Was today about stocks, or was it about the FOMC starting its 2-day meeting? Or was it about mergers or a huge Indian gold purchase? Markets were mixed late in the day after having been in negative territory earlier.

Here were today's unofficial closing bell levels:


Dow 9,771.91 -17.53 (-0.18%)
S&P 500 1,045.41 +2.53 (0.24%)
Nasdaq 2,057.32 +8.12 (0.40%)

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Today was a whip-around day. All day. Despite better construction and better manufacturing employment data, the markets looked like they were trying to roll over again before the end of day rally took stocks back up on the day. It seems that bargain hunters won over the fear that was felt earlier this afternoon.

Here were today's unofficial closing bell levels:

Dow 9,789.21 +76.48 (0.79%)
S&P 500 1,042.82 +6.63 (0.64%)
Nasdaq 2,049.20 +4.09 (0.20%)

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Today was all about much better than expected GDP reports. The lackluster jobless claims failed to even make a ripple after the GDP marked an unofficial end of the recession. The market absorbed over $500 million in secondary offerings like it was a stick of butter being put on a giant baked potato.

Here were today's unofficial closing bell levels:

Dow 9,960.54 +197.85 (2.03%)
S&P 500 1,065.81 +23.18 (2.22%)
Nasdaq 2,097.55 +37.94 (1.84%)

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Analyst upgrades:

• Sierra Wireless (NASDAQ: SWIR) was upgraded at Jefferies to Hold from Underperform following Q3 results. The firm believes the Wavecom acquisition integration is progressing better than expected and finds the valuation attractive at current levels. The firm raised its price target to $10 from $5.
• Boston Properties (NYSE: BXP) was upgraded to Buy from Hold at Deutsche Bank to reflect the company's recapitalization and better-than-expected occupancy. The firm raised its target to $69 from $46.
• Wyndham (NYSE: WYN) was upgraded to Outperform from Market Perform at FBR Capital after the shares sold off following the company's Q3 results. The firm raised its target to $23 from $15.
• Human Genome (NASDAQ: HGSI) was upgraded to Overweight from Neutral at JPMorgan. Target was raised to $25 from $14.
• Urban Outfitters (NASDAQ: URBN) was upgraded to Overweight from Market Weight at Thomas Weisel as they expect a "meaningful sales and earnings improvement in Q4." Target was raised to $39 from $32.
• Methanex (NASDAQ: MEOH) was upgraded to Buy from Neutral at UBS, citing improved methanol demand following the Q3 report. Target was raised to $19.50 from $17.
• Buffalo Wild Wings (NASDAQ: BWLD) was upgraded at Raymond to Market Perform from Underperform.

Analyst upgrades:

• FBR Capital upgraded Talbots (NYSE: TLB) to Outperform from Market Perform as it believes the company's inventory and SG&A control should help earnings and the stock's risk/reward is compelling at current levels. The firm raised its target on shares to $7 from $5.
• ThinkEquity upgraded Human Genome (NASDAQ: HGSI) to Buy from Accumulate to reflect higher assumptions for the company's Lupus treatment Benlysta. The firm raised its target on shares to $26 from $18.
• KeyBanc upgraded Parkway Properties (NYSE: PKY) to Buy from Hold based on valuation, improving fundamentals, and stable capital position. The firm has a $17 target on the stock.
• HSBC Holdings (NYSE: HBC) was upgraded to Overweight from Neutral at JPMorgan.
• BioScrip (NASDAQ: BIOS) was upgraded to Overweight from Neutral at Piper Jaffray.
• DISH Network (NASDAQ: DISH) was upgraded to Outperform from Neutral at Credit Suisse.

