MOST NOTEWORTHY: Nokia, Thornburg Mortgage and AbitibiBowater were today's noteworthy upgrades:

• Oppenheimer upgraded shares of Nokia (NYSE: NOK) to Outperform from Perform on valuation following the recent weakness, as their checks indicate demand remains solid. WestLB raised Nokia to Buy from Add on valuation, as they believe concerns about Chinese demand are overdone.
  
• Bear believes Thornburg Mortgage (NYSE: TMA) is much more likely to survive given liquidity from the Fed's Term Securities Lending Facility. Bear upgraded Thornburg to Peer Perform from Underperform.
  
• BMO Capital upgraded AbitibiBowater (NYSE: ABH) to Market Perform from Underperform citing the company's $496M private debt exchange offer.

OTHER UPGRADES:

• JMP raised Cash America (NYSE: CSH) to Outperform from Market Perform.
  
• Veolia Environment (NYSE: VE) was upgraded to Buy from Neutral at Goldman.
  
• Deutsche Bank raised Groupe Danone (OTC: GDNNY) to Buy from Hold.

MOST NOTEWORTHY: Northrop Grumman, Groupe Danone and MercadoLibre were today's noteworthy upgrades:

• Oppenheimer upgraded shares of Northrop Grumman (NYSE: NOC) to Outperform from Perform after the Pentagon selected the company over Boeing (NYSE: BA) for the newly designated KC-45A Aerial Refueling Tanker with a potential value of $35B.
  
• Citigroup upgraded shares of Groupe Danone (OTC: GDNNY) to Buy from Hold on valuation, as they believe the sell-off on commodity cost concerns is overdone.
  
• MercadoLibre (NASDAQ: MELI) was raised to Outperform from Sector Perform at RBC Capital, as they believe MELI's long-term thesis is more compelling now vs. six months ago and notes favorable reaction to Mercado Pago v2.0.

OTHER UPGRADES:

• Goldman upgraded Societe Generale (OTC: SCGLY) to Neutral from Sell.
  
• Jefferies upgraded Exelon (NYSE: EXC) to Buy from Hold.
  
• Deutsche Telekom (NYSE: DT) was raised to Neutral from Underweight at JP Morgan.

MOST NOTEWORTHY: BioScrip, Chipotle Mexican Grill and CoStar Group were today's noteworthy upgrades:

• BioScrip (NASDAQ: BIOS) was raised to Buy from Neutral at Broadpoint, as they believe the company's specialty business is worth more than the current price implies.
  
• Baird upgraded Chipotle Mexican Grill (NYSE: CMG) to Outperform from Neutral following Q4 results, citing valuation and a positive view on fundamentals.
  
• CoStar Group (NASDAQ: CSGP) was upgraded to Outperform from Market Perform at JMP Securities, as they expect the company to report a solid quarter next Thursday.

OTHER UPGRADES:

• Groupe Danone (OTC: GDNNY) was upgraded to Buy from Hold at ING.
  
• UBS raised Senior Housing Properties (NYSE: SNH) and Fluor Corp (NYSE: FLR) to Buy from Neutral.
  
• Morgan Stanley upgraded RenaissanceRE Holdings (NYSE: RNR) to Overweight from Equal Weight.

There have been rumors for a few days that Kraft (NYSE: KFT) would buy Groupe Danone's (NYSE: DA) biscuit unit to improve its sales in Europe. Well, dreams do come true. Kraft has offered $7.2 billion for the Danone operation, and it appears that the two companies are close to a deal.

Figures from the two companies put Kraft's biscuit and cookie annual sales at about $5 billion and Danone second in the world at $3 billion. Certainly Kraft management will say that there are savings in cutting employees, factories and distribution channels. And that may be right, but some will say that they see the invisible head of raider Nelson Peltz pushing Kraft to be more aggressive in transforming its business.

Petlz recently bought 3% if Kraft. As if reading from the 'raider' handbook on badgering CEOs, he immediately asked the company to divest under-performing assets and look at alternative uses for its cash. That usually includes special dividends to shareholders or stock buybacks.

Kraft may be indicating that it will buy new businesses with its capital whether it be cash or stock, and Mr. Peltz can keep his seat in the peanut gallery and watch.

Douglas A. McIntyre is a partner at 24/7 Wall St.