A mixed day in many stocks, though this actually worked out to be an acceptable day despite the end of day selling that took away many of the gains. To show how the markets were mixed continually, the S&P 500 Index closed up marginally for May while the DJIA closed slightly down for the month. We also saw income and spending fall, although the numbers weren't quite as bad as expectations. This was also when the University of Michigan gave the crummiest reading in 28 years. Here are the unofficial closing bell levels:

• DJIA 12,619.92 (-26.30)
• S&P500 1,398.97 (+0.92)
• NASDAQ 2,522.66 (+14.34)
• 52-WEEK LOWS
• Top 10 Analyst Calls
• Oil & Gas Upgrades/Downgrades

Anheuser-Busch Companies Inc. (NYSE: BUD) saw highly unusual options activity and strong equity trading as more speculators believe a deal with Belgium's InBev may be imminent. Shares rose almost 2% and were up at $57.58 in the final minutes of the day.

MOST NOTEWORTHY: Credit Suisse, Masimo and Marvell Tech were today's noteworthy upgrades:

• Bear upgraded Credit Suisse Group (NYSE: CS) to Peer Perform from Underperform as they believe the company's balance sheet will stabilize and the company's Private Banking business is holding up well in difficult conditions. Goldman, which raised shares to Neutral from Sell, believes the worst is over regarding the market downturn.
• Citigroup upgraded Masimo Corporation (NASDAQ: MASI) to Buy from Hold citing expectations of a strong Q1 report, expected FDA approval for hemoglobin monitoring in 2H08, and valuation.
• Marvell Technology Group Ltd (NASDAQ: MRVL) was raised at Friedman Billings to Outperform from Market Perform based on valuation and improved business conditions.

OTHER UPGRADES:

• Goldman raised LM Ericsson Telephone Company (NASDAQ: ERIC) to Neutral from Sell.
• JP Morgan upgraded Big Lots Inc (NYSE: BIG) to Overweight from Neutral.
• Petro-Canada (NYSE: PCZ) was upgraded at CIBC to Sector Outperformer from Sector Performer.

MOST NOTEWORTHY: Getty Images (GYI), Jackson Hewitt (JTX), Electronic Data (EDS), RC2 Corp (RCRC) and Chipotle Mexican Grill (CMG) were today's noteworthy downgrades:

• Deutsche Bank cut Getty Images (NYSE: GYI) to Sell from Hold citing deterioration in its core business. Gabelli downgraded Getty Images to Hold from Buy after the company lowered guidance to reflect the changing industry dynamics.

• Goldman cut Jackson Hewitt (NYSE: JTX) to Sell from Neutral citing near-term risks that include the renegotiation of the HSBC (HBC)/RAL contract, the DoJ/IRS investigation, and decreasing performance in tax.

• Jefferies downgraded Electronic Data Systems (NYSE: EDS) to Hold from Buy to reflect the company's slowing cash flow improvement.

• Wedbush downgraded RC2 Corp (NASDAQ: RCRC) to Buy from Strong Buy on the lower sales forecast for 2007. Soleil cut shares to Hold from Gradually Accumulate to reflect uncertainty over the Thomas recall and increased competition.

• Chipotle Mexican Grill (NYSE: CMG) was downgraded to Market Perform from Outperform based on valuation...

OTHER DOWNGRADES:

• Lazard downgraded Kyphon (NASDAQ: KYPH) to Hold from Buy.

• SMH Capital cut Aventine Renewable Energy (NYSE: AVR) to Sell from Neutral.

• Credit Suisse downgraded AutoDesk (NASDAQ: ADSK) to Neutral from Buy.

• UBS cut SABMiller (OTC SBMRY) to Reduce from Neutral.

• CIBC downgraded Marvell Tech (NASDAQ: MRVL) to Sector Performer from Outperformer.

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

Microsoft Corporation (NASDAQ: MSFT) might finally be on the verge of seeing the adoption of Vista, wrote Arnie Berman, chief technology strategist, at Cowen & Company late last week.

Berman surveyed 283 corporate IT buyers and found 47% of small- and medium-sized businesses will begin deploying Vista by December 31, this is up from 43% in a similar survey completed in February. 31% of larger enterprises plan to start rolling out Vista by December 31, up from 25% in the previous survey.

How to invest in the long-awaited Vista uptake? Play the Microsoft food chain stocks, particularly since most investors have given up on Vista's adoption, indicating this is where investors could get the most bang for the buck. Intel Corporation (NASDAQ: INTC), Nvidia Corporation (NASDAQ: NVDA) and Micron Technology Inc (NYSE: MU), Berman believes will be beneficiaries of Vista's adoption. Other investment plays include memory chip maker Qimonda AG (NYSE: QI), the drive makers Seagate Technology (NYSE: STX) and Western Digital Corporation (NYSE: WDC), and Marvell Technology Group Ltd (NASDAQ: MRVL), a supplier to the drive business.

In our past Intel blogs, the Fly has suggested Intel has capacity in place to start ramping 64 megabyte processors big time, on a scale Advanced Micro Devices Inc (NYSE: AMD) does not possess. Berman points out that Intel's enterprise value/sales ratio relative to AMD is close to an all-time low, meaning Intel is cheap relative to AMD despite AMD's recent poor stock performance.

Nvidia at 19x consensus calendar 2007 results has shown the ability to deliver favorable financial surprises and could provide the solution to the greatest potential bottleneck for Vista adoption, the graphic processors.

Micron is selling close to its $10.91 book value which historically has supported the stock and memory demand will increase with the new operating system.

