Analyst upgrades:

• Deutsche Bank upgraded Freeport McMoRan (NYSE: FCX) to Buy from Hold to reflect the company's better than expected Q3 results and improved volume outlook. Deutsche raised its target on shares to $100 from $72.
• Thomas Weisel upgraded Motorola (NYSE: MOT) to Overweight from Market Weight and raised its target to $11 from $7 and said they expect Motorola to benefit from several upcoming catalysts that include new Android-based smartphone products and they believe the handset division could break even by year end of 2010.
• Janney Montgomery upgraded Regal Entertainment (NYSE: RGC) and Cinemark (NYSE: CNK) to Buy from Neutral on expectations both companies will benefit from a strong box office in Q4. The firm has a $14 price target on Regal shares and a $13.50 target on Cinemark shares.
• Marshall & llsley (NYSE: MI) was upgraded to Neutral from Underweight at JPMorgan.
• F5 Networks (NASDAQ: FFIV) was upgraded to Neutral from Sell at UBS.
• William Blair upgraded Lindsay Corporation (NYSE: LNN) to Outperform from Market Perform.

Analyst upgrades:

• RBC Capital upgraded Bank of America (NYSE: BAC) to Outperform from Sector Perform and said the company has attractive franchise value and earnings power, and is nearing the start of a credit driven earnings recovery. The firm raised its target to $22 from $19.
• Oppenheimer assumed coverage of Amazon.com (NASDAQ: AMZN) and upgraded shares to Outperform from Perform. The firm expects Amazon's revenue growth to re-accelerate over the next several quarters, making consensus estimates too conservative. Opco set a $130 price target on the stock.
• Barclays upgraded Ford (NYSE: F) to Equal Weight from Underweight and believes the company will report Q3 results above the Street. The firm raised its Q3 EPS estimate to 7 cents from 16 cents, vs. consensus of 21 cents, and its price target to $8 from $7.
• Charles River Labs (NYSE: CRL) was upgraded to Neutral from Sell at Goldman.
• Briggs & Stratton (NYSE: BGG) was upgraded to Outperform from Neutral at Baird.
• Sealed Air (NYSE: SEE) was upgraded to Equal Weight from Underweight at Barclays.

Finally I was able to find the smallest crumb of news regarding Anglo American's (OTC: AAUKY) move from the NASDAQ to the over-the-counter (OTC) exchange often referred to as the "pink sheets."

After searching all day yesterday under every rock I could find for an answer to the puzzle and coming up empty, I concluded that this mystery could only be the work of Sherlock Holmes's evil and brilliant nemesis Professor Moriarty. And fitting to the good professor's habit of only leaving the most meager of clues, the following is all I could find to date:

This morning I looked up Anglo American ADR and could not find it. What I found was: "No listing under this symbol". I checked another financial site and nothing. I check the company web site and I found under investor information USD NASDAQ 0.00. Now it was getting very strange.

There was no news anywhere, how could that be?

It turns out that the company is now listed on the "pink sheets", "over the counter" as Anglo American PLC ADS (OTC: AAUKY). There was no news Friday, no news over the weekend, no news this morning, no information under the old symbol, the new symbol or the web site, and no broker knew why there was a change, just that it happened.

In a race, when the yellow caution flag is out drivers are prohibited from advancing their position, and are subject to penalty.

In the stock market no such rule applies. When the caution flag goes up it is a sign you may be nearing an opportunity to advance your position, and it would be foolish not to do so. I think the market has definitely had the caution flag up the last two weeks as we enter earnings season.

I have written several articles regarding watch-lists encouraging our readers to be prepared for buying opportunities, and as I look at my watch-list it appears that many stocks are nearing prices that would make it attractive to add to my position.

