Nokia (NYSE: NOK) closed at $29.51 Monday.

Navteq (NSYE: NVT) agreed to be purchased by NOK on Oct. 1, 2007 for $78 cash ($7.6 billion). The European Commission is investigating the deal.

NOK June call option implied volatility of 30 and puts implied volatility of 35 is below its 26-week average of 40 according to Track Data, suggesting decreasing price risk.

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

Navteq (NYSE: NVT) closed at $69.70.

The European Commission said it opened an investigation into NOK's planned $8.1 billion buyout of NVT. NVT agreed to be purchased by Nokia (NYSE: NOK) on Oct. 1 for $78 cash.

NVT is a global provider of digital map data for location-based solutions and vehicle navigation. The EU has until August 8 to decide on the NOK-NVT deal according to the WSJ.

NVT overall option implied volatility 33 is above its 23-week average of 19 according to Track Data, suggesting larger price risk.

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

Shares of Garmin Ltd. (NASDAQ: GRMN) have been struggling lately as the company has been involved in a bidding war for Dutch digital mapmaker Tele Atlas NV. That has all changed this morning with the news that Garmin has pulled out of the bidding for Tele Atlas and instead signed a deal with Navteq Corp. (NYSE: NVT) for mapping services through the year 2015.

The stock has been soaring in premarket trading, up over 20% on this morning's news. Wall Street has been pretty tough on Garmin lately as investors worried about where the company would get its mapping services. Earlier this year, Nokia Corp. (NYSE: NOK) made an $8.1 billion bid for Navteq, and concerns mounted that Garmin would be unable to continue to get its mapping needs from the company.

After the Nokia offer for Navteq, Garmin had entered into a bidding war to acquire the only other major mapping provider, Tele Atlas, the other bidder being TomTom NV. TomTom has recently upped the ante for Tele Atlas to $4.2 billion, which was well above what Garmin was willing to pay for the company.

Today's announcement comes as great news to Garmin investors and the stock will be rewarded nicely in today's market.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.

MOST NOTEWORTHY: Sierra Wireless, Navteq, Goldleaf Financial, Infineon and VeriSign were today's noteworthy downgrades:

• Piper downgraded shares of Sierra Wireless (NASDAQ: SWIR) to Market Perform from Outperform to reflect increasing competition for the company's core businesses and longer term margin concerns. Based on comments from Qualcomm (NASDAQ: QCOM), Piper believes the new Gobi embedded solution is gaining more traction than previously anticipated.
  
• The firm also downgraded Navteq (NYSE: NVT) to Market Perform from Outperform as they believe the Nokia (NYSE: NOK) acquisition will close.
  
• Credit Suisse lowered its rating on Goldleaf Financial (NASDAQ: GFSI) to Market Perform from Outperform following its weak Q3 report and guidance.
  
• ABN Amro downgraded shares of Infineon (NYSE: IFX) to Hold from Buy as they believe the strength of the euro will hurt margins.
  
• VeriSign (NASDAQ: VRSN) was downgraded to Hold from Buy at Hambrecht to reflect the uncertainty surrounding the company's numerous divestitures as well as the execution risk.

OTHER DOWNGRADES:

• JP Morgan removed Pilgrim's Pride (NYSE: PPC) from its Focus List.
  
• Bear Stearns downgraded European Pharmaceuticals to Market Weight from Market Overweight.
  
• Wachovia downgraded AmeriGas Partners (NYSE: APU), Exelon (NYSE: EXC) and FPL Group (NYSE: FPL) to Market Perform from Outperform.

TheStreet.com's Jim Cramer is amazed by some stocks that just won't quit and looks at the practicalities of getting into these winners.

Starting to get startling disparities between the haves and the have-nots.

Can we have a day where Syngenta (NYSE: SYT) (Cramer's Take) and Monsanto (NYSE: MON) (Cramer's Take) don't go up, let alone Deere (NYSE: DE) (Cramer's Take) and Bunge (NYSE: BG) (Cramer's Take)?

Can we have a breather in which Fluor (NYSE: FLR) (Cramer's Take) and Shaw Group (NYSE: SGR) (Cramer's Take) don't run higher, or Foster Wheeler (NASDAQ: FWLT) (Cramer's Take) and McDermott (NYSE: MDR) (Cramer's Take)?

And can we have a two-day period when a Masco (NYSE: MAS) (Cramer's Take) or a JPMorgan (NYSE: JPM) (Cramer's Take) can go higher?

Can we have more than a short-squeeze streak by a retailer?