Analyst upgrades:

• Piper Jaffray upgraded PetMed Express (NASDAQ: PETS) to Overweight from Neutral following the better-than-expected Q1 results. The firm raised its target on shares to $22 from $19.
• Deutsche Bank upgraded International Paper (NYSE: IP) and Packaging Corp. (NYSE: PKG) to Buy from Hold to reflect stabilization in the containerboard industry. The firm raised its target price on Packaging Corp. to $24 from $14, and on International Paper to $24 from $16.
• Bernstein upgraded Human Genome Sciences (NASDAQ: HGSI) to Outperform from Market Perform following the positive Phase III data for Benlysta in lupus.
• IBM (NYSE: IBM) was upgraded to Hold from Sell at Societe Generale.
• British Airways (OTC: BAIRY) was upgraded to Buy from Sell at Goldman.
• Continental AG (OTC: CTTAY) was upgraded to Hold from Sell at Citigroup.

Today was a day saved by CIT Group, Inc. (NYSE: CIT). The stronger Leading Economic Indicators helped, but today was all about a less futile financial services sector. It was also the 9th day in a row that the NASDAQ was up on the day.

Here were the unofficial closing bell levels:

Dow 8,847.93 +103.99 (1.19%)
S&P 500 950.97 +10.59 (1.13%)
Nasdaq 1,909.29 +22.68 (1.20%)

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Human Genome (NASDAQ: HGSI) is recently trading at $11.07 in pre-open trading, above its close of $3.32. Human Genome Sciences and GlaxoSmithKline (NYSE: GSK) announced that BENLYSTA met the primary endpoint in BLISS-52, the first of two pivotal Phase 3 trials in patients with serologically active systemic lupus erythematosus. HGSI August 2.5 straddle is priced at $2.45, October 2.5 straddle is priced at $2.75, January 2.5 straddle is priced at $3.25 according to Track Data, suggesting large price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Analyst upgrades:

• Thomas Weisel upgraded SanDisk (NASDAQ: SNDK) to Overweight from Market Weight due to accelerating manufacturing cost declines, potential NAND flash sourcing upside at Toshiba (OTC: TOSBF) and Samsung and an increase in 2H09 demand.
  
• Oppenheimer upgraded Quality Systems (NASDAQ: QSII) to Perform from Underperform to reflect potential benefits from the stimulus package and channel checks that indicated IT budgets are stabilizing. The firm raised its target price on shares to $54 from $40.
  
• RBC Capital upgraded OSI Pharmaceuticals (NASDAQ: OSIP) to Outperform from Sector Perform following positive Tarceva survey results and cites valuation.
• Marriott (NYSE: MAR) was upgraded to Outperform from Market Perform at JMP Securities.
  
• Grainger (NYSE: GWW) was upgraded to Buy from Neutral at BofA/Merrill.
  
• Duncan Energy Partners (NASDAQ: DEP) was upgraded to Buy from Neutral at UBS.

News events of the day are providing a dramatic illustration that not all biotech companies are the same.

Just as President Obama lifted the executive order banning the use of embryonic stem cells for research, Roche and Genentech (NYSE: DNA) appear to have reached an agreement on Roche's bid to acquire the 44% of DNA that Roche does not currently own.

Shares of biotech companies engaged in stem cell protocols rallied after the Obama announcement. While most of these companies are small in size with stock prices below $2 per share, the announcement gave impetus to price increases of 17% to 100%.

We had the possibility of three or four big mergers today and no major macroeconomic news to rock us down other than added overseas selling. But a general lack of enthusiasm and additional selling from the public kept today from chasing the late Friday stock market gains. Even a slighty less pessimistic Nouriel Roubini, a.k.a. "Dr. Doom," failed to inspire any contrarian thoughts. Despite this, there were many winning stocks and sectors.

Here are today's unofficial closing bell levels:

Dow 6,523.48 -103.46 (-1.56%)
S&P 500 676.53 -6.85 (-1.00%)
Nasdaq 1,268.64 -25.21 (-1.95%)
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Analyst upgrades:

• Societe Generale upgraded shares of Veolia Environment (NYSE: VE) to Buy from Hold as they believe the company's new finance chief implement additional cost savings.
  
• Citigroup upgraded shares of Sun Healthcare (NASDAQ: SUNH) to Buy from Hold and added the stock to their Top Picks Live List as they believe the market is pricing in a more severe Medicaid and Medicare reimbursement outlook than is probable. The firm has a $14 target on the stock.
  
