Stocks opened lower after a downbeat report from Cisco Systems on its guidance. The G20 meeting of leaders of the industrial and developing countries in Seoul, South Korea, is beginning discussions on world trade and currencies. The currency markets are roiled again, with the US dollar gaining strength against the Euro, primarily on fears that the European Union will have to do something about Ireland's debt. Something like a bailout similar to the Greek bailout of earlier this year.

Here are the unofficial closing bell levels:

Dow Jones 11,283.10 -73.94 (-0.65%)
S&P 500 1,213.54 -5.17 (-0.42%)
Nasdaq 2,555.52 -23.26 (-0.90%)

Top Stock Analyst Calls

Analyst Upgrades

• Deutsche Bank upgraded Southern Copper (SCCO) to buy from hold to reflect valuation and positive near-term catalysts. The firm raised its target for shares to $38 from $35.
• JMP Securities upgraded Ultimate Software (ULTI) to outperform from market perform. The firm cites the company's expanding employee base for the upgrade. The firm has a $40 target on the stock.
• Piper Jaffray upgraded Aeropostale (ARO) to neutral from underweight following the company's Q4 results and raised its target for shares to $31 from $24.
• Kennametal (KMT) was upgraded to sell from conviction sell at Goldman.
• Lifetime Brands (LCUT) was upgraded to outperform from market perform at Barrington.
• Volvo (VOLVY) was upgraded to overweight from underweight at JPMorgan.

Qualcomm (QCOM) rallied 6.7% to $37.93 after approving a 12% increase in its quarterly dividend and authorizes a new $3 billion share buyback program. March put option implied volatility is at 32, April puts are at 31; near its 26-week average of 31 according to Track Data, suggesting non-directional price movement.

Dendreon (DNDN) closed at $33.26. Dendreon's provenge (a drug that prolongs the lives of advanced prostate-cancer patients) has a PDUFA on May 1, 2010, by which time it will respond to Dendreon's amended Biologics License Application (BLA). March put option implied is at 74, May puts are at 92; verses its 26-week average of 76, according to Track Data, suggesting larger price movement this spring.

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

The recession is over according to Ben Bernanke. Inflation is staying tame. And the Fed just said we all saw our wealth grow in Q2. Yet today the markets gave back. Based upon many key tech shares hitting 52-week highs and then selling off, this was just a day of traders finally locking in some handy trading profits. The DJIA stayed up for much of the day, but the rest of the key indexes came well off of highs and many went negative. This call for DJIA 10,000 still seems much more likely even if the market showed that not every index has to rise every day.

Here are today's unofficial closing bell levels:

Dow 9,784.22 -7.49 (-0.08%)
S&P 500 1,065.49 -3.27 (-0.31%)
Nasdaq 2,126.75 -6.40 (-0.30%)

Top Trader Alerts
Top Analyst Upgrades
Top Analyst Downgrades

Analyst upgrades:

• Merriman upgraded Dendreon (NASDAQ: DNDN) to Buy from Neutral on expectations shares will react positively to the full IMPACT data release on April 28. The firm thinks Provenge could represent the first cancer immunotherapy approved in the U.S. and raised its valuation range on the stock to $33-$34 from $18-$19.
• Piper Jaffray upgraded Andersons (NASDAQ: ANDE) as it believes the valuation is attractive, investor expectations are low, and the company's fertilizer and rail segments could recovery in FY10. The firm has a $19 target on shares. Goldman upgraded the auto sector to Neutral from Cautious and added Ford (NYSE: F) to its Conviction Buy list. The analyst does not believe Ford will have to declare bankruptcy and sees the company benefiting from Chrysler share declines and GM's (NYSE: GM) reduced product offerings. Ford's price target is $6
• Banc of America/Merrill upgraded U.S. Airways (NYSE: LCC) to Buy from Underperform.
• Broadcom (NASDAQ: BRCM) was upgraded to Equal Weight from Underweight at Morgan Stanley.
• Caterpillar (NYSE: CAT) was raised to Overweight from Neutral at JP Morgan.

Dendreon Corp. (NASDAQ: DNDN) shares more than tripled today soaring from a previous close of $7.30 to $22.10. By noon DNDN traded up over 130% to around $17 a share. The company reported this morning that its experimental prostate cancer treatment, Provenge, was significantly successful in prolonging patient survival. This may clear the way for the long-awaited regulatory approval for the drug.

Dendreon plans to submit additional information to the FDA in the fourth quarter as part of its new drug application, meaning approval could come with six months, by mid- 2010.

Dendreon (NASDAQ: DNDN) is a classic example of how a company fares as they struggle through the arcane and sometimes bewildering process of gaining FDA approval of a new treatment protocol.

A little more than a year and a half ago, the Seattle-based company was anxiously awaiting FDA approval of its new drug treatment protocol for prostate cancer.

The company's new drug, Provenge, had completed a trial that found that the treatment extended the lives of men suffering from prostate cancer an average of 4.5 months over those who did not receive the treatment. The company felt it had adequately demonstrated the efficacy of the treatment and deserved FDA approval.

In an unexpected but somewhat typical move, the FDA chose not to approve the drug for distribution at that time. It opted to delay approval until completion of another study under way with 500 subjects. This came in spite of a finding by an FDA panel that the drug was "safe and substantially effective."

When a relative -- I'll call her "M" to protect her privacy -- told me a few months ago that she and another relative who I'll call "D" were thinking of buying Dendreon Corp. (NASDAQ: DNDN), a biotech stock that at one time was a Wall Street favorite, I wasn't happy. The stock was getting pounded because of concerns about whether the Seattle-based company would get FDA approvals for its Provenge prostate cancer treatment. It turns out my skepticism was right and "M" and "D" were wrong.

Dendreon is basically a one-trick pony, and a money-losing one. As of June 30, the company had an accumulated deficit of $445.5 million. Its shares have plunged more than 50% since May, when the FDA didn't approve Provenge as had been expected.. The stock fell again in July after the company said the SEC was conducting an informal inquiry and that it was hit with a shareholder lawsuit.

Investors' hopes were rekindled again earlier this month after Dendreon released what was seen as promising results for its Neuvenge treatment for breast cancer. Forbes magazine, though, cautions against reading too much into these results.

"While the Neuvenge results were positive, Dendreon investors will have to be patient," the magazine said. "The drug's human trial remains in the early stage, meaning that Neuvenge has a long way to go before it nears Food and Drug Administration approval. Investors remain concerned that Neuvenge could go the way of Provenge."

Provenge remains Dendreon's bread and butter -- at least it would be if the company actually had products. The company made that point very clear in a recent filing with the SEC. "If we fail to obtain FDA approval for Provenge or fail to successfully commercialize Provenge, our business would be harmed and our stock price would likely decline," the filing said.

How true.

Hopefully, M&D will eventually recoup some of their losses so they can focus on more important things like spoiling grandchildren.