With several major developments occurring around the world, many investors may wonder how they could affect their portfolios or their lives. Here are two of the current, newsworthy events and how investors may interpret them.

Libya

The oil from Libya totaled about 2 million barrels a day before the revolution, half of which was exported. About 1 million barrels a day are no longer available to the world. That isn't enough to really affect the price of oil for a long period of time. Plenty of other countries can supply that amount without straining their capacity. But they're unlikely to step in to fill the gap when oil prices are above $100 a barrel. That price should recede once the conflict finishes and a more stable government is in place.

Ashland (ASH - option chain) shares are rising today after the company announced plans to lift its annual dividend to 70 cents per share from 60 cents per share. The company also said its board authorized $400 million in stock buybacks. 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 ASH.

ASH opened this morning at $57.61. So far today the stock has hit a low of $57.25 and a high of $59.07. As of 12:20, ASH is trading at $57.52 up $1.52 (2.7%). The chart for ASH looks bullish and S&P gives ASH a positive 4 STARS (out of 5) buy ranking.

If, as outlined in December 2010, you took advantage of chemical company Ashland Inc.'s (ASH) dip to $49 to scoop-up shares, you made the correct move.

Ashland, re-considered on August 27, 2010 at a price of $48 after an initial $21 (80%) gain, exhibited sideways stock action last summer/fall, but has since ascended this winter to $56, after a test of $60, and I obviously still like the business model here.

Ashland will likely post a 5-6% revenue increase in 2011, propelled by a stronger performance in all business units.

Chemical company Ashland Inc. (ASH), reconsidered here on August 27, 2010, at a price of $48 after an initial $21 or 80% gain, exhibited sideways stock action this summer and fall, but just look on that delay as an extended buying opportunity.

Look for Ashland to post a 5 % to 6% revenue increase in 2011, propelled by a stronger performance in all business units.

If you had a chance to take some profits off the table in May with Ashland Inc. (ASH), first discussed here on May 4, 2009 at a price of $26.43, that proved to be a prudent move, as Ashland was stopped-out at $48 after hitting a spring high near $64.

Still, that means ASH netted a more than $21 gain, good for an 81.6% return. Not bad.

What's more, I still like Ashland at this stage, and would consider a position at current levels. Here's why: Ashland will likely post a 8-10%% revenue gain in 2010, propelled by a stronger performance in all business units, and aided by revenue from the Hercules acquisition.

Ashland Inc. (ASH), which I first discussed here on May 4, 2009 at a price of $26.43, has had an impressive run in the past year -- it's up more than 100% during that period -- and I think it's perfectly acceptable to take some profits off the table, at this juncture.

Nearing $60, Ashland may qualify for play-of-the-year status, as far as I'm concerned.

Look for Ashland to post a 3% to 5% revenue gain in 2010, propelled by a stronger performance in all business units.

"Berkshire Hathaway's Warren Buffet is a disciple of the teachings of Benjamin Graham and David Dodd, who made their fortunes by buying businesses that were selling for less than