MOST NOTEWORTHY: Glu Mobile, American International and Federated Investors were today's noteworthy downgrades:

• Deutsche Bank downgraded Glu Mobile (NASDAQ: GLUU) shares to Sell from Hold after channel checks indicated that licensing costs are rising sharply for the mobile rights to popular content.
  
• Morgan Stanley cut American International (NYSE: AIG) to Equal Weight from Overweight citing expectations for larger than expected CDS losses vs. management's forecast.
  
• UBS downgraded Federated Investors (NYSE: FII) to Neutral from Buy citing reduced attractiveness for money markets given yield.

OTHER DOWNGRADES:

• Virgin Mobile (NYSE: VM) was downgraded to Market Weight from Overweight at Thomas Weisel and to Sell from Neutral at Merrill.
  
• Oppenheimer cut ORBComm (NASDAQ: ORBC) to Perform from Outperform.
• PNC Financial (NYSE: PNC) was downgraded to Market Perform from Outperform at Keefe Bruyette.

MOST NOTEWORTHY: Glu Mobile, USA Technologies and Fulton Financial were today's noteworthy initiations:

• Merriman initiated Glu Mobile (NASDAQ: GLUU) with a Buy rating and thinks the valuation already reflects the potential effects of a slowdown in consumer spending. The firm believes shares have the potential to trade to a range of $8-$10.
  
• Merriman also started USA Technologies (NASDAQ: USAT) with a Buy rating. The firm believes the company is uniquely positioned in the wireless machine-to-machine market given its initial traction with Coca-Cola Enterprises (NYSE: CCE) and Mastercard (NYSE: MA) in deploying a cashless payment solution for the beverage vending industry.
  
• B. Riley believes Fulton Financial (NASDAQ: FULT) can return to its legacy of achieving consistent earnings growth with the resolution of the Resource Mortgage tribulations. The firm initiated shares with a Buy rating and $14 target.

OTHER INITIATIONS:

• JP Morgan assumed Taser (NASDAQ: TASR) with an Overweight rating.
  
• Calyon initiated Rowan Cos (NYSE: RDC) with an Add rating and $42 target.
  
• Credit Suisse started VisionChina Media (NASDAQ: VISN) with an Outperform rating and $14 target.

MOST NOTEWORTHY: General Communications, Glu Mobile, Town Sports, Blackboard and Lance were today's noteworthy downgrades:

• Jefferies downgraded shares of General Communications (NASDAQ: GNCMA) to Hold from Buy after the company's mixed quarter to reflect increased uncertainty from the recent weakness in its network access and commercial business.
  
• Glu Mobile (NASDAQ: GLUU) was downgraded to Hold from Buy at Deutsche Bank and to Neutral from Buy at Goldman Sachs following its Q3 report. Cantor downgraded shares after the company issued reduced growth expectations.
  
• William Blair downgraded shares of Town Sports (NASDAQ: CLUB) to Market Perform from Outperform to reflect the recent slowdown in new membership additions at mature clubs which they believe creates enhanced risk of operating margin contraction and decelerating EPS growth in 2008.
  
• Baird downgraded Blackboard (NASDAQ: BBBB) to Neutral from Outperform on valuation and expectations for only modest margin expansion.
  
• Lance (NASDAQ: LNCE) was downgraded at Oppenheimer to Neutral from Buy, as they expect higher wheat costs to significantly impact Q4 and 2008 EPS.

OTHER DOWNGRADES:

• Citigroup downgraded Pepsi Bottling Group (NYSE: PBG) to Hold from Buy.
  
• eBay (NASDAQ: EBAY) was downgraded to Peer Perform from Outperform at Bear Stearns.
  
• DaVita (NYSE: DVA) was downgraded to Underperform from Market Perform at Piper Jaffray and to Outperform from Strong Buy at Raymond James.
  
• UBS lowered its rating on YUM! Brands (NYSE: YUM) to Neutral from Buy.

MOST NOTEWORTHY: Lowe's (LOW), Cooper Tire & Rubber (CTB), Campbell Soup (CPB), Reuters Group (RTRSY) and Netease.com (NTES) were today's noteworthy upgrades:

• JP Morgan upgraded Lowe's (NYSE: LOW) to Overweight from Neutral based on improved risk/return and conservative near-term estimates. UBS upgraded Lowe's to Buy from sell on valuation.

• Cooper Tire & Rubber (NYSE: CTB) was upgraded to Buy from Sell, as the firm thinks Copper is benefiting from surging demand for tires in Asia and considers the recent weakness a buying opportunity.

• UBS upgraded shares of Campbell Soup (NYSE: CPB) to Buy from Neutral, citing expected growth acceleration, productivity savings, and attractive valuation.

• Deutsche Bank is positive on the Thomson (TOC)-Reuters combination and expected synergies, upgrading Reuters Group (NASDAQ: RTRSY) to Buy from Hold.

• Netease.com (NASDAQ: NTES) was upgraded to Positive from Neutral at Susquehanna based on valuation and checks that indicate better than expected performance of Westward Journey Online III...