Analyst upgrades:

• Jefferies upgraded SAP (NYSE: SAP) to Buy from Hold on expectations license declines will trough in Q2 and margins will expand going forward due to cost control and price increases. The firm has a $46 price target on shares.
• BofA/Merrill upgraded STMicroelectronics (NYSE: STM) to Buy from Underperform on expectations the company will benefit from improving industry fundamentals in 2010.
• Citigroup upgraded Freeport McMoRan (NYSE: FCX) to Buy from Hold to reflect the firm's positive copper outlook, as well as valuation following the recent pullback in shares. The firm has a $58 price target on the stock.
• Phototronics (NASDAQ: PLAB) was upgraded to Buy from Neutral at UBS.
• Anglo American (NASDAQ: AAUK) was raised to Hold from Sell at RBS.
• Peabody Energy (NASDAQ: BTU) was upgraded to Buy from Neutral at Goldman.

The second quarter is now behind us and for the most part it was a positive one in terms of the market pushing higher almost 40%. This is the second review of my 2009 stock picks through June 30 (see: Chasing Value: 9 picks for 2009 -- APC, GE, ISRG, WFC and more). There was a lot of talk about green shoots this past quarter as Wall Street was looking for any small bit of optimistic data to support the market.

The federal printing presses continued to run at full speed pushing the dollar lower and oil prices higher. While the feds were printing money to cover their deficits, the States do not have that same luxury and many of them are having trouble balancing their budgets to the tune of billions of dollars.

This is a continuation of a theme I have been writing about this year involving stock options referred to as naked puts.

This allows investors to take a position in a stock, most often below its current price, but depending on market sentiment. That sentiment remains relatively negative so the spreads are attractive.

I have been following BHP Billiton Ltd ADR (NYSE: BHP) the largest mining company in the world, with headquarters in Australia, for a while but I do not own the stock today. I view all mining companies as an opportunity because I think the diversified raw materials they control are the best hedge against inflation. I do not think inflation is imminent, but with the extreme increases in money supply and debt being created I do not think it will be avoidable a few years out.

Analyst Upgrades

• Barclays upgraded Anglo American (NASDAQ: AAUK) to Overweight from Equal Weight based on a potentially higher bid from Xstrata (OTC: XSRAY) or a white night willing to pay a premium for the group, higher copper prices, and improving operating performance.
• Janney Montgomery upgraded Chiquita Brands (NYSE: CQB) to Buy from Neutral citing improved bagged salad margins, strong free cash flow, solid banana trends, and valuation. The firm has a $13 target on the stock.
• Wunderlich upgraded Legacy Reserves (NASDAQ: LGCY) to Buy from Hold due to the firm's belief that the back of the crude board is still very cheap, the firm's increased distribution outlook, and the movement of the stock after the discontinuation of the company's talks with Apollo.
• Deutsche Bank (NYSE: DB) was upgraded to Buy from Neutral at UBS.
• UBS (NYSE: UBS) was upgraded to Outperform from Neutral at Credit Suisse.
• Illinois Tool Works (NYSE: ITW) was upgraded to Outperform from Market Perform at Wachovia.

It was reported on Sunday, June 21, that Anglo-Swiss mining company Xstrata has proposed a merger of equals to the board of Anglo American ADR (NASDAQ: AAUK), hoping to create a new, more competitive mining giant. Rumors have been milling about for a while.

Together, Anglo American and Xstrata would have a market capitalization of approximately $68 billion, (AAUK's $35 billion + XTA.L's $33 billion) and be larger than Rio Tinto plc ADS (NYSE: RTP), which ended the trading day last Friday with a capitalization hovering over $42 billion.

The 2009 clock is ticking loudly. Last December I posted Chasing Value: 9 picks for 2009 -- APC, GE, ISRG, WFC and more. This is the first follow-up, four months later, through April 30 2009.

The year started off with continued turbulence. We have a new president, Barack Obama, who will boldly lead us where no man has gone before -- trillions further in debt, most likely.

Not that this is his doing, but it is his chosen calling, and right now he is calling out to the Congress to move forward on various contentious budget proposals and continued federal stimulus packages.

Today one of my picks for the year, Anglo American ADR (NASDAQ: AAUK), was upgraded from neutral to buy at the investment bank now regular bank Goldman Sachs Group, Inc. (NYSE: GS).

