All three of the major indexes finished Tuesday in the red, but there were several big names that moved up to new 52-week highs in Tuesday's trading.

Walgreen Co. (NYSE: WAG): The drugstore giant had a really good day on Wall Street after posting better than expected earnings in the morning before the market opened. The company posted earnings of 44 cents per share versus analyst estimates of 39 cents. The stock set a new 52-week high of $38.44 and closed the day up 9.2% at $37.35.

Shares of Sina Corporation (NASDAQ: SINA) soared to a new 52-week high Monday following news that the Chinese media giant's deal to purchase assets of Focus Media Holding Limited (NASDAQ: FMCN) likely had fallen through. Rumors had swirled for weeks suggesting that the deal might not be completed.

Sina was set to acquire a portion of Focus Media's business that places advertising in malls, airports, office buildings and other places for $1.66 billion. The agreement is set to expire Wednesday, Sept. 30, without approval from the Chinese Ministry of Commerce. The government reportedly did not respond to repeated requests for approval. Both companies said Monday in a joint statement that they would not extend a deadline for closing the transaction.

Sina (NASDAQ: SINA - option chain) shares are rising today after the company was upgraded by Deutsche Bank from Sell to Hold with a price target of $31. This action comes even though Deutsche thinks that Sina's deal for Focus Media Holdings (NASDAQ: FMCN) is getting more likely to fall through. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on SINA.

SINA opened this morning at $30.22. So far today the stock has hit a low of $30.09 and a high of $32.60. As of 11:35, SINA is trading at $32.42 up $2.42 (8.1%). The chart for SINA looks bullish.

Analyst upgrades:

• Bernstein upgraded Amgen (NASDAQ: AMGN) to Outperform from Market Perform on valuation as it believes threats to the core business are priced in at current levels and upside catalysts may come from pipeline news. The firm raised its target on shares to $65 from $57.
• Stephens upgraded CyberSource (NASDAQ: CYBS) to Overweight from Equal Weight on valuation as it believes the recent pullback creates a buying opportunity. The firm raised its target on shares to $16 from $14.
• JPMorgan upgraded Magna (NYSE: MGA) and Tenneco (NYSE: TEN) to Overweight from Neutral on expectations global auto production has sequentially bottomed with European light vehicle production rebounding in Q2. The firm also sees a short-term trading opportunity in TRW Automotive (NYSE: TRW), but keeps a Neutral rating on the stock.
• SINA Corp. (NASDAQ: SINA) was upgraded to Conviction Buy from Buy at Goldman.
• Cogent Communications (NASDAQ: CCOI) was raised to Buy from Hold at Citigroup.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• American Capital Agency Corp. (NASDAQ: AGNC) earnings prospects earned it an analyst's upgrade.
• Broadpoint Securities Group Inc. (NASDAQ: BPSG) earnings prospects improved with recent acquisitions.
• Clorox Co. (NYSE: CLX) was upgraded on the belief that its fiscal year outlook is too conservative.
• Deutsche Bank (NYSE: DB) earnings prospects resulted in an upgrade from JPMorgan.
• Lululemon Athletica Inc. (NASDAQ: LULU) Q1 profit and same-store sales fell and it offered a weak outlook.
• Movado Group Inc. (NYSE: MOV) bested Q1 expectations and forecast a considerable profit for the full year.

Sina Corp. (NASDAQ: SINA - option chain) stock is falling today after the Chinese internet portal company reported Q1 earnings of $9.75 million, or 17 cents per share against estimates of 22 cents. SINA also forecast second-quarter revenue of $85 to $89 million. Analysts are forecasting revenue of $91.5 million for the quarter. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on SINA.

This morning, SINA opened at $30.13. So far today the stock has hit a low of $29.92 and a high of $31.30. As of 11:00, SINA is trading at $30.46, down $2.47 (-7.5%). The chart for SINA looks bullish.

