Analyst upgrades:

• Keefe Bruyette upgraded Intercontinental Exchange (NYSE: ICE) to Outperform from Market Perform on expectations that derivatives trading will increase in the coming quarters.
• NutriSystem (NASDAQ: NTRI) was upgraded to Buy from Neutral by Janney Montgomery, which believes that the company's earnings have hit bottom, while the company could report better-than-expected Q1 results.
• Harley-Davidson (NYSE: HOG) was upgraded to Outperform from Sector Perform at RBC Capital. The firm thinks the company is an early-cycle story that has significant upside potential.
• UBS upgraded Walgreen (NYSE: WAG) to Buy from Neutral citing cost cutting efforts and slowing store growth.
• Google (NASDAQ: GOOG) was upgraded to Buy from Hold at Benchmark Co.
• Safeway (NYSE: SWY) was upgraded to Buy from Hold by BB&T.
• Needham upgraded Targacept (NASDAQ: TRGT) to Buy from Hold.
• Sierra Wireless (NASDAQ: SWIR) was raised to Buy from Hold at Jesup & Lamont.

Intercontinental Exchange (NYSE: ICE) is a stock that's underperformed since the June 2, 2009 Buy recommendation at a price of $115.15 per share.

But so far, place ICE in the category of a 'tired stock,' not a 'broken company,' hence I'm Reiterating the June Buy rating. Here's why:

Analyst upgrades:

• Keefe Bruyette upgraded Intercontinental Exchange (NYSE: ICE) to Market Perform from Underperform following the company's in-line quarter and extended buyback. The firm raised its target price on shares to $103 from $98.
• Merriman upgraded Cree (NASDAQ: CREE) to Buy from Neutral after transitioning coverage of the stock as it believes HB-LED chips are gaining momentum and that the company can top its recently raised guidance.
• Deutsche Bank upgraded Glatfelter (NYSE: GLT) to Buy from Hold following the company's Q2 results due to falling net debt levels and valuation. The firm raised its target on shares to $14 from $8.
• Corporate Executive Board (NASDAQ: EXBD) was upgraded to Neutral from Underperform at Baird.
• Cognizant (NASDAQ: CTSH) was upgraded to Buy from Neutral at Goldman.
• Unit Corp. (NYSE: UNT) was upgraded to Buy from Sell at Jesup & Lamont.

In the past sixth months, IntercontinentalExchange, Inc. (NYSE: ICE) has gone from high-risk play to a model whose electronic trading and centrally-cleared products have become marketplace leaders, particularly for energy products.

Further, while FY2009 revenue and earnings will not overwhelm, look for electronic trading, energy products trading, and clearing house function revenue streams to resume solid growth by mid FY2010.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Activision Blizzard Inc. (NASDAQ: ATVI) Q1 results beat expectations and raised its guidance.
• Alpha Natural Resources Inc. (NYSE: ANR) shares surged after the it reported strong Q1 earnings.
• Archer Daniels Midland Co. (NYSE: ADM) just missed swinging to a loss due to to hefty investment losses.
• CBS Corp. (NYSE: CBS) surprised with a net loss in Q1 as revenue and cash flow declined.
• Chesapeake Energy Corp. (NYSE: CHK) shares fell after it reported disappointing results for the quarter.

Analyst upgrades:

• Barclays believes Disney (NYSE: DIS) is the best positioned company for "media's digital evolution." The firm upgraded shares to Overweight from Underweight and has a $32 target on shares.
  
• Oppenheimer upgraded Semtech (NASDAQ: SMTC) to Outperform from Perform after channel checks indicated improved inventory levels, better product mix, and market share gains. The firm set a $20 target on the stock.
  
• RBC Capital expects Rigel's (NASDAQ: RIGL) R788 in RA to achieve its primary endpoint in the Phase II trials. Shares were upgraded to Sector Perform from Underperform and the price target was raised to $8 from $6.
• WebMD (NASDAQ: WBMD) was upgraded to Accumulate from Sell at ThinkEquity.
  
