Manpower (NYSE: MAN) volatility up; on employment growth concerns. MAN, an employment services company with 4,400 offices in 73 countries, is recently down $4.51 to $65.34. MAN has a market cap of $5.5 billion with long term debt of $800 million. MAN, Kelly Services (NASDAQ: KELYA), Labor ready (NYSE: LRW) & Spherion (NYSE: SFN) have aggressively sold off over the last week on U.S. human resource and employment services growth concerns. MAN September option implied volatility of 43 is above its 26-week average of 28 according to Track Data, suggesting larger price risk.

Labor Ready (NYSE: LRW) volatility Up; on employment growth concerns. LRW, a global temporary staffing provider, has a market cap of $878 million. LRW September option implied volatility of 47 is above its 26-week average of 40 according to Track Data, suggesting larger risk.

Volatility Index S&P 500 Options-VIX up 3.55 to 25; 10-day average is 22.95.

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

MOST NOTEWORTHY: Weyerhaeuser Co (WY), Jackson Hewitt Tax Service Inc (JTX), Hewlett-Packard Co (HPQ) and Coldwater Creek Inc (CWTR) were some of today's more noteworthy upgrades:

• UBS upgraded shares of Weyerhaeuser Co (NYSE: WY) to Neutral from Reduce citing the stock's recent weakness.

• Morgan Stanley upgraded shares of Jackson Hewitt Tax Service (NYSE: JTX) to Equal Weight from Underweight on valuation as the firm believes yesterday's sell-off was overdone.

• Hewlett-Packard Co (NYSE: HPQ) was upgraded to buy from Neutral at American Technology on valuation.

• Coldwater Creek (NASDAQ: CWTR) was upgraded to Buy from Neutral at Bank of America based on the company's favorable risk/reward.

OTHER UPGRADES:

• BB&T upgraded shares of Pacer International, Inc (NASDAQ: PACR) to Buy from Hold citing the company's operational changes and new $100M shares' repurchase.

• Goldman upgraded Spherion Corp (NYSE: SFN) to Neutral from Sell.

• SkyWest, Inc (NASDAQ: SKYW) was upgraded to Neutral from Underweight at Prudential.

• Bear Stearns upgraded shares of Sonic Corp (NASDAQ: SONC) to Outperform from Peer Perform on expectations of an acceleration in partner drive-in same store sales and system wide unit expansion.

• Citigroup upgraded Corinthian Colleges, Inc (NASDAQ: COCO) to Buy from Hold after a company visit as the firm believes expectations are finally low enough and recent initiatives are taking hold. Further, Citigroup believes takeover speculation will limit downside as their analysis suggests an LBO could work.

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