• Calyon believes in 2010, American Express (NYSE: AXP) will have easy comps, reserve releases, and income statement leverage. The firm upgraded shares to Outperform from Underperform.
• Societe Generale (OTC: SCGLY) was upgraded to Buy from Hold at Citigroup.
  
• Caterpillar (NYSE: CAT) was raised to neutral from Sell at UBS.
  
• Goldman upgraded Biogen Idec (NASDAQ: BIIB) to Buy from Neutral and added shares to the Conviction Buy List; Goldman also added Bristol-Myers (NYSE: BMY) to the Conviction Buy List.

MOST NOTEWORTHY: Procter & Gamble, Human Genome and Arcelor Mittal were today's noteworthy downgrades:

• Deutsche Bank downgraded shares of Procter & Gamble (NYSE:PG) to Hold from Buy on valuation and their expectation for slowing short-term industry growth, especially in beauty.
  
• Citigroup downgraded Human Genome (NASDAQ:HGSI) to Hold from Buy as they believe giving up Syncria's royalties removes an important value driver for the stock.
  
• HSBC downgraded shares of Arcelor Mittal (NYSE:MT) to Neutral from Overweight on valuation and believes the company needs to raise prices more than costs have risen for iron ore, coking coal and steel scrap.

OTHER DOWNGRADES:

• BAE Systems (NASDAQ:BAESY) was cut to Equal Weight from Overweight at Morgan Stanley.
  
• Merrill downgraded Zoltek (NASDAQ:ZOLT) to Neutral from Buy.
  
• Credit Suisse downgraded Illinois Tool Works (NYSE:ITW) and International Paper (NYSE:IP) to Neutral from Outperform.

MOST NOTEWORTHY: Athenahealth, Brocade Communications Systems, Royal Bank of Scotland and Human Genome were today's noteworthy initiations:

• Caris initiated shares of Athenahealth (NASDAQ: ATHN) with an Average rating and $26 target, as they believe an unachievable growth rate is priced into shares at current levels.
• Brocade Communications Systems (NASDAQ: BRCD) was initiated with a Neutral rating at UBS.
  
• Royal Bank of Scotland (NYSE: RBS) was initiated with an Underweight rating at Lehmen.
  
• JP Morgan resumed coverage of Human Genome Sciences (NASDAQ: HGSI) with a Neutral rating.

OTHER INITIATIONS:

• Lazard resumed coverage of Zoran (NASDAQ: ZRAN) with a Hold rating and Sigma Designs (NASDAQ: SIGM) with a Buy rating.
  
• Stifel initiated Tortoise Energy Capital (NYSE: TYY) with a Buy rating and $32 target.
  
• HSBC initiated DSG International (OTC: DSITY) with an Overweight rating.

MOST NOTEWORTHY: Cadbury Schweppes plc (CSG), Adobe Systems (ADBE), Verizon Communications (VZ) and Arcelor-Mittal (MT) were today's noteworthy downgrades:

• Citigroup downgraded shares of Cadbury Schweppes (NYSE: CSG) to Hold from Buy as they see limited upside now that the company is close to divesting its beverage division.

• Adobe (NASDAQ: ADBE) was cut to Neutral from Buy at Goldman and was removed from the Americas Buy List as they do not believe revenue growth will significantly top 17% this year and may not meet investors high expectations.

• Soleil downgraded shares of Verizon Communications (NYSE: VZ) to Sell from Hold on valuation as they think the stock is trading near the high end of a reasonable trading range. They believe shares are due for a 10%-15% correction.

• Merrill expects carbon steel prices to come under pressure in Q3, sending Arcelor-Mittal (NYSE: MT) shares to Neutral from Buy...

OTHER DOWNGRADES:

• Lehman cut Human Genome Sciences (NASDAQ: HGSI), Millennium Pharmaceuticals (NASDAQ: MLNM) and Biogen Idec Inc (NASDAQ: BIIB) to Equal Weight from Overweight.

• Stifel cut U.S. Xpress Enterprises (NASDAQ: XPRSA) to Hold from Buy.

• Calyon downgraded SkyWest, Inc (NASDAQ: SKYW) to Neutral from Buy.

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