Analyst upgrades:

• Citigroup upgraded Emergency Medical Services (NYSE: EMS) to Hold from Sell as it believes earnings estimates and valuation multiples could expand should Congress extend insurance coverage to the currently uninsured. The firm raised its target on shares to $38 from $29.
• JPMorgan upgraded Deutsche Bank (NYSE: DB) to Neutral from Underweight on expectations the company's fixed income business will drive earnings.
• KeyBanc expects U.S. Steel (NYSE: X) to benefit from a global recovery in flat-rolled products and a potential stabilization in energy end markets. The firm upgraded shares to Buy from Hold.
• Yahoo! (NASDAQ: YHOO) was upgraded to Buy from Hold at Soleil.
• Pinnacle Financial (NASDAQ: PNFP) was upgraded to Equal Weight from Underweight at Stephens.
• BP Plc (NYSE: BP) was raised to Buy from Hold at ING Group.

Analyst upgrades:

• Jefferies upgraded Cytec Industries (NYSE: CYT) to Buy from Hold on valuation and believes liquidity concerns are overdone. The firm raised its target on the stock to $27 from $20.
  
• Morgan Stanley upgraded Intel (NASDAQ: INTC) to Overweight from Equal Weight and raised its price target to $19 from $15. Morgan Stanley's survey indicates positive trends in the business supply chain and the analysts expects estimates to move higher from increased server MPU sales and growth in Windows 7.
  
• Pali upgraded Urban Outfitters (NASDAQ: URBN) to Buy from Neutral on valuation and believes the company's tough Q2 compares are already priced into the stock. The firm has a $25 target on shares.
• Research in Motion (NASDAQ: RIMM) was upgraded to Conviction Buy from Buy at Goldman.
  
• MasterCard (NYSE: MA) was lifted to Buy from Hold at Deutsche Bank.
  
• Burger King (NYSE: BKC) was raised to Buy from Neutral at Banc of America/Merrill.

On Tuesday, the Federal Reserve's FOMC holds two-day meeting on interest rates and will announce its decision on Wednesday. The Fed's Ben Bernanke will still be out and about this week, discussing the failure of Lehman Brothers later today, and ending up the week speaking at the Independent Community Bankers of America National Convention and Techworld.

Manufacturing will be in focus this week, starting with industrial production numbers for February and the Empire State Manufacturing Survey Diffusion Index for March scheduled to be released Monday morning. Tuesday morning will bring us the Producer Price Index for February, and Thursday morning comes the Philadelphia Fed Outlook Survey -- Diffusion Index Manufacturing for March.

Analyst upgrades:

• Jefferies upgraded Check Point Software (NASDAQ: CHKP) to Buy from Hold as they believe the recently acquired Nokia security appliance business should drive 2009 revenue and EPS meaningfully higher. The firm raised their target price to $27 from $20.
  
• Goldman upgraded Motorola (NYSE: MOT) to Buy from Neutral and added shares to its Conviction Buy List. The firm expects shares to outperform even if phones don't given the overly negative value for the business.
  
• Research in Motion (NASDAQ: RIMM) was upgraded to Outperform from Sector Perform at RBC Capital. The firm cites improving margin visibility and execution, and lowered expectations for the upgrade.
• Ares Capital (NASDAQ: ARCC) was upgraded to Neutral from Underweight at JP Morgan.
  
• Canadian Pacific (NYSE: CP) was raised at Canaccord to Buy from Hold.
  
• Lloyds TSB (NYSE: LYG) was upgraded to Buy from Neutral at UBS.

Analyst downgrades:

• JP Morgan downgraded Venoco (NYSE: VQ) to Underweight from Overweight based on valuation and debt concerns.
  
• UBS downgraded MEMC Electronic (NYSE: WFR) to Neutral from Buy, added shares to the Short-Term Sell List and lowered their target to $14.50 from $20. The firm believes 2009 wafer sales will be much worse than expected.
  
• Deutsche Bank downgraded SINA (NASDAQ: SINA) to Hold from Buy to reflect integration risks from the recent acquisition of Focus Media's digital OOH assets as they see little room for near-term upside.
• Palm (NASDAQ: PALM) was lowered to Neutral from Overweight at JP Morgan.
  
• Polo Ralph Lauren (NYSE: RL) was cut to Sell from Neutral at Goldman.
  
• Telus (NYSE: TU) was downgraded at Banc of America/Merrill to Underperform from Neutral.

Analyst initiations:

• Societe Generale believes HSBC (NYSE: HBC) will need to cut its dividend and raise additional capital in order to strengthen its capital base. Shares were initiated with a Sell rating.
  