MOST NOTEWORTHY: Palm, Inc (PALM), New Century Financial Corp (NEW), Yahoo! (YHOO) and Sirius Satellite Radio Inc (SIRI) were some of today's more notable downgrades.

• JP Morgan downgraded Palm, Inc (NASDAQ: PALM) to Underweight from Neutral citing product line, execution and competition concerns.

• New Century Financial Corp (NYSE: NEW) was downgraded to Underperform from Hold at Jefferies and suspended their estimates as they believe the 10-K filing delay indicates that the company's financial and operating situation continues to deteriorate.

• Matrix USA cut Yahoo! (NASDAQ: YHOO) to Sell from Hold, providing an intrinsic value of $25. They believe strong competition, as well as rising popularity and accessibility of free social and entertainment content, is negatively impacting the company.

• Barrington downgraded Sirius Satellite Radio inc (NASDAQ: SIRI) to Market Perform from Outperform. The firm believes 2007 sub-growth target will lag previous forecasts.

OTHER DOWNGRADES:

• JP Morgan downgraded shares of The Scotts Miracle-Gro Co (NYSE: SMG) to Neutral from Overweight based on SMG's lower fundamental visibility with recent increases in raw materials and the company's underperformance during its peak-season.

• JP Morgan also downgraded Marvell Technology Group Ltd (NASDAQ: MRVL) to reflect dilution concerns from the XScale acquisition, slow end-market growth and stock option uncertainty.

• Jefferies downgraded Humana Inc (NYSE: HUM) to Hold from Buy with a $60 target after checks confirmed concerns that recent budgetary analysis in Washington has heightened the risk for legislation to curb Medicare Advantage program growth.

• RBC cut Mediacomm Communications Corp (NASDAQ: MCCC) to Underperform from Sector Perform based on valuation.

• Wachovia downgraded Atlas Pipeline Partners (NYSE: APL) to Market Perform from Outperform following the company's Q4 shortfall.

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

MOST NOTEWORTHY: General Electric Co (GE), Brocade Communications Systems Inc (BRCD) and Netease.com Inc ADS (NTES) rounded out today's more notable upgrades:

• UBS upgraded General Electric Co (NYSE: GE) to Buy from Neutral with a $14 target based on valuation and expectations for strong earnings in its gas turbine business.

• Brocade Communications Systems Inc (NASDAQ: BRCD) was upgraded by Goldman Sachs to Buy from Neutral with an $11 target to reflect the cost savings associated with the McData acquisition. Bear Stearns also upgraded Brocade to Outperform from Peer Perform following its Q1 report and $200 buyback; Raymond James upgraded shares to Outperform from Market Perform.

• Deutsche Bank upgraded Netease.com Inc ADS (NASDAQ: NTES) to Hold from Sell with a $23 target following the company's Q4 report.

OTHER UPGRADES:

• Credit Suisse upgraded Reuters Group ADS (NASDAQ: RTRSY) to Outperform from Neutral citing the company's favorable outlook.

• Citigroup upgraded Moody's Corp (NYSE: MCO) to Buy from Hold with a $77 target as they believe weakness surrounding the company's quarter has created a buying opportunity.

• William Blair upgraded Career Education Corp (NASDAQ: CECO) to Market Perform from Underperform.

• BWS Financial upgraded shares of CuraGen Corp (NASDAQ: CRGN) to Strong Buy from Buy with an $8 target following its recent sell-off. The firm believes the concerns that CuraGen will not be able to sell its 454 Life Science stake are baseless.

• Caris upgraded Marvell Technology Group (NASDAQ: MRVL) to Above Average from Average following its solid quarter as they believe Marvell has worked through the excess inventory in storage and wireless LAN. Needham also upgraded Marvell Tech to Buy from Hold with a $26 target following its Q4 results.

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

MOST NOTEWORTHY: Progress Energy Inc (PGN), Mattel inc (MAT), Career Education Corp and (CECO) were some of today's notable upgrades:

• JP Morgan upgraded shares of Progress Energy Inc (NYSE: PGN) to Neutral from Underweight citing the company's improving earnings profile.

• Lehman upgraded shares of Mattel Inc (NYSE: MAT) to Equal Weight from Underweight with a $26 target, citing increased traction at retail stores for Barbie as well as expectations for 10% earnings growth.

• Career Education Corp (NASDAQ: CECO) was upgraded to Neutral from Underperform at Credit Suisse as they believe general start growth will bottom in 4Q/1Q and that its University division will return to positive start growth in 3Q07.

OTHER UPGRADES:

• Pacific Growth upgraded shares of Marvell Technology Group ltd (NASDAQ: MRVL) to Buy from Neutral to reflect the aggressive transfer of the Intel (NASDAQ: INTC) cell phone foundry business.

• Both Soleil Securities and Bank of America upgraded Warner Music Group Corp (NYSE: WMG) to Buy from Hold with a $23 target in order to reflect the company's improved fundamentals; they believe Warner's balance sheet restructuring bodes well for earnings.

• Merrill Lynch upgraded JetBlue Airways Corp (NASDAQ: JBLU) to Buy from Neutral on valuation.

• Diamond Offshore Drilling Inc (NYSE: DO) was added to Goldman Sachs' Conviction Buy List.

• CIBC upgraded Wells Fargo & Co (NYSE: WFC) to Sector Outperformer from Sector Performer, citing valuation and the $8 billion in excess capital in the coffers.

• Wachovia upgraded Fossil, Inc (NASDAQ: FOSL) to Outperform from Market Perform.

• HSBC upgraded Sony Corp (NYSE: SNE) to Neutral from Underweight.

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