• International Game Tech (NYSE: IGT) was raised to Conviction Buy from Neutral at Goldman.
  
• Infineon (NYSE: IFX) was lifted at Banc of America/Merrill to Buy from Neutral.

IntercontinentalExchange (NYSE: ICE - option chain) shares are rising today after the company reported its first-quarter profit fell 22% to $72.2 million, or 98 cents per share. ICE's adjusted profit of $1.09 per share beat analysts' estimates of $1.01 per share. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on ICE.

ICE opened this morning at $89.32. So far today the stock has hit a low of $89.32 and a high of $104.60. As of 10:50, ICE is trading at $101.90, up 11.47 (12.7%). The chart for ICE neutral and S&P gives ICE a neutral 3 STARS (out of 5) hold ranking.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Bed Bath & Beyond Inc. (NASDAQ: BBBY) easily topped Q4 earnings estimates but same-store sales fell.
• Brinker International Inc. (NYSE: EAT) forecast Q3 earnings that are well above analysts' estimates.
• Constellation Brands Inc. (NYSE: STZ) said it narrowed its loss in Q4 despite restructuring costs.
• Excel Maritime Carriers Ltd. (NYSE: EXM) is expected to fall short of Q4 earnings expectations.
• Family Dollar Stores Inc. (NYSE: FDO) reported strong Q2 results and and raised its outlook for Q3.

Analyst upgrades:

• Keefe Bruyette upgraded MF Global (NYSE: MF) to Outperform from Market Perform as it believes the company's liquidity position has improved and that it is well positioned to take market share. The firm raised its target on shares to $9.
  
• UBS upgraded Wynn Resorts (NASDAQ: WYNN) to Buy from Neutral and raised its target to $33 from $28 citing better than expected performance in Macau, valuation, and comfort with the balance sheet.
  
• Citigroup upgraded Brandywine Realty (NYSE: BDN) to Buy from Hold on valuation and believes progress on asset sales or financing could drive significant upside. The firm keeps a $4.50 price target on BDN.
• Joy Global (NASDAQ: JOYG) was raised to Neutral from Underweight at JP Morgan.
  
• Novo Nordisk (NYSE: NVO) was lifted to Hold from Sell at Societe Generale.
  
• Cimarex Energy (NYSE: XEC) was upgraded at Banc of America/Merrill to Buy from Underperform.

Analyst upgrades:

• Goldman upgraded Intercontinental Exchange (NYSE: ICE) to Conviction Buy from Neutral and raised their target to $90 from $60. Goldman cites ICE's positioning and potential for upward EPS revisions for the upgrade.
  
• Jefferies upgraded FMC Technologies (NYSE: FTI) to Buy from Hold as they believe solid deepwater activity levels will lead to solid EPS results in 2009 and 2010. The firm raised their price target to $45 from $27.
  
• Friedman Billings upgraded Devon Energy (NYSE: DVN) to Outperform from Market Perform on valuation and expects significant improvement in basis differentials for the company's Barnett production starting the second half of Q2. The firm raised their price target to $60 from $50.
• Elan Corp (NYSE: ELN) was raised to Neutral from Sell at Piper Jaffray.
  
• Banco Santander (NYSE: STD) was upgraded at Keefe Bruyette to Outperform from Market Perform.

Analyst upgrades:

• Royal Bank of Scotland upgraded shares of Vodafone (NYSE: VOD) to Buy from Hold to reflect the company's dividend yield.
  
• JMP Securities expects HFF Inc. (NYSE: HF) to benefit from increased U.S. commercial real estate sales and mortgage volumes. Shares were upgraded to Outperform from Market Perform. The firm has a $5 target on shares.
  
• Oppenheimer upgraded Church & Dwight (NYSE: CHD) to Outperform from Perform as it believes Church & Dwight's value-oriented portfolio should continue to benefit from the consumer trade-down and that concerns over distribution are overblown. The firm set a $62 price on shares.
• Regeneron (NASDAQ: REGN) was upgraded to Buy from Neutral at Piper Jaffray.
  
