MOST NOTEWORTHY: Banco Santander, Acorda Therapeutics, Agruim, Annaly Capital and ImmunoGen were today's noteworthy upgrades:
UBS upgraded shares of Banco Santander (NYSE: STD) to Buy from Neutral as they expect the acquisition of ABN Amro Holding NV (NYSE: ABN) assets in Brazil and Italy to boost earnings in 2008 and 2009.
Friedman Billings added Acorda Therapeutics (NASDAQ: ACOR) to its Top Picks List, as they have confidence in fampridine-SR's safety profile.
Agrium (NYSE: AGU) was upgraded to Sector Outperformer from Sector Performer at CIBC on valuation, as they believe the outlook for wholesale and retail is robust with all three nutrients at historical high levels.
Annaly Capital Management (NYSE: NLY) was upgraded to Buy from Neutral at UBS, citing likely further FED cuts, benefits from recent secondary, and BVPS growth.
RBC Capital upgraded shares of ImmunoGen (NASDAQ: IMGN) to Outperform from Sector Perform based on valuation, growing pipeline, valuable technology platform, and potential as an acquisition candidate.
Bear downgraded shares of Circuit City Stores Inc (NYSE: CC) to Peer Perform from Outperform based on lack of visibility, execution issues, softer consumer environment, potential pricing disruptions, and product cycle concerns.
Merrill downgraded shares of Wells Fargo and Company (NYSE: WFC) to Neutral from Buy to reflect higher credit losses and valuation and KeyCorp (NYSE: KEY) to Sell from Neutral to reflect the company's "weak" revenue growth.
MOST NOTEWORTHY: Today's noteworthy upgrades include Papa John's Int'l, Inc (PZZA), ExpressJet Holdings, Inc (XJT), Nvidia Corp (NVDA),Georgia Gulf Corp (GGC) and MasterCard (MA):
Following Q1 results, Oppenheimer upgraded shares of Papa John's Int'l, Inc (NASDAQ: PZZA) to Buy from Neutral, citing better-than-expected revenue growth, improved margins and acquisitions.
Soleil upgraded shares of ExpressJet Holdings (NYSE: XJT) to Hold from Sell with a $7 target due to the likely absence of any real news until at least August.
Deutsche Bank assumed shares of Nvidia (NASDAQ: NVDA) with a Buy, up from Hold, as the firm believes Vista will accelerate NVDA's growth rates making their 2008 estimates conservative.
Citigroup upgraded shares of Georgia Gulf Corp (NYSE: GGC) to Buy from Sell based on an improved near-term outlook.
MasterCard (NYSE: MA) was upgraded to Hold from Sell at Stifel based on the lenders impressive Q1 results and pricing power...
MOST NOTEWORTHY: In addition to Genomic Health (GHDX) and Intercontinental Hotels Group (IHG), airliners Continental Airlines (CAL) and ExpressJet Holdings (XTJ) were some of today's most notable initiations:
RBC Capital Markets started Genomic Health Inc (NASDAQ: GHDX) with an Underperform rating, with a $17 target. The firm views shares as fairly valued and believes competitive noise and FDA concerns will weigh on shares.
HSBC started Intercontinental Hotels (NYSE: IHG) with an Overweight rating, believing asset sales and stronger than expected room growth could prove near-term positive catalysts.
Soliel started both Continental Airlines (NYSE: CAL) and ExpressJet Holdings Inc (NYSE: XJT) with Sell ratings.
OTHER INITIATIONS:
William Blair started Alexion Pharmaceuticals (NASDAQ: ALXN) with an Outperform rating. They believe Alexion's lead compound, Soliris, is the key driver of shareholder value, and they believe the company is well positioned to receive final FDA approval.
Bear Stearns initiated Baldor Electric Company (NYSE: BEZ) with an Outperform rating.
RBC initiated Hologic, Inc (NASDAQ: HOLX) with an Outperform rating.
Citigroup started GMarket Inc (NASDAQ: GMKT) with a Sell rating and $18 target, citing valuation.
Drew Industries, Inc (NYSE: DW) was initiated with a Buy rating and $35 target at Ferris Baker Watts.
.gif){kind=logo}
MOST NOTEWORTHY: Banco Santander, Acorda Therapeutics, Agruim, Annaly Capital and ImmunoGen were today's noteworthy upgrades:.gif){kind=logo}
Only strong retailers will survive
Not much fun for GameStop in Q3
Closing Bell: Stocks continue to plummet; AMGN, GE, MSFT, PEP, STP all down
