MOST NOTEWORTHY: UBS AG, Burger King and SAIC, Inc were today's noteworthy upgrades:
Bear Stearns upgraded shares of UBS (NYSE:UBS) to Outperform from Peer Perform after UBS announced a $10B write-down and replenished capital, as they now believe the subprime issue is broadly behind the company and capital ratios are restored.
Goldman raised its rating on Burger King (NYSE:BKC) to Buy from Neutral as they expect it to outperform the broader restaurant segment amid the current consumer weakness.
SAIC, Inc (NYSE:SAI) was upgraded to Buy from Hold at Jefferies following the better-than-expected Q3 results, as they believe the company continues to outperform competitors and that margin expansion should continue.
OTHER UPGRADES:
eBay (NASDAQ:EBAY) was added to Citigroup's CIR Recommend List.
Banc of America upgraded Reliant Energy (NYSE:RRI) to Neutral from Sell.
MasterCard (NYSE:MA) was upgraded to Outperform from Market Perform at Keefe Bruyette.
MOST NOTEWORTHY: Palm, Inc (PALM), Reliant Energy, Inc (RRI) and Take-Two Interactive Software (TTWO) topped today's more notable downgrades:
UBS cut Palm, Inc (NASDAQ: PALM) to Reduce from Neutral citing valuation. Bank of America downgraded shares to Neutral from Buy with an $18 target and considers the risk/reward less favorable at these levels.
Bank of America also downgraded Reliant Energy (NYSE: RRI) to Sell from Neutral on valuation.
Hillard Lyons cut Take-Two Interactive Software (NASDAQ: TTWO) to Neutral from Outperform.
OTHER DOWNGRADES:
CIBC downgraded Jabil Circuit, Inc (NYSE: JBL) to Sector Performer from Outperformer following the company's disappointing outlook. Bear Stearns cut Jabil to Peer Perform from Outperform. BMO cut the company to Market Perform from Outperform.
Friedman, Billings, Ramsey downgraded shares of FormFactor, Inc (NASDAQ: FORM) to Market Perform from Outperform to reflect increased risks in the logic market and long-term growth concerns.
Matrix USA downgraded Knight Transportation (NYSE: KNX) to Hold from Buy.
American Technology downgraded shares of Comverse Technology, Inc (NASDAQ: CMVT) to Neutral from Buy as the firm believes a retreat to the $17 range is likely given the company's disappointing margin trends.
CL King cut Claire's Stores, Inc (NYSE: CLE) to Neutral from Strong Buy following the buyout offer.
Goldman downgraded Atmos Energy Corp (NYSE: ATO) to Sell from Neutral and Liz Claiborne, Inc (NYSE: LIZ) to Neutral from Buy.
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MOST NOTEWORTHY: UBS AG, Burger King and SAIC, Inc were today's noteworthy upgrades: 
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