• Burlington Northern (NYSE: BNI) was raised to Buy from Neutral at Goldman.
• AMB Property (NYSE: AMB) was lifted to Neutral from Underperform at Banc of America/Merrill.

Analyst upgrades:

• Merriman upgraded shares of Google (NASDAQ: GOOG) to Neutral from Sell as they believe consensus estimates for Q4 and FY09 are no longer too high. In addition, the firm believes Google's slowing capex spend will improve margins and their recent channel checks indicate the company's ad coverage has increased significantly during Q4.
  
• Oppenheimer upgraded shares of Apple (NASDAQ: AAPL) to Outperform from Perform following yesterday's disclosures regarding Steve Jobs' health. The firm has a $135 price target on Apple shares.
  
• UBS upgraded BMC Software (NYSE: BMC) to Buy from Neutral and raised its target to $31 from $28 citing easier booking comps in the March quarter.
• YRC Worldwide (NASDAQ: YRCW) was raised to Market Perform from Underperform at Wachovia.
  
• Goldman removed Hewitt (NYSE: HEW) from its Conviction Sell List.

Analyst downgrades:

• Stephens downgraded Emergency Medical Services (NYSE: EMS) to Equal Weight from Overweight on valuation, as they believe the stock is fairly valued at current levels. The firm maintains a $39 price target.
  
• Merriman downgraded Super Micro Computer (NASDAQ: SMCI) to Neutral from Buy after Super Micro pre-announced a Q2 miss to reflect the company's "challenging" outlook.
  
• Baird downgraded Celgene (NASDAQ: CELG) to Neutral from Outperform citing Revlimid growth concerns following their most recent survey and potential pressures on the European business and on Thalomid.
• Medtronic (NYSE: MDT) was lowered to Market Perform from Outperform at Leerink.
  
• Intercontinental Exchange (NYSE: ICE) was cut at Goldman to Neutral from Buy.
  
• Devon Energy (NYSE: DVN) was downgraded to Equal Weight from Overweight at Barclays.

Analyst initiations:

• Merriman believes Itron (NASDAQ: ITRI) is well-positioned to benefit from the upgrade to Advanced Metering Infrastructure by tier one utilities and finds the stock attractively valued. Shares were initiated with a Neutral rating.
  
• Oppenheimer assumed Jones Lang LaSalle (NYSE: JLL) with a Perform rating and expects the company's growth to slow in 2009 given global credit concerns and the economic slowdown.
  
• Citigroup started Telmex (NYSE: TMX) with a Sell rating and $15 target. The firm believes the company's inability to offer 3-play services could lead to accelerated market share loss in 2009.
• Netflix (NASDAQ: NFLX) was initiated at Janney Montgomery with a Neutral rating and $31 fair value estimate.
  
• Arthur J. Gallagher (NYSE: AJG) was initiated with a Neutral rating at Piper Jaffray.
  
• Jesup & Lamont assumed UTi Worldwide (NASDAQ: UTIW) with a Buy rating and $18 target.

Today was a quiet day of selling despite the return of most traders to Wall Street. It seems that everyone was trying to get their bearings back more than they were willing to take any major bets on the "real" first day back for 2009. That also took back part of Friday's gains.

A $300 billion tax stimulus plan from President-elect Obama camp may have been trumped by more weak and bleak data, as well as by a $2.00 rise in oil. His comments of "Things are getting worse..." may have trumped any positives today, and auto sales data just echoed those thoughts.

Here are the closing bell levels:
Top Analyst Calls

Amazon.com Inc. (NASDAQ: AMZN) was almost a winner today. Its shares were upgraded to Overweight at JPMorgan on valuations and dominance of its online shopping empire.

