• Deutsche Bank upgraded Freeport McMoRan (NYSE: FCX) to Buy from Hold to reflect the company's better than expected Q3 results and improved volume outlook. Deutsche raised its target on shares to $100 from $72.
• Thomas Weisel upgraded Motorola (NYSE: MOT) to Overweight from Market Weight and raised its target to $11 from $7 and said they expect Motorola to benefit from several upcoming catalysts that include new Android-based smartphone products and they believe the handset division could break even by year end of 2010.
• Janney Montgomery upgraded Regal Entertainment (NYSE: RGC) and Cinemark (NYSE: CNK) to Buy from Neutral on expectations both companies will benefit from a strong box office in Q4. The firm has a $14 price target on Regal shares and a $13.50 target on Cinemark shares.
• Marshall & llsley (NYSE: MI) was upgraded to Neutral from Underweight at JPMorgan.
• F5 Networks (NASDAQ: FFIV) was upgraded to Neutral from Sell at UBS.
• William Blair upgraded Lindsay Corporation (NYSE: LNN) to Outperform from Market Perform.

• Piper upgraded shares of Palm (NASDAQ: PALM) to Buy from Neutral following the company's negative Q3 pre-announcement as it believes the launch of Pre will drive longer term profitability. Piper raised its target price on shares to $10 from $4.
  
• Jefferies upgraded Monotype Imaging (NASDAQ: TYPE) to Buy from Hold as it believes the valuation is compelling at current levels and the company's debt is manageable. Despite upgrading, Jefferies lowered its target price to $4 from $6.
  
• Citigroup raised Arcelor Mittal (NYSE: MT) to Hold from Sell as it believes the company's productions cuts and lower dividends are positive.
• Celanese (NYSE: CE) was upgraded to Buy from Neutral at Goldman and added to the firm's Conviction Buy List.
  
• Aegon (NYSE: AEG) was lifted at UBS to Neutral from Sell.
  
• Sun Healthcare (NASDAQ: SUNH) was upgraded at Stephens to Overweight from Equal Weight.

Selling prevailed again today. We got more news on who the new cabinet members would be under Obama; we have an auto bailout in the works in D.C.; and the EU cut rates. Even the Bank of England came in with a rate cut much larger than expected at 150 basis-points. The economic numbers were again dismal, which is something we just have to get used to.

Here are today's unofficial closing bell levels:
DJIA: 8,696.19 -4.85%
NASDAQ: 1,608.70 -4.34%
S&P 500: 905 -5.01%

52-week lows
Top Analyst Upgrades
Top Analyst Downgrades

Charles River Laboratories International Inc. (NYSE: CRL) dropped the ball that it was cutting its guidance for 2008. The trends we saw in early August appear to be coming to a crashing halt. This stock was down 21% at $26.60 right before the close.

Pepco Holdings, Inc. (NYSE: POM) did fairly well considering the company priced a secondary offering at $16.50 per share for 14 million shares. Shares were down only 2.6% at $17.12 right before the close.