MOST NOTEWORTHY: Alaska Communications, Royal Bank of Scotland and Frontier Oil were today's noteworthy upgrades:

• Banc of America upgraded shares of Alaska Communications (NASDAQ: ALSK) to Buy from Neutral as they believe the company will return to a dividend growth focus after completing its strategic initiatives.
  
• Credit Suisse raised Royal Bank of Scotland (NYSE: RBS) to Neutral from Underperform as they believe the company has already taken "prudent" write-downs.
  
• Bear upgraded Frontier Oil (NYSE: FTO) to Peer Perform from Underperform as they believe the company is better positioned to withstand this period of margin weakness.

OTHER UPGRADES:

• Jefferies upgraded Adobe Systems (NASDAQ: ADBE) to Hold from Underperform.
  
• RBC Capital lifted Medarex Inc. (NASDAQ: MEDX) to Sector Perform from Underperform.
  
• United Parcel Service (NYSE: UPS) was upgraded at Merrill to Buy from Neutral.

Almost everyone these days has encountered cancer in one way or another. While the rate of cancer incidence has stabilized to declined since the early 1990s and, with newer and better treatments as well as early detection, cancer death rates have also declined, the war on cancer is still far from won.

It is no surprise, then, that a few days ago, IMS Health (NYSE: RX) -- a provider of market intelligence to the pharmaceutical and healthcare industries -- said that cancer drugs sales will nearly double by the year 2012. Assuming a compound growth rate of 12-15% a year, sales will grow from $48 billion in 2008 to $80 billion by 2012.

The main contributors to growth, according to the study, are an increasing number of patients on chemotherapy, not just in major markets but in emerging markets, too, as well as longer treatment periods for growing numbers of patients. Also fueling growth are the increased use of targeted therapeutic agents, along with first-time innovations coming to the market. Expensive new biotechnology drugs, and the increasing use of combination therapies that contribute to the exploding cost of treatment will also fuel cancer drugs sales growth.

The overall pharmaceutical market grew at a 6.4% pace in 2007, meaning that with its double-digit growth rate, the cancer drug market -- today contributing 17% to global pharmaceutical sales -- will only represent a greater proportion and emphasis. Of course, there will be factors moderating growth, such as drugs losing exclusivity and financial constraints of payers.

Cancer-fighting drugs can reach the market twice as fast as the average medicine, and companies can charge as much as $50,000 for a single course of treatment. It is no surprise then that with more and more drugs coming off patent many pharma companies are turning their attention to cancer. But can it save them?

Ford (NYSE: F) is up over 7% on news that Kirk Kerkorian has taken a major position in the company.

Sohu (NASDAQ: SOHU) is up over 13% on good earnings.

Wrigley (NYSE: WWY) is up almost 26% on news of a buy-out by Mars and Warren Buffett.

Medarex (NASDAQ: MEDX) is off 12% on news of a delay in FDA action on one of its drugs.

Douglas A. McIntyre is an editor at 247wallst.com and the author of Ten Stocks Under $10.

MOST NOTEWORTHY: Select pharmaceutical companies, timber companies and Kona Grill Inc (NASDAQ: KONA) and were today's noteworthy initiations:

• Medarex Inc (NASDAQ: MEDX) was initiated with a Positive rating at Susquehanna. The firm said Medarex has multiple drivers include a potential buyout by one of its existing partners, as well as clinical progress and the success of its technology platform in monoclonal antibody therapeutics.
• Susquehanna also initiated shares of Dyax Corporation (NASDAQ: DYAX), Millennium Pharmaceuticals Inc (NASDAQ: MLNM), and Idera Pharmaceuticals Inc (AMEX: IDP) with Neutral ratings and Dynavax Technologies Corporation (NASDAQ: DVAX) and Coley Pharmaceutical Group Inc (NASDAQ: COLY) with Positive ratings.
• Rayonier Inc (NYSE: RYN), Plum Creek Timber Company Inc (NYSE: PCL) and Weyerhaeuser Company (NYSE: WY) were initiated with Buy ratings at Merrill Lynch.
• Kona Grill was initiated with an Outperform rating at Cowen. The firm believes Kona can grow its asset base 10-fold at strong store-level cash-on-cash ROICs.

OTHER INITIATIONS:

• Jefferies initiated shares of Input/Output Inc (NYSE: IO) with a Buy rating and $19 target.
• Goldman Sachs initiated shares of Minerals Technologies Inc (NYSE: MTX) with a Buy rating and $80 target.
• JP Morgan initiated shares of Orexigen Therapeutics Inc (NASDAQ: OREX) with an Overweight rating and is positive on the company's obesity pipeline.