MOST NOTEWORTHY: Toronto Dominion, Cytec Industries, Ceragon Networks, Micron and Navteq were today's noteworthy downgrades:

• CIBC downgraded shares of Toronto Dominion (NYSE: TD) to Sector Performer from Outperformer following the Commerce Bancorp (NYSE: CBH) acquisition, as they see integration risks and believes the deal will limit the company's ability to buyback stock.
  
• Cytec Industries (NYSE: CYT) was downgraded to Hold from Buy at Jefferies, as they believe near-term risks to demand and margins could bring a better entry point by 1H08. Target lowered to $75 from $79.
  
• Collins Stewart downgraded shares of Ceragon Networks (NASDAQ: CRNT) to Underperform from Buy on valuation and uncertainties surrounding the stock, which include the NEC infringement issue and increased competition.
  
• Micron Technology (NYSE: MU) was downgraded to Accumulate from Buy at ThinkEquity. The firm is cautious on the sustainability of PC related demand and questions component order levels relative to PC sell through.
  
• Banc of America downgraded shares of Navteq Corporation (NYSE: NVT) to Neutral from Buy following Nokia's (NOK) proposed buyout.

OTHER DOWNGRADES:

• JP Morgan downgraded Companhia Vale do Rio Doce (NYSE: RIO) to Neutral from Overweight.
  
• Goldman removed Johnson Controls (NYSE: JCI) from its Conviction Buy List.
  
• Citigroup downgraded GameStop Corp (NYSE: GME) to Hold from Buy.
  
• Friedman Billings downgraded Brookfield Asset Management (NYSE: BAM) to Neutral from Outperform.

MOST NOTEWORTHY: Walgreen, CBS Corp, SL Green Realty, Brandywine Realty Trust and Navteq were today's noteworthy downgrades:

• Walgreen (NYSE: WAG) was downgraded to Neutral from Buy at Merrill and to Market Perform from Outperform following its weak Q4 report. Merrill sees limited upside following the worse-than-expected quarter.
  
• CBS Corporation (NYSE: CBS) was downgraded to Hold from Buy at Deutsche Bank to reflect the company's soft rating trends and poor local advertising growth.
  
• Banc of America downgraded shares of SL Green Realty (NYSE: SLG) and Brandywine Realty Trust (NYSE: BDN) to Neutral from Buy. The firm downgraded shares of SL Green to reflect their more cautious stance on the office sector and believes uncertainty over cap rates will limit share upside, and downgraded shares of Brandywine to reflect a lack of near-term catalysts and their more cautious stance on the office sector.
  
• Navteq Corporation (NYSE: NVT) was downgraded to Neutral from Buy at UBS and to Market Perform from Outperform at JMP Securities following its acquisition by Nokia Corporation (NYSE: NOK).

OTHER DOWNGRADES:

• Goldman Sachs removed Monsanto Company (NYSE: MON) from its Conviction Buy List.
  
• The firm downgraded Air Products & Chemicals (NYSE: APD) to Neutral from Buy and Valspar Corporation (NYSE: VAL) to Sell from Neutral.
  
• CIBC downgraded Axcan Pharma (NASDAQ: AXCA) to Sector Performer from Sector Outperformer.
  
• Humana Inc (NYSE: HUM) was downgraded to Neutral from Buy at Merrill.

MOST NOTEWORTHY: UBS AG, ProLogis, AMB Property, Navteq and PDL BioPharma were today's noteworthy upgrades:

• JP Morgan upgraded shares of UBS (NYSE: UBS) to Neutral from Underweight as they believe the company can start fresh after yesterday's pre-announcement.
  
• Banc of America upgraded shares of ProLogis (NYSE: PLD) and AMB Property (NYSE: AMB) to Buy from Neutral to reflect their positive outlook on global industrial REITs and believes they are positioned to benefit from global demand for industrial space.
  
• Navteq Corporation (NYSE: NVT) was upgraded at Deutsche Bank to Hold from Sell to reflect the acquisition by Nokia Corporation (NYSE: NOK).
  
• Wachovia raised shares of PDL BioPharma Inc (NASDAQ: PDLI) to Outperform from Market Perform following the CEO resignation and potential sale of the company.

OTHER UPGRADES:

• Thor Industries (NYSE: THO) was upgraded to Buy from Gradually Accumulate at Soleil.
  
• Gabelli upgraded Hershey Company (NYSE: HSY) to Hold from Sell.
  
