Analyst Upgrades

• BB&T (BBT) and Aflac (AFL) to buy from hold at Deutsche Bank.
• Kodiak Oil & Gas (KOG) to outperform from neutral at RW Baird.
• Zhongpin (HOGS) to neutral from reduce at Global Hunter.
• Marathon Oil (MRO), Noble Energy (NBL) and Manulife Financial (MFC) to buy from neutral at UBS.
• Carrizo Oil & Gas (CRZO) to buy from hold at Canaccord.
• Comerica (CMA) to buy from neutral at Rochdale.

Two of the three major indexes opened higher on a solid earnings report from General Electric Company (GE), although a quarterly loss from Bank of America Corporation (BAC) and weak earnings from Advanced Micro Devices (AMD) kept a lid on the rise. Oil prices have continued to decline today, trading below $89.50. Gold prices, too, have posted a second-day of falling prices, though today's drop is modest compared with yesterday's dive. In the currency markets, the euro has gained against the dollar for a second day in a row.

Here are the unofficial closing bell numbers for today:

Dow Jones: 11,871.84 +49.04 (0.41%)
S&P 500: 1,283.35 +3.09 (0.24%)
Nasdaq: 2,689.54 -14.75 (-0.55%)

Analyst upgrades:

• UBS upgraded Palm, Inc. (NASDAQ: PALM) to neutral from sell and placed a short-term buy rating on shares based on the new Palm Pre. The firm raised its target to $6.50 from $1.35.
  
• UBS upgraded Silver Wheaton Corp. (NYSE: SLW) to Buy from Neutral and raised its target to $7.50 from $5.75 based on its improved view of the company's credit risk.
• Canaccord upgraded Elan PLC (NYSE: ELN) to Buy from Sell and raised its target to $10.87 from $6.90, citing Tysabri potential.
• Brandywine Realty (NYSE: BDN) and Boston Properties (NYSE: BXP) were upgraded to Overweight from Neutral at JP Morgan.
• Raytheon (NYSE: RTN) and L-3 Comm (NYSE: LLL) were raised to Outperform from Neutral at Credit Suisse.

MOST NOTEWORTHY: GMX Resources, Glacier Bancorp and Brown and Brown were today's noteworthy initiations:

• Jefferies initiated GMX Resources (NASDAQ: GMXR) with a Buy rating and $40 target and believes the company's valuation discount to its NAV will narrow as management refocuses its efforts on its base Cotton Valley development program.
  
• Glacier Bancorp (NASDAQ: GBCI) was assumed with a Neutral rating and $20 target at B. Riley, as they think bank multiples are unlikely to rise much further, given the ongoing problems in the housing market and continued deterioration in credit quality.
  
• Brown and Brown (NYSE: BRO) was initiated with a Buy rating and $23 at Suntrust. The firm believes softness in the insurance market is now reflected in valuation.

OTHER INITIATIONS:

• Stephens assumed Online Resources (NASDAQ: ORCC) with an Overweight rating and $13 target.
  
• W.R. Berkley (NYSE: BER) was initiated with a Market Perform rating and $34 target at Keefe Bruyette.
  
• Morgan Keegan initiated Finisar (NASDAQ: FNSR) with an Outperform rating.

MOST NOTEWORTHY: Apple (AAPL), Spectranetics (SPNC), First Solar (FSLR) and Online Resources (ORCC) were today's noteworthy initiations:

• ThinkEquity believes Apple Inc (NASDAQ: AAPL) is one of the best-positioned hardware companies that can capitalize on the monetization of digital media consumption through PC, televisions and mobile devices. The firm transferred coverage with an Accumulate rating and $135 target.

• Roth Capital said atherectomy procedures continue to grow in the high-teens and that Spectranetics (NASDAQ: SPNC) should be able to exceed these growth rates with its ability to treat certain complicated lesions as well as through new product introductions. The firm started shares off with a Buy rating and $15 target.

• Deutsche Bank initiated shares of First Solar (NASDAQ: FSLR) with a Neutral rating and $90 target on valuation.

• CIBC started Online Resources (NASDAQ: ORCC) with a Sector Performer rating and $15 target, citing favorable risk/reward...

OTHER INITIATIONS:

• G&K Services (NASDAQ: GKSR) was initiated with a Hold rating at Needham.

• Diodes (NASDAQ: DIOD) was initiated with a Buy rating at LongBow.

• JMP Securities initiated Anworth Mortgage Asset Mortgage Corp (NYSE: ANH) with an Outperform rating and $10 target.

• Covidien (NYSE: COV) was initiated at Morgan Stanley with an Overweight rating and $49 target.

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