MOST NOTEWORTHY: Micron, China Sunergy and Medtronic were today's noteworthy upgrades:

• Deutsche Bank upgraded shares of Micron (NYSE: MU) to Buy from Hold as they believe improved pricing and the company's cost reductions should drive a strong margin recovery. The firm raised MU's target to $11 from $7.
  
• Jefferies raised China Sunergy (NASDAQ: CSUN) to Hold from Underperform following the company's Q1 beat to reflect its improved outlook for the production of higher efficiency cells and better controls over cash flow measures.
  
• Goldman raised Medtronic (NYSE: MDT) to Buy from Neutral based on potential earnings upside from strong market share and broad distribution.

OTHER UPGRADES:

• UBS upgraded National Fuel Gas (NYSE: NFG) to Buy from Neutral.
  
• Arris (NASDAQ: ARRS) was raised to Outperform from Market Perform at Friedman Billings.
  
• Piper upgraded Central Garden & Pet (NASDAQ: CENT) to Buy from Neutral.

MOST NOTEWORTHY: Lincare Holdings, Gentiva Health, Five Star Quality Care, Arris and U.S. Steel Group were today's noteworthy upgrades:

• Jefferies upgraded shares of Lincare Holdings (NASDAQ: LNCR) to Buy from Hold on valuation as they now believe the likelihood that Congress could severely cut Medicare oxygen reimbursement this year is priced into shares.
  
• Jefferies also upgraded Gentiva Health (NASDAQ: GTIV) to Buy from Hold on valuation, as they believe the recent sell-off is overdone.
  
• RBC Capital raised Five Star Quality Care (AMEX: FVE) to Outperform from Sector Perform, as they believe the company's Q3 report could be better than expected and that census and outlook are improving.
  
• CIBC upgraded shares of Arris Group (NASDAQ: ARRS) to Sector Outperformer from Sector Performer on valuation as they believe the weakness in the stock is overdone.
  
• Deutsche Bank upgraded shares of U.S. Steel (NYSE: X) to Buy from Hold, as they expect the company to be a major beneficiary of rising raw material costs. Further, Deutsche thinks Lone Star and Stelco will be catalysts for earnings growth in 2008.

OTHER UPGRADES:

• VeraSun Energy Corporation (NYSE: VSE) was upgraded to Overweight from Equal Weight at Morgan Stanley.
  
• UST Inc (NYSE: UST) was upgraded to Buy from Neutral at Goldman.
  
• JP Morgan upgraded BASF AG (OTC: BASFY) to Overweight from Neutral.
  
• Avondale Partners upgraded Polaris Industries (NYSE: PII) to Market Outperform from Market Perform.

MOST NOTEWORTHY: General Motors (GM), Aluminum Corp of China (ACH), Greenbrier Cos (GBX) and Monsanto (MON) were today's noteworthy downgrades:

• Bear Stearns cut General Motors (NYSE: GM) to Peer Perform from Outperform based on valuation and growing fundamental headwinds.

• HSBC downgraded Aluminum Corp of China (NYSE: ACH) to Underweight from Neutral as they believe prices of lightweight metal have peaked.

• Greenbrier Cos (NYSE: GBX) was cut at Bear Stearns to Peer Perform from Outperform on valuation.

• Matrix USA downgraded Monsanto (NYSE: MON) to Buy from Strong Buy on valuation...

OTHER DOWNGRADES:

• Sandler cut Western Alliance Bancorporation (NYSE: WAL) to Hold from Buy.

• UBS cut Arris Group (NASDAQ: ARRS) to Neutral from Buy.

• AG Edwards downgraded Hilton Hotels (NYSE: HLT) to Sell from Buy. Gabelli cut Hilton Hotels to Hold from Buy.
  

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

MOST NOTEWORTHY: ColdWater Creek Inc (CWTR), Celadon Group, Inc (CLDN), Berry Petroleum Co (BRY), SiRF Technology Holdings Inc (SIRF) were today's noteworthy initiations:

• Brean Murray started shares of Coldwater Creek (NASDAQ: CWTR) with a Buy rating and $25 target, expecting second-half upside from new merchandise this year.

• Keybanc is positive on Celadon's (NASDAQ: CLDN) disciplined approach to strategic acquisitions and leverage in its operating model, starting shares with a Buy rating and $20 target.

