Analyst upgrades:

• Axys Tech (NASDAQ: AXYS) was upgraded to Outperform from Market Perform at Morgan Keegan on valuation.
  
• Credit Suisse upgraded Cemex (NYSE: CX) to Neutral from Underperform following the company's refinancing announcement.
  
• Patni Computer (NYSE: PTI) was upgraded to Buy from Neutral at UBS.

• Merriman downgraded Environmental Power (NASDAQ: EPG) to Neutral from Buy citing a lack of visibility into the company's capital raise and lowered their estimates to reflect a slippage in project schedules.
  
• Jefferies cut inVentiv Health (NASDAQ: VTIV) to Hold from Buy as they believe budget cuts at the company's client base make 2009 estimates too high. The firm lowered their target to $11 from $15.
  
• Oppenheimer downgraded RSC Holdings (NYSE: RRR) to Perform from Outperform to reflect the continued deterioration in non-residential construction and valuation following the recent rally.
• Smurfit-Stone (NASDAQ: SSCC) was lowered to Hold from Buy at Deutsche Bank.
  
• Distribucion Y Servicio (NYSE: DYS) was downgraded to Sell from Hold at Deutsche Bank.
  
• Key Energy (NYSE: KEG) was downgraded at SMH Capital to Neutral from Accumulate.

• AECOM Technology (NYSE: ACM) was initiated with an Outperform rating and $34 target at Baird. The firm is positive on AECOM's diverse portfolio of services and global reach.
  
• Baird also initiated Checkpoint (NYSE: CKP) with a Neutral rating and $11 target, citing the weak macro environment.
  
• Thomas Weisel said Integra LifeSciences (NASDAQ: IART) has little exposure to economically sensitive areas of healthcare and has a varied mix of products that provide a platform for sustainable organic growth. Shares were initiated with an Overweight rating.
• Piper Jaffray assumed CBS Corp (NYSE: CBS) with a Neutral rating.
  
• BioMarin (NASDAQ: BMRN) was started at Stanford with a Hold rating.
  
• Websense (NASDAQ: WBSN) was initiated with an Equal Weight at First Analysis.

Saturday was a busy day in Bali. No, we're not talking fun in the sun -- we're talking about the U.S. seemingly making an about-face on its global energy policy. 2020 seems to be the target date by which the participants aim to reduce emissions by 25 and 40 percent.

Ormat Technologies (NYSE: ORA) engages in the geothermal and recovered energy power business, currently with 330 MW in production. They have produced impressive growth with a 13% rise in net income last quarter. With rumors swirling that both Apax Private Equity and Goldman Sachs (NYSE: GS), are looking at buying a 10% share of the company, and local business Chaim Katzman continually raising his stake in the company, Ormat is a prime takeover target. In fact, we've recently chosen Ormat as one of two takeover candidates for 2008. The push behind Bali may provide added impetus as the world looks for reducing CO2 emissions.

Check out this microcap, Environment Power Group (AMEX: EPG). I found this one on a strange screen I run and was surprised to see firms like FrontPoint Partners and Royce & Associates invested in the firm. While it currently trades on the American Stock Exchange, the company will begin trading on Nasdaq this week. This is a strange bird and not for your average investor. As per EPG's investor presentation, the company "owns and operates renewable energy facilities for the production and commercial application from agricultural livestock and organic wastes." In short, they get their hands dirty.