectively.
  
• Isle of Capri (NASDAQ: ISLE) was initiated at Goldman with a Sell rating and $6 target.