• Forest Laboratories (NYSE: FRX) was upgraded at Citigroup to Hold from Sell.
  
• Roth Capital upgraded Conexant Systems (NASDAQ: CNXT) to Hold from Sell.

Garmin (NASDAQ: GRMN) volatility elevated as competitor Navteq (NYSE: NVT) purchased by Nokia (NYSE: NOK).

• GRMN, a designer and manufacturer of navigation, communication and information devices, is recently down $5.92 to $113.48 in pre-open trading.
  
• NVT, a global provider of digital map data for location-based solutions and vehicle navigation, announced NOK will acquire NVT for $78 a share in cash ($8.1 billion).
  
• GRMN overall option implied volatility of 50 is above its 26-week average of 41 according to Track Data, indicating larger price risk.

Citigroup (NYSE: C) volatility up into C announcing expectations of decline in 3Q income.

• C said "dislocations in the mortgage-backed securities and credit markets, and deterioration in the consumer credit environment are expected to have an adverse impact on the third quarter financial results."
  
• C closed at $46.67.
  
• C will report 3Q EPS on 10/15.
  
• C October option implied volatility of 28 is above its 26-week average of 22 according to Track Data, suggesting larger risk.

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

Google Inc's (NASDAQ: GOOG) hot acquisition spree is setting the web search leader up to be the king of all information dispersal. Sounds like a heavy undertaking, doesn't it? It is, but Google has a multi-billion dollar war chest of cash and earns more every quarter. This company can afford to go nuts in its drive for world domination. Ah. It's good to be king, no?

NAVTEQ Corp. (NYSE: NVT) would make an interesting acquisition for Google's global mapping and navigation efforts. Google Local and Google Maps are already pretty heavily-used devices on computers and mobile phones these days, and Navteq's GPS positioning software products for mobile devices and handheld devices like Palm Treos and BlackBerries would further entrench Google into providing real-time, accurate navigational information to mobile customers, of which there are more than 150 million in the U.S. alone.

When Google says that the "mobile" front will be bigger than the PC front someday (in terms of information retrieval), you have to believe it knows what it's talking about. The sheer amount of mobile devices alone makes the market ripe for business -- and it's literally just getting started. NAVTEQ shares have jumped 20% since last week after Jim Cramer mentioned the company on CNBC in connection with being "Google-icious" (re: a perfect fit for Google), so if the navigation company is indeed acquired by Google, it'll be yet another large win for the search king as it moves fast and furious into mobile information providing and retrieval.

Are you married to one of those folks who just will not stop for directions? Well, this won't be a problem anymore. There is an outfit in Chicago that provides the detailed navigation information you need to get through.

Navteq Corporation (NYSE: NVT) is a leading provider of digital map information for automotive navigation systems, mobile navigation devices and Internet-based mapping applications. The firm's databases cover North America, Europe and the Middle East. They feature such information as street names, turn restrictions and the locations of hospitals, gas stations, and tourist destinations. Navteq information is used in handheld devices from Dell (NASDAQ: DELL) and Hewlett-Packard (NYSE: HPQ) and in vehicle systems sold by Ford (NYSE: F), DaimlerChrysler (NYSE: DCX) and Toyota (NYSE: TM).

The company pleased investors earlier in the month, when it reported Q1 EPS of 31 cents and revenues of $160 million. Analysts had been looking for 19 cents and $148.8 million. Management also guided FY07 EPS to $1.20-1.26 ($1.24 consensus) and FY07 revenues to $720-$750 million ($732.97M consensus). Banc of America Securities, Am Tech/JSA Research and JMP Securities subsequently declared the stock a "buy".

JDSU (NASDAQ:JDSU) trading up over 10% pre-market on raised guidance; Citigroup reiterated its Buy rating.

JMP Securities started GPS technologies as favorable: Garmin (NASDAQ:GRMN) & NAVTEQ (NYSE:NVT) were both started as Outperform ratings.

Level 3 Communications (NASDAQ:LVLT) was started as Neutral rating at UBS, but the $7.00 target needs to be checked. That is 16% higher than current prices. As a reminder this was Cramer's #1 speculative pick for 2007.

Red Hat (NYSE:RHT) is not at risk of losing its business because of Oracle Corp. (NASDAQ:ORCL) competition, or so thinks CIBC. CIBC raised its Sector Perform rating to a Sector outperform and has a $26.00 target.

Rite Aid (NYSE:RAD) was cut to a Sell rating at Goldman Sachs this morning; stock trading down 2%. This was Cramer's #2 speculative play for 2007.

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