It was only yesterday that AAUK was downgraded from neutral to underweight by JPMorgan Chase & Co. (NYSE: JPM). No doubt they were responding to the news that Standard & Poors cut Anglo's rating two notches to 'BBB' based on it's 40% leverage and the potential for its cash-flow and income to be impacted by continuing soft markets throughout the year in many commodities.

Analyst upgrades:

• UBS upgraded Dollar Tree (NASDAQ: DLTR) to Buy from Neutral but lowered its target to $42 from $45 following the solid Q4 report. The firm expects Dollar Tree's cost containment to continue. JP Morgan upgraded shares to Overweight from Neutral on valuation as it believes the recent pullback is overdone and the company set achievable FY09 guidance. The firm has a $43 target on the stock.
  
• JP Morgan also upgraded Smithfield Foods (NYSE: SFD) to Overweight from Neutral on valuation as they find the stock oversold at current levels.
  
• KeyBanc upgraded Nordson (NASDAQ: NDSN) to Hold from Underweight based on valuation, strong balance sheet and cost reductions, and a solid track record of execution.
• Philips Electronics (NYSE: PHG) was upgraded to Neutral from Underweight at HSBC.
  
• Aeropostale (NYSE: ARO) was raised to Equal Weight from Underweight at Barclays.
  
• Carter's (NYSE: CRI) was upgraded at Goldman to Neutral from Sell.

I knew it would happen to some of my stock picks this year -- but ouch! -- Anglo American (NASDAQ: AAUK) has reported that it is handing out 19,000 pink slips world wide, oh, by the way, you can forget about the dividend -- that's gone too.

Analyst upgrades:

• Deutsche Bank upgraded shares of Camden Property (NYSE: CPT) to Hold from Sell on valuation and believes the company has improved its liquidity position. Despite the upgrade, the firm lowered its target price to $21 from $25.
  
• Goldman added Best Buy (NYSE: BBY) to its Conviction Buy List as it is now the sole dominant retailer in consumer electronics and expects Best Buy's margins to benefit from Circuit City's demise.
  
• Molson Coors (NYSE: TAP) was upgraded to Overweight from Neutral at JP Morgan as it finds the valuation attractive and sees a number of long-term fundamental positive catalysts. The firm has a $47.50 target on shares.
• United Rentals (NYSE: URI) and Illinois Tool Works (NYSE: ITW) were upgraded to Buy from Neutral at UBS.
  
• ProLogis (NYSE: PLD) was upgraded to Buy from Neutral at Banc of America/Merrill.

Analyst downgrades:

• Oppenheimer downgraded Global Traffic Network (NASDAQ: GNET) to Perform from Outperform following the company's weaker than expected Q2 results and lowered its target price to $6.25 from $7.
  
• Friedman Billings downgraded BankAtlantic (NYSE: BBX) to Underperform from Market Perform to reflect the deterioration of both the company's credit and capital in Q4. The firm lowered its target price to $1 from $5.
  
• RBC Capital downgraded AbitibiBowater (NYSE: ABH) to Underperform from Sector Perform and lowered its target to 50 cents from $2.00 following the company's debt refinancing announcement.
• Lions Gate (NYSE: LGF) was cut to Market Weight from Overweight at Thomas Weisel.
  
• Ctrip.com (NASDAQ: CTRP) was downgraded at Goldman to Sell from Neutral.
  
• Molson Coors (NYSE: TAP) was downgraded to Neutral from Buy at Banc of America/Merrill.

Analyst initiations:

• Oppenheimer initiated Chattem (NASDAQ: CHTT) with an Outperform rating and believes the company's business model is well suited for the current uncertain consumer environment. The firm has an $80 target on the stock.
• Freeport McMoRan (NYSE: FCX) was initiated at BMO Capital with a Market Perform rating and $30 target.
  
• Anglo American (NASDAQ: AAUK) was assumed with a Sell rating at Societe Generale.
  
• Yamana Gold (NYSE: AUY) was started at UBS with a Buy rating.