Coca-Cola (KO) has more than $13 billion in cash.

The top five companies (according to market cap) are:

• Exxon Mobil (XOM): $398.3 billion
• Apple (AAPL): $309.0 billion
• Microsoft (MSFT): $237.5 billion
• General Electric (GE): $215.0 billion
• Berkshire Hathaway (BRK.A): $202.5 billion

Analyst Upgrades

• Baird upgraded United Parcel Service (UPS) to outperform from neutral based on operating leverage, improving industry pricing and exposure to a cyclical recovery. The firm raised its target to $70 from $61.
• JMP Securities upgraded Qualcomm (QCOM) following positive wireless industry checks. The firm, which has a $60 target on the stock, believes Qualcomm is the best positioned wireless company to enable 3G deployments and the early ramp of 4G technology.
• Credit Suisse has taken a more positive stance on the potash sector given the settlement of the Chinese contracts and improving near-term fundamentals. The firm upgraded Potash (POT) to outperform from neutral and raised its price target to $135 from $119. Credit Suisse also raised Intrepid Potash (IPI) to neutral from underperform and raised its price target to $30 from $28.
• Avery Dennison (AVY) was raised to outperform from neutral at Baird.
• Biogen Idec (BIIB) was upgraded at BofA/Merrill to neutral from underperform.
• RadioShack (RSH) was upgraded to conviction buy from neutral at Goldman.

Contrary to the words of our economic cheerleaders -- Ben Bernanke and Hank Paulson -- the subprime mortgage meltdown refuses to stay contained. This economic cancer has now spread to the lumber and title insurance industries.

Reuters reports that one of the biggest lumber companies, Weyerhaeuser Company (NYSE: WY), will probably have to close plants and restrict operations because of weak market conditions. This should not come as a surprise since dropping home prices may crimp new home construction -- leading to less demand for lumber, roofing material, nails, concrete, and all the other materials and labor that go into building a house.

But the Wall Street Journal [subscription required] surprised me by reporting that the title insurance industry -- which issues policies that essentially guarantee a homebuyer is the rightful owner of a property -- also is taking a dive. The paper reports that claims against leading title insurers -- due, in part, to a rise in subcontractors who file a lien for unpaid work on a house -- have spiked 52%. Moreover, title insurance revenues are down which indicates a drop in new mortgages that require title searches to get approved.

MAJOR PAPERS:

• William Ackman's Pershing Square Capital Management, whose firms holds about 15% of Ceridian Corporation (NYSE: CEN), doesn't like the proposed $5.3B sale of the company to Thomas H. Lee Partners and Fidelity National Financial Inc (NYSE: FNF), and says he's going to find higher bidders, according to the Wall Street Journal.
• The Financial Times reported that British bank Barclays PLC (NYSE: BCS) has drawn up plans to sweeten its $86B all-share offer for Dutch bank ABN Amro Holdings (NYSE: ABN), by substituting cash for some of the shares it is currently offering for ABN.
• Beginning today, Apple Inc (NASDAQ: AAPL) is embedding its iTunes internet music download service in the British and Irish social networking site Bebo, reported the Financial Times.

OTHER PAPERS:

• The New York Post has learned that a private-equity firm owned by the Dubai government is close to buying Barneys New York from the Jones Apparel Group (NYSE: JNY).
• The New York Times reported that the Wall Street Journal is set to "shake up its newsroom" by reassigning and replacing several top editors.
• Golf equipment maker Callaway Golf Company (NYSE: ELY) is suing Fortune Brands Inc.'s (NYSE: FO) Acushnet Co, for allegedly violating five Callaway patents for golf clubs, reported the Los Angeles Times.

As interest rate concerns continue across the globe, knocking equities, U.S. stock futures indicate this morning another flat to positive open ahead of some economic news coming out later this morning.

Rising bond yields hurt stocks again yesterday, casing another pullback. The Dow Jones industrials saw another triple digit decline, the third in five days as the benchmark 10-year note hit a 5-year high of 5.27%.

Overseas, Asian stocks closed lower and European equities fell on global concerns of rising interest rates. When interest rates are higher, the cost of borrowing is higher and can therefore affect corporate profits and create a drag on economic growth.

Today, bond yields continue to rise this morning, with the yield on the benchmark 10-year note reaching 5.31%.
After a lull in economic news, today a slew of data is due:

• At 8:30 a.m., the Commerce Department will report May retail sales. Economists expect sales to have risen 0.6% in May, compared with a decline of 0.2% in April.
• At 10:00 a.m., April business inventories is due and is expected to show an increase of 0.3% in April after a 0.1% decline in March.
• At 2:00 p.m., the Beige Book, where the Federal Reserve describes economic conditions in regions around the country, will be released.
• Finally, at 10:30 a.m., weekly U.S. fuel inventory will be reported. Oil prices slipped ahead of the report as the expectation is the inventory data would show gasoline stockpiles rose last week.
  

The lack of economic news these past days may have added to pressure on stocks as there was nothing to take the focus away from rising yields and no news to alleviate concerns. Already this morning futures have changed direction and now point to a higher open.

Corporate news:

The Blackstone Group's initial public offering is set for the week of June 25, although the final date is yet to be set, probably for early that week. The company will be listed on the NYSE with a ticker symbol BX.

A large shareholder of Ceridian Corp. (NYSE: CEN), William Ackman's Pershing Square Capital Management, said it does not support the sale of the company to a consortium of buyers which includes Fidelity National Financial Inc. (NYSE: FNF), claiming the price offered to be too low as the $36 per share offered was low.

According to sources, at least two bidding groups plan to submit offers on Friday to acquire Cadbury Schweppes Plc's (NYSE: CSG) U.S. beverage unit for as much as $15.8 billion. Another possiblity is to spin-off the unit through an IPO.

The New York Post reports that Jones Apparel Group Inc. (NYSE: JNY) is close to a deal to sell its Barneys New York department store chain for $950 million to Istithmar, a private equity firm owned by the Dubai government.