Agrochemical company Syngenta AG's (SYT) stock has soared to new heights early this winter, but don't expect smooth sailing from here: the volatile stock is decidedly not for the squeamish.

Note: Don't consider Syngenta, first discussed here on June 16, 2009, at a price of $47.28, if you can't handle $2 or $3 stock drops in day.

A year ago, Syngenta's share price swooned with the pull-back in commodity prices, and came dangerously close to the $37 sell/stop loss.

If you are looking for a textbook downtrend, you need look no further than agricultural giant Monsanto (MON). Since hitting a high just above $85 in early January, Monsanto has been on an uninterrupted escalator down to $45.

Unfortunately for Monsanto, today's disappointing earnings announcement is going to do nothing to help change that situation.

Monsanto announced that it only earned $0.70 per share last quarter -- compared to the $1.25 per share the company earned last year. So earnings are off by 44% while the stock price is off by 47% this year.

It looks like poor Roundup and other glyphosate-based herbicide sales are largely to blame for Monsanto's struggles. It's not that farmers and others aren't buying as much herbicide. The problem is the price of these herbicides has declined from $35 a gallon a few years ago to current levels of $8 to $11 a gallon.

Just call December a break-out month for Syngenta Ag (SYT), and that's a major reason why I'm reiterating my buy rating for the company's shares, first recommended on June 16, 2009, at a price of $47.28.

Syngenta's stock did revisit and break through the psychologically-significant $50 level and shortly later removed a possible double-top -- a bearish pattern, from a technical analysis standpoint.

It goes without saying that agricultural commodity-related plays fell out of Wall Street's favor with the onset of the global recession. Crop protection and seed company Syngenta Ag (NYSE: SYT) was not exempt from the above, but now that signs of strengthening demand are appearing in key global regions, institutional investors are repositioning themselves back in emerging market plays.

In general, analysts like Syngenta's product mix, demonstrated business model, experienced management team, and relative investment safety.

"The soaring cost of food isn't just hitting families in the US; it's hitting everyone around the world," says Neil George. Here, in Personal Finance, he looks at some agriculture, chemical and seed plays.

"During the past five years, consumer food costs have soared by more than 117%. And that momentum is increasing; in the trailing 12 months alone, prices surged more than 52%.

"The mega-investors aren't waiting around; they're buying into other parts of the ag business-from grain elevators to ag processors and distributors-as a workaround for such potential regulation.

"You shouldn't be sitting on your hands, either. This food trend is going to be here for a while, so you better stake your claim while buyers still outnumber sellers.

"One way to invest in this trend is to step into companies that are serving the ag producers. This means the companies developing and selling engineered seeds, as well as chemicals and fertilizer products needed to not just grow crops but more bountiful and, therefore, more profitable crops.

"One of the simplest and most genuine global long-term investment stories is the food sector," notes Yiannis Mostrous in Silk Road Investor. Here's a look at two ways to play this trend.

"Long-term, this should reward patient investors handsomely. As the world's population increases, demand will also grow, allowing companies in the food industry to handsomely profitWe continue to favor the theme and recommend you allocate some of your funds to it.

"There are myriad ways to play the burgeoning demand for vital resources used in food production. Our favorite is portfolio holding PowerShares DB Agriculture Fund (AMEX: DBA). It's an exchange traded fund that is based on the Deutsche Bank Liquid Commodity Index.

MOST NOTEWORTHY: OptionXpress Holdings, Supertex and Syngenta were today's noteworthy initiations:

• Merriman believes OptionXpress Holdings (NASDAQ: OXPS) has lost market share, and remains vulnerable on many fronts. They expect the competitive landscape will continue to intensify, pressuring margins and growth rates. The firm initiated shares with a Sell rating.
• Morgan Keegan started Supertex (NASDAQ: SUPX) with a Market Perform rating, citing lack of near-term catalysts.
• Syngenta (NYSE: SYT) was initiated with an Outperform rating at Bear, as they are positive on the company's defensive growth profile and valuation.

OTHER INITIATIONS:

• HSBC initiated FedEx (NYSE: FDX) with a Neutral rating and $102 target and United Parcel Service (NYSE: UPS) with an Overweight rating and $86 target.
• Credit Suisse started Liberty Media (NASDAQ: LCAPA) with an Outperform rating and $140 target.

MOST NOTEWORTHY: Ericsson, Alcatel-Lucent, General Motors and Anglo American were today's noteworthy downgrades:

• Ericsson (NASDAQ: ERIC) was downgraded to Reduce from Buy at WestLB and to Neutral from Outperform at Credit Suisse following the company's Q3 profit warning.
  
• WestLB downgraded shares of Alcatel-Lucent (NYSE: ALU) to Reduce from Hold following Ericsson's profit warning, as they believe Alcatel-Lucent's mobile business will face top-line and margin issues.
  
• Bear Stearns downgraded shares of General Motors Corporation (NYSE: GM) to Underperform from Peer Perform after learning that benefits from the new union contract will be lower than expected in 2008 and 2009. The broker recommends swapping into Ford Motor Company (NYSE: F).
  
• HSBC downgraded shares of Anglo American (NASDAQ: AAUK) to Neutral from Overweight on valuation. Morgan Stanley downgraded shares of Anglo to Equal Weight from Overweight also on valuation, as they see better value elsewhere in the sector.
  

OTHER DOWNGRADES:

• Merrill Lynch downgraded Westpac Banking Corporation (NYSE: WBK) to Neutral from Buy.
  
• Biogen Idec (NASDAQ: BIIB) was downgraded to Underperform from Market Perform at Piper Jaffray.
  
• Citigroup downgraded SRA International (NYSE: SRX) to Hold from Buy.
  
• UBS downgraded THQ Inc (NASDAQ: THQI) to Neutral from Buy.
  
• Lehman Brothers downgraded Syngenta (NYSE: SYT) to Equal Weight from Overweight.

MAJOR PAPERS:

• On Friday, the Wall Street Journal reported that a number of firms have been eyeing Kroger Co (NYSE: KR) on the expectation that the company will soon begin exploring a leveraged buyout with the help of investment bank Goldman Sachs Group Inc (NYSE: GS).

OTHER PAPERS:

• The New York Post reported that Warner Music Group Corp (NYSE: WMG) may look to merge with EMI Group plc ADR (OTC: EMIPY) by appealing directly to the music labels shareholders.
• According to the Sunday Express, Dow Chemical Company (NYSE: DOW) is set to receive a bid of $52-$58 per share, valuing the company at $50B, from a consortium of Middle Eastern investors and American buyout firms.
• The U.K. Telegraph reported that the Royal Bank of Scotland is preparing to delay any rival offer for ABN Amro Holdings (NYSE: ABN) until after Barclays plc ADS (NYSE: BCS) reveals its bid for the company.
• From BusinessWeek's "Inside Wall Street" section:
• Oppenheimer oil guru Fadel Gheit says rumors have resurfaced that Exxon Mobil Corporation (NYSE: XOM) may go after oil and gas company Devon Energy Corporation (NYSE: DVN).
• Napco Security Systems Inc (NASDAQ: NSSC) is hoping GatewayX, a new product introduced in January, will spark a rebound.
• Seed and crop-protection company Syngenta AG ADS (NYSE: SYT) looks to have upside ahead, due to brisk demand for corn to make ethanol is boosting farmers' need for Syngenta's products to fight field pests.