Analyst upgrades:

• Keefe Bruyette upgraded MetLife (NYSE: MET) to Outperform from Market Perform as they believe the company's capital and liquidity profile are very solid relative to this week's sell-off.
  
• The firm also upgraded shares of MSCI (NYSE: MXB) to Outperform from Market Perform on valuation as they believe near-term challenges are already priced into shares.
  
• Burlington Northern (NYSE: BNI) was raised to Overweight from Neutral at JP Morgan based on valuation and strong pricing outlook.
• Costco (NASDAQ: COST) was upgraded to Buy from Neutral at Goldman.
  
• Pali Capital lifted Virgin Mobile (NYSE: VM) to Neutral from Sell.
  
• Merrill upgraded Pall (NYS: PLL) and Xcel Energy (NYSE: XEL) to buy from Neutral.

Analyst downgrades:

• Oppenheimer downgraded shares of Trimble Navigation (NASDAQ: TRMB) to Perform from Outperform as they believe the company's Engineering and Construction division is facing a challenging period due to the credit market strain.
  
• Stephens downgraded Seacoast Banking (NASDAQ:SBCF) to Underweight from Equal Weight as they believe a dilutive capital raise is possible given future losses from real estate credits in coastal Florida.

MOST NOTEWORTHY: Hotels, Continental AG and VNUS Medical were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Marriott International (NYSE: MAR), Intercontinental Hotels (NYSE: IHG) and Choice Hotels (NYSE: CHH) to Perform from Outperform to reflect recent weakness in the leisure segment and expectations for weakening transient business travel.
  
• Societe Generale downgraded shares of Continental AG (OTC: CTTAY) to Sell from Buy on valuation, as they recommend taking profits following the recent rally.
  
• Piper downgraded shares of VNUS Medical (NASDAQ: VNUS) to Neutral from Buy on valuation following the company's patent victory.

OTHER DOWNGRADES:

• Goldman removed China Netcom (NYSE: CN) from the Conviction Buy List.
  
• RBC Capital downgraded Crown Castle (NYSE: CCI) and American Tower (NYSE: AMT) to Sector Perform from Outperform.
  
• Trimble Navigation (NASDAQ: TRMB) was cut to Neutral from Overweight at JP Morgan.

MOST NOTEWORTHY: NuVasive, Buffalo Wild Wings and Invesco were today's noteworthy initiations:

• Merriman believes NuVasive's (NASDAQ:NUVA) expanding product and distribution should continue to drive growth and feels the recent pullback provides a good entry point into shares. Merriman started NuVasive with a Buy rating.
  
• Buffalo Wild Wings (NASDAQ:BWLD) was initiated at Jefferies with a Hold rating and $30 target as they believe consensus estimates are aggressive and that shares are approaching fair valuation.
  
• William Blair believes Invesco's (NYSE:IVZ) investment capabilities and diversified client base are key differentiators that will drive superior relative growth over the long term; shares were assumed with an Outperform rating.

OTHER INITIATIONS:

• Baird initiated XenoPort (NASDAQ:XNPT) with an Outperform rating and $74 target.
  
• KeyBanc assumed Felcor Lodging (NYSE:FCH) with a Buy rating and $14 target.
  
• Trimble Navigation (NASDAQ:TRMB) was initiated at Thomas Weisel with a Market Weight rating and $30 target.

One of the most useful technical developments of recent years allows folks to use satellite signals to determine precisely where they are. A leading maker of the devices that accomplish that bit of magic is headquartered in Sunnyvale, California.

Trimble Navigation (NASDAQ: TRMB) provides advanced positioning products and services to commercial and government users in the surveying, construction, agriculture, resource management, military, transportation and telecommunications markets. Essentially, the firm makes navigation systems and software based on the US government-owned global positioning system (GPS) satellite network. It also makes devices that track ground vehicle and aircraft fleets, as well as timing devices that synchronize communications equipment. Customers include Caterpillar (NYSE: CAT) and Nortel Networks (NYSE: NT).