OTHER UPGRADES:

• Georgia Gulf (NYSE: GGC) was raised to Neutral from Sell.

• US Airways (NYSE: LCC) was upgraded to Buy from Neutral.

• Banc of America upgraded Glu Mobile (NASDAQ: GLUU) to Buy from Neutral.

• Think Equity upgraded Jazz Technologies (AMEX: JAZ) to Buy from Source of Funds.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: Majesco Entertainment (COOL), Glu Mobile (GLUU) and Cache, Inc (CACH) were today's noteworthy initiations:

• Nollenberger believes Majesco Entertainment (NASDAQ: COOL) is an attractive turnaround story on track to start delivering accelerating revenue growth with expanding margins and started shares with a Buy rating and $3.00 target.

• Nollenberger started Glu Mobile (NASDAQ: GLUU) with a Neutral rating, citing concerns about competitive pressures, summer seasonality, IPO lockup expiration and valuation.

• JP Morgan's believes Cache Inc's (NASDAQ: CACH) initiatives, including loyalty and credit card programs, show the potential for longer term growth, but the uncertainty in the women's apparel space makes the company cautious, and started shares off with a Neutral rating...

OTHER INITIATIONS:

• Bear Stearns started Haynes International (NASDAQ: HAYN) with an Outperform rating and L-1 Identity Solutions (NYSE: ID) with a Peer Perform rating.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: Marriott International (MAR), VeriFone Holdings, Inc (PAY), Generex Biotechnology Corp (GNBT), Quality Systems, Inc (QSII) and Owens Corning (OC) were today's noteworthy initiations:

• Friedman Billings views Marriott International's (NYSE: MAR) relatively low-risk, capital efficient fee income model as an attractive investment opportunity and started shares with an Outperform rating.

• Wedbush believes VeriFone Holdings (NYSE: PAY) is on the highest quality names in the space given the company's superior growth, high margins and consistent execution and started shares with a Strong Buy rating.

• Rodman believes Generex Biotech's (NASDAQ: GNBT) oral insulin, Oral-lyn could be a significant player in the non-injectable insulin market and initiated shares with an Outperform rating.

• Quality Systems (NASDAQ: QSII) was initiated with a Market Weight rating at Thomas Weisel.

• Morgan Keegan started Owens Corning (NYSE: OC) with a Market Perform rating citing the slowdown in the North American housing market.

OTHER INITIATIONS:

• William Blair started Cepheid (NASDAQ: CPHD) with an Outperform rating.

• Kaufman started Glu Mobile Inc (NASDAQ: GLUU) with a Buy rating.

• Fuel Tech Inc (NASDAQ: FTEK) was started with a Buy rating.

• Wedbush initiated shares of Hypercom Corp (NYSE: HYC) with a Hold rating.

• Archer Daniels Midland Co (NYSE: ADM) was initiated with an Accumulate rating at Buckingham.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

Jim Cramer has a new SELL BLOCK this evening on MAD MONEY, and many of these are not sells at all. He also reviewed many recent IPOs -- some he says to sell and some he still likes.

Cramer said he feels like he got a little played by the CEO of Syntax-Brillian Corp (NASDAQ: BRLC) because the CEO said all great things, but right after Cramer brought him on the company announced a $15.5 million capital raise at a huge discount in a private placement. Cramer said he felt gamed and he is upset with the CEO for not disclosing this. Cramer doesn't trust the CEO now and he said it is taken off the positive crew.

Out of his 4% yield plays in AT&T (NYSE: T), Cramer says he likes Verizon Communications (NYSE: VZ) better now, but you don't have to sell all of AT&T. He says you can keep some but if you don't own either then he likes VZ better right now.

He would rather see you in Exxon Mobil Corp (NYSE: XOM) and out of his BP (NYSE: BP) call now since everyone wants to own XOM.

Cramer changed his tune on Vonage Holdings (NYSE: VG), well sort of. He said it is very interesting $3.00 lower than here, which is basically ZERO. VG actually popped a tad on this after-hours, even though it sounded a little sarcastic. I would expect to hear a clarification from Cramer on this tomorrow or next week since VG is such a controversial stock.

Movado (NYSE: MOV) is up 12% since his call, but he said to wait for a pullback. Now you got it and it is lower than his first recommendation since they warned; stock was down 17% today.

Here are his recent IPO Sell Block notes: As far as BigBand Networks (NASDAQ: BBND), Cramer still likes it. On SourceFire (NASDAQ: FIRE) he said they have run enough and you can sell. Aruba Networks (NASDAQ: ARUN) and Glu Mobile (NASDAQ: GLUU) he still doesn't like. Cramer likes Clearwire Corp (NASDAQ: CLWR) down here. He still is sticking with the "the underwriters sold to the wrong hands" story and thinks it is a good buy in here. On eTelecare Global Solutions (NASDAQ: ETEL) he said he still likes it but you can sell most of it and just leave the amount on that you have profits in since it is up so much.

Jon Ogg is a partner in 24/7 Wall St. LLC; he does not own securities in the companies he covers.