Apple Inc. (NASDAQ: AAPL) came out today to say that Steve Jobs' weight loss was tied to hormonal imbalances rather than to any resurgence of cancer. The company's notes to fight any pre-Macworld speculation paid off with shares up over 4% at $94.25 shortly before the close.

Analyst upgrades:

• Jefferies upgraded Xilinx (NASDAQ: XLNX) to Buy from Hold and raised its target to $22 from $17 on valuation and the company's "diversified" business.
  
• Barclays expects Steel Dynamics (NASDAQ: STLD) to outperform in Q1 as investors become more comfortable with the company's balance sheet. Shares were upgraded to Overweight from Equal Weight.
  
• Keefe Bruyette upgraded Asset Acceptance (NASDAQ: AACC) to Market Perform from Underperform on valuation but lowered their target to $6 from $8.
• Blackrock (NYSE: BLK) and Intercontinental Exchange (NYSE: ICE) were added to Goldman's Conviction Buy List.
  
• Lattice (NASDAQ: LSCC) was upgraded to Equal Weight from Underweight at Morgan Stanley.

Analyst downgrades:

Analyst upgrades:

• Merriman upgraded Smith & Wesson (NASDAQ:SWHC) to Buy from Neutral on valuation after channel checks indicated an increase in gun sales in October after an Obama win became apparent. The firm believes shares can trade up into the $4 to $5 range.
  
• Credit Suisse upgraded Wells Fargo (NYSE:WFC) to Outperform from Neutral citing the company's improved balance and potential earnings power following its $11B equity offering.
  
• JP Morgan upgraded Coca-Cola Enerprises (NYSE:CCE) to Overweight from Neutral on valuation and easing commodity and labor costs.
• Manulife (NYSE:MFC) was raised to Outperform from Sector Perform at RBC Capital.
  
• SL Green Realty (NYSE:SLG) was upgraded at UBS to Buy from Neutral.
  
• Molina Healthcare (NYSE:MOH) was upgraded to Equal Weight from Underweight at Barclays.

Analyst downgrades:

• Barclays downgraded General Motors (NYSE:GM) to Underweight from Equal Weight on cash concerns and believes any assistance from the government would substantially dilute equity holders. Barclays set a $1 target on GM shares.
  
• Stephens cut LandAmerica (NYSE:LFG) to Underweight from Equal Weight following the Fidelity National (NYSE:FNF) takeover as they expect no other bidders to emerge and believe shares could go back to under $5 if Fidelity National walks away.
  
• Deutsche Bank downgraded solar companies to reflect deteriorating fundamentals in the sector, an adequate supply of c-Si modules, the strengthening dollar and restricted access to capital. First Solar (NASDAQ:FSLR), Canadian Solar (NASDAQ:CSIQ), Energy Conversion (NASDAQ:ENER) and Sunpower (NASDAQ:SPWRA) were downgraded to Hold from Buy.
• Urban Outfitters (NASDAQ:URBN) and Aeropostale (NYSE:ARO) were downgraded to Underweight from Equal Weight at Barclays.
  
• FMC Technologies (NYSE:FTI) was lowered to Underweight from Neutral at JP Morgan.

Analyst initiations:

• Freeport McMoRan, HLS Systems, and Kimberly Clark were today's noteworthy initiations:
  
• Banc of America expects Freeport McMoRan's (NYSE:FCX) earnings will decline sharply in 2009 and thinks the dividend could be at risk. Shares were initiated with a Neutral rating and $29 target.
  
• Roth Capital initiated HLS Systems (NASDAQ:HOLI) with a Buy rating and $5 target. The firm is positive on the company's management team and the company's outlook for EPS growth.
  
• Citigroup thinks Kimberly Clark's (NYSE:KMB) margins have bottomed and that the current valuation is too low. Shares were assumed with a Buy rating and $65 target.
• Synaptics (NASDAQ:SYNA) and Intercontinental Exchange (NYSE:ICE) were initiated at Merrill Lynch with Neutral ratings.
  
• Tim Hortons (NYSE:THI) was assumed with a Sell rating at Goldman.