• Citigroup initiated United Technologies (NYSE: UTX) with a Hold rating and $55 target. The firm sees downside risk to the company's guidance and believes consensus estimates could be too high.
  
• B. Riley assumed Matrixx Initiatives (NASDAQ: MTXX) with a Buy rating and $22 target. The firm finds shares attractively valued and sees limited downside risk from current levels.
• ASML Holding (NASDAQ: ASML) was initiated at Deutsche Bank with a Hold rating.

Focus Media (NASDAQ: FMCN), a Chinese digital advertising company, closed at $10.98. January option implied volatility of 132 is above its 26-week average of 106, according to Track Data, suggesting larger price movement.

SINA Corp (NASDAQ: SINA), a Chinese online media company, closed at $29.24. SINA January option implied volatility is at 63; March is at 70; above its 26-week average of 61, according to Track Data, suggesting larger price movement in early spring.

Shanda Interactive (NASDAQ: SNDA), an interactive entertainment media company in China, closed at $30.33. SNDA January option implied volatility of 66 is near its 26-week average according to Track Data, suggesting non-directional price movement.

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

SINA Corp (NASDAQ: SINA), a Chinese online media company, is scheduled to report Q2 EPS on August 6. SINA August option implied volatility is at 78; September is at 55. SINA average option implied volatility over the last 26-weeks is 58 according to Track Data, suggesting larger August price movement.

The9 (NASDAQ: NCTY), an online game operator headquartered in Shanghai, closed at $22.73. NCTY is scheduled to report Q2 EPS on August 7. NCTY August option implied volatility is at 101, September at 81; above its 26-week average of 69, suggesting larger price movement.

NetEase (NASDAQ: NTES), an interactive online community in China, is scheduled to report Q2 EPS after the market close on August 13. NTES August option implied volatility of 70 is above its 26-week average of 45, suggesting larger price fluctuations.

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

MOST NOTEWORTHY: Syneron Medical, Cellcom Israel, GATX Corp and TNS, Inc were today's noteworthy upgrades:

• Merriman upgraded shares of Syneron Medical (NASDAQ:ELOS) to Buy from Neutral following the Q1 results to reflect the introduction of LipoLite and the company's global distribution channel. They believe shares can trade towards the $22-$26 level.
  
• Jefferies upgraded Cellcom Israel (NYSE:CEL) to Buy from Hold following the company's Q1 results to reflect its improved EBITDA outlook.
  
• Morgan Keegan upgraded GATX (NYSE:GMT) to Outperform from Market Perform as they believe the company has increased opportunities to deploy capital given the current state of the market for railcars, which should result in share outperformance.
  
• Suntrust raised TNS, Inc (NYSE:TNS) to Buy from Neutral citing improved execution and the global shift towards electronic transactions.

OTHER UPGRADES:

• Chevron (NYSE:CVX) was raised at UBS to Buy from Neutral.
  
• RBC Capital upgraded TeleTech Holdings (NASDAQ:TTEC) to Sector Perform from Underperform.
  
• Citigroup upgraded SINA Corp (NASDAQ:SINA) to Buy from Hold.

CNET (NASDAQ:CNET) is up over 45% on news of a buy-out from CBS (NYSE:CBS).

Sina (NASDAQ:SINA) is up about 10% on an analyst upgrade.

Barclays (NYSE:BCS) is off 3% on weak earnings and high write-offs.

Ctrip.com (NASDAQ:CTRP) is off 8% over worries about the impact of the earthquake in China on its business.

Douglas A. McIntyre is an editor at 247wallst.com and author of Ten Stocks Under $10.

UBS cut Palm (NASDSAQ:PALM) from "neutral" to "sell", according to MarketWatch.

Citigroup upgraded Sina (NASDAQ:SINA) from "hold" to "buy" according to Briefing.com. The news service also reports that Tivo (NASDAQ:TIVO) was upgraded to "market perform" from "underperform" by Friedman Billings.

First Analysis Securities downgraded Cbiz (NYSE:CBZ) to "equal weight" from "overweight" according to the AP.

Douglas A. McIntyre is an editor at 247wallst.com.