• CRT Capital believes Berry Petroleum (NYSE: BRY) has the ability to continue to deliver double digit percentage production/reserves growth and started shares with a Buy rating and $40 target.

• American Technology believes SiRF Technology Holdings (NASDAQ: SIRF) will continue to be a market leader in GPS chipsets and finds the company's wireless business undervalued, starting shares with a Buy rating and $26 target...

OTHER INITIATIONS:

• Javelin Pharmaceuticals Inc (AMEX: JAV) was initiated with an Outperform rating at Leerink Swann.

• UBS started Arris Group, Inc (NASDAQ: ARRS) with a Buy rating and $18 target.

• Publicis Groupe (NYSE: PUB) was started with a Buy rating at ING.

• Thomas Weisel initiated shares of Ambassadors International (NASDAQ: AMIE) with an Overweight rating and $41 target. Baird started

• Capella Education Co (NASDAQ: CPLA) with an Outperform rating and $46 target.

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

MOST NOTEWORTHY: Newmont Mining Corp (NEM), Qwest Communications International Inc (Q), Sirius Satellite Radio Inc (SIRI), Chipotle Mexican Grill, Inc (CMG) and American Eagle Outfitters (AEO) were today's noteworthy upgrades:

• Prudential upgraded shares of Newmont Mining Corp (NYSE: NEM) to Neutral from Underweight citing valuation, higher gold and copper prices and specific mine factors that should lead to an operational turnaround.

• Credit Suisse raised shares of Qwest Communications International Inc (NYSE: Q) to Neutral from Underperform as the firm believes management is less likely to engage in a fiber video build and cites the increase in the company's NOL carry-forwards.

• Sirius Satellite Radio (NASDAQ: SIRI) was upgraded to Outperform from Market Perform at Barrington Research.

• Raymond James upgraded Chipotle Mexican Grill (NYSE: CMG) to Outperform from Market Perform. Morgan Keegan also raised shares to Outperform from Market Perform, citing better-than-projected operating fundamentals and growth prospects.

• American Eagle Outfitters (NYSE: AEO) was upgraded to Strong Buy from Buy at Matrix USA to reflect the company's impressive SSS growth...

OTHER UPGRADES:

• Arris Group, Inc (NASDAQ: ARRS) was upgraded to Sector Performer from Underperformer.

• C.H. Robinson Worldwide, Inc (NASDAQ: CHRW) was upgraded to Buy from Hold at AG Edwards.

• Merck & Co, Inc (NYSE: MRK) was added to Leerink Swann's Focus List.

• Watson Pharmaceuticals, Inc (NYSE: WPI) was upgraded to Buy from Neutral at UBS.

• Buffalo Wild Winds (NASDAQ: BWLD) was upgraded to Outperform from Market Perform at Morgan Keegan.

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

Today on the STOP TRADING segment on CNBC, Jim Cramer was trying to bogey the US mid-term election results in the House & Senate and make a market inference from his thoughts. He started out by discussing hedge funds and the perception on the street. He said they are only out for themselves, not the public perception.

Cramer said that since the market thinks the Dems will take the election, Big Pharma and defense plays went lower, although he still likes Homeland Defense plays like L-3 (NYSE: LLL) because he doubts anyone will touch Homeland Security funding.

He was also positive on Comcast (NASDAQ:CMCSA) after its great quarter. He said he is not taking profits here. Cramer thinks cable equipment-supplier Arris (NASDAQ: ARRS) will go even higher because it will be the secret winner of Comcast's capital expenditures going foward.

MOST NOTEWORTHY:

Nike, Inc. (NYSE: NKE) and Western Union (WU) top today's list of initiations.

Nike was initiated by HSBC with a Neutral rating.

Western Union was initiated by three firms, J.P. Morgan with a Neutral, Thomas Weisel Partners with an Outperform and William Blair with an Overweight. J.P. Morgan recommends investors wait for a pick-up in volume before they recommend the stock while Thomas Weisel is positive on the Western Union's opportunities.

OTHER INITIATIONS:

Merriman initiated Isolagen (ILE) with a Buy rating. They believe Isolagen is a "misunderstood" product and has substantial growth opportunities.

Arris (ARRS) was initiated at ThinkEquity with a Buy, citing a solid market position as a telephone application leader for cable TV companies and its potential growth in the TV market.

Analyst initiations provided by TheFlyOnTheWall.com.