The company surprised the Street last week, when it reported Q2 EPS of 35 cents and revenues of $327.7 million. Analysts had been expecting 30 cents and $311.4 million. The CEO attributed the good results to growth across all segments, particularly on the international side. Management also guided Q3 EPS to 26-28 cents (26 cent consensus) and Q3 revenues to $294-$299 million ($292.17M consensus). Needham, Dougherty and Soleil subsequently declared the stock a "buy." The share price popped on the news and has since been consolidating the gain in a bullish "pennant" pattern. Prices frequently exit pennants moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

Altogether, brokers now recommend the issue with six "strong buys," three "buys" and two "holds." Analysts expect a 21% growth rate through the next year. The TRMB Price to Free Cash Flow ratio (29.96), Sales Growth rate (33.59%), EPS Growth rate (25.00%) and Return on Assets (9.60%) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about 86% of the outstanding shares. The stock is one of those used to calculate the S&P 600 SmallCap Index. Over the past twelve months, it has traded between $21.45 and $39.02. A stop-loss of $33.25 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.

According to the German magazine Focus and reported on MacRumors.com, Apple Inc (NASDAQ: AAPL) is reportedly looking at developing a car navigation and sound systems. The device, which would combine navigation, entertainment and communication in a single unit, would be introduced in 2009. Apple is said to be working with Mercedes, which may hold exclusive rights for six months once released. It is unclear if Apple will rely on Google Inc's (NASDAQ: GOOG) Google Maps for help with navigation.

Sources speculate that an Apple's device would be similar to ones already on the market. Apple has long been known to rise above its competitors. Some say the upcoming iPhone may clean up, so it may not be a stretch to say that a navigational device has the potential to do the same.

Who would be affected by a navigational device from Apple? Here's the competition:

• Garmin Limited (NASDAQ: GRMN): Garmin is a worldwide provider of navigation and information devices, many of which are enabled by global positioning system technology. Last week, Garmin International announced the nuvi 200W and the nuvi 250W, two new widescreen GPS navigators. With a 4.3-inch color touch screen display and a high-sensitivity internal GPS antenna, the question is, can it trump whatever Apple does?

• Trimble Navigation Limited (NASDAQ: TRMB): Trimble provides advanced positioning product solutions, typically to commercial and government users. Last month it received an $8.8M purchase order from the U.S. Marine Corps and signed an agreement with Cox Communications. How formidable a competitor would Apple be?

• SiRF Technology Holdings Inc (NASDAQ: SiRF): SiRF is a supplier of GPS semiconductor solutions, offering a wide-range of GPS chip sets and other products for high-volume markets. Earlier this month, the company announced SiRFDiRect technology, what they touted as a "navigation breakthrough." Could Apple steal their thunder?

MAJOR PAPERS:

• The Wall Street Journal (subscription required) had M&A news on General Electric (NYSE: GE) and Tribune Co (NYSE: TRB).
• According to sources, General Electric is in talks to buy Abbott Labs (NYSE: ABT) Diagnostics Arm and a deal could come as soon as today.
• Tribune received at least three sharply "varying proposals" from bidders but none offered a premium for the entire company.
• Prosecutors are intensifying their criminal probe into stock-option manipulation at Monster Worldwide (NASDAQ: MNST), prompted in part by emails written by the company's ex-counsel.
• The Financial Times (subscription required) reported, citing local industry officials, that China is considering a plan by Intel Corp (NASDAQ: INTC) to build a chipmaking plant in Dalian.

OTHER PAPERS:

• The New York Times reported that Barclays (NYSE: BCS) has agreed to pay almost $400 million over 20 years for the naming rights to an American indoor sports arena, the planned future home of the Nets basketball team, when it relocates to Brooklyn in 2009.
  
• The New York Post wrote that Liberty Media (NASDAQ: LCAPA) CEO John Malone could be interested in Cablevision Systems (NYSE: CVC) subsidiary Rainbow Media Holdings since Cablevision's special committee rejected the Dolan family's going-private offer.
• Investor's Business Daily's "New America" column mentioned GPS maker Trimble Navigation (NASDAQ: TRMB) positively.