Analyst Upgrades

• Large Cap Pharmaceuticals sector upgraded to Overweight at Wells Fargo.
• Archer Daniels (ADM) upgraded to Outperform from Neutral at Credit Suisse.
• Cypress Semi (CY) upgraded to Buy from Neutral at UBS.
• MFA Financial (MFA) upgraded to Buy from Hold at Jefferies.
• Blackstone (BX) upgraded to Buy from Hold at Jefferies.
• Comerica (CMA) upgraded to Hold from Sell at Citigroup.
• Dollar Tree (DLTR) upgraded to Overweight from Equal Weight at Morgan Stanley.
• NuVasive (NUVA) upgraded to Outperform from Market Perform at Leerink.
• Cogdell Spencer (CSA) upgraded to Buy from Hold at Jefferies.
• Hersha Hospitality (HT) upgraded to Hold from Underperform at Jefferies.
• G&K Services (GKSR) upgraded to Outperform from Neutral at RW Baird.
• Graham Packaging (GRM) upgraded to Buy from Neutral at Goldman.
• Shaw (SJR) upgraded to Neutral from Underperform at BofA/Merrill.

Analyst Upgrades

• Stifel Financial (SF) and CVR Energy (CVI) to buy from neutral and Principal Financial (PFG) to conviction buy from buy at Goldman.
• Suntech (STP) to buy from hold at Auriga.
• Internap (INAP) to outperform from sector perform at RBC Capital.
• Andersons (ANDE) to buy from hold at BB&T.

Today was a mixed day as stocks went from positive to negative to mixed throughout the day after stronger economic data was trumped by banks. Some are taking profits ahead of the election tomorrow and ahead of any quantitative easing announcements due from the FOMC on Wednesday. Strong manufacturing led the charge up this morning, and 30-Year Treasury bonds were back above 4.00% late in the afternoon. The real direction of the close was not going to be known until the final minutes by the feel of it.

Here were today's unofficial closing bell levels:

Dow Jones 11,124.62 +6.13 (0.06%)
S&P 500 1,184.38 +1.12 (0.09%)
Nasdaq 2,504.84 -2.57 (-0.10%)

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Option traders appear to be setting up for a bullish move on Janus Capital Group (JNS). Traders plowed into 1,010 new call option contracts -- 7.77 times the average volume -- on the stock on Friday. And we know that traders were eager to get into this trade because 99% of the trades came in on the ask price.

Janus Capital closed Thursday at $9.51. The stock has dropped 9.86% during the past month and is currently sitting above support at $9.

Analyst Upgrades

• B. Riley upgraded Prosperity Bancshares (PRSP) to buy from neutral after the company acquired 19 Texas branches of Missouri-based First Bank. The firm has a $45 price target on shares.
• JPMorgan upgraded Fortinet (FTNT) to overweight from neutral on valuation following the recent pullback in shares. The firm has a $20 price target on the stock.
• Wells Fargo upgraded Lamar Advertising (LAMR) to outperform from market perform. The firm believes the stock's risk/reward ratio is compelling, as its checks indicate that advertising continues to accelerate in Q1.
• Caterpillar (CAT) was upgraded to overweight from underweight at Morgan Stanley.
• SAP AG (SAP) was upgraded to market perform from underperform at FBR Capital.
• BioMarin (BMRN) was raised to buy from hold at Roth Capital.

Analyst Upgrades

• B. Riley upgraded Hot Topic (HOTT), citing valuation, increased holiday traffic once promotions began, and views upcoming difficult Q4/Q1 comps as a buying opportunity ahead of a turnaround. The firm has a target of $8.30 on shares.
• Wunderlich upgraded RAM Energy (RAME) as it believes that the company has successfully survived a difficult year. The firm thinks the company's debt level is high but manageable while its production should increase over the next several years. The firm set a $4 target on shares.
• Roth Capital upgraded Actuate (ACTU), citing recent share weakness, the recent Xenos deal and the improving economy, both of which should improve growth. The firm has a target of $5.50 on the shares.
• Finish Line (FINL) upgraded to buy from neutral at Stern Agee.

Tech sector IPOs surged by a factor of five in terms of value from 2008 to 2009. A mere $749.2 million raised in 2008 jumped to $3.8 million so far this year, according to data from Thomson Reuters. In 2008, only three went public, while 10 tech companies made the plunge in 2009. And, expectations are even higher for 2010.

Paul Bard, a research analyst at Renaissance Capital, forecasts between 40 and 50 tech industry IPOs next year, in which $4 billion to $5 billion in capital would be raised. "We've been expecting an uptick in technology because it has really been underrepresented in the market over the last few years," says Bard. The IPO market for high-tech companies was strong in 2007, but it seized up along with virtually every other form of capital raising when the financial crisis erupted in 2008.

The markets were higher before the economic data came to ruin the party. CPI came in higher than PPI on the inflation front, but there was a real disappointment in housing starts considering that many were expecting gains there. Oil inventory contractions across the board failed to boost that market considerably. A late day rally looked like a positive close was in the cards, but the buying action was only so much.

Here were today's closing levels:

Dow 10,426.31 -11.11 (-0.11%)
S&P 500 1,109.79 -0.53 (-0.05%)
Nasdaq 2,193.14 -10.64 (-0.48%)

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