Analyst upgrades:

• Baird upgraded Western Digital (NYSE: WDC) and Seagate (NASDAQ: NSTX) to Outperform from Neutral citing better than expected industry conditions. The firm believes supply has tightened, resulting in price increases in certain market segments.
  
• RBC Capital upgraded XTO Energy (NYSE: XTO) to Outperform from Sector Perform citing free cash flow and stable growth.
  
• Goldman upgraded Manpower (NYSE: MAN) to Neutral from Sell and raised its target to $29 from $20 based on balanced risk/reward.
• Energy Conversion (NASDAQ: ENER) was upgraded to Buy from Neutral at Piper Jaffray.
  
• Infineon (NYSE: IFX) was raised to Hold from Sell at RBS.
  
• NetSuite (NYSE: N) was upgraded to Acummulate from Source of Funds at ThinkEquity.

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).

On tonight's MAD MONEY on CNBC, Jim Cramer said the bulls got what they wanted as the Federal Reserve is removing the "firming" bias from their statement today. The market is back, according to Cramer. The defensive stocks bottomed, then the financials, and then the commodities and cyclical stocks. Cramer also noted that Shanghai is back up above its pre-drop levels and he said the short national nightmare is over. But since things are not that great he thinks the Fed will go toward a rate cut.

Cramer now thinks that the big cyclicals like Boeing Co. (NYSE:BA), Caterpillar Inc. (NYSE:CAT), United Technologies (NYSE:UTX), Deere & Co. (NYSE:DE), Ingersoll-Rand (NYSE:IR), and Freeport McMoRan Copper & Gold (NYSE:FCX) have bottomed. A specific company -- Haynes International (NASDAQ:HAYN) -- is one you will hear a lot about from Cramer. It sold 1 million shares for itself to bolster the balance sheet. It is in performance metals and in the same group as Allegheny Technologies (NYSE:ATI). He thinks the demand for its products is big and now the company got itself off of the pink sheets and has enough stock to make it an in-demand stock and liquid. HAYN is now up 2.4% to $69.50 per share in after-hours, and Cramer thinks it is going higher after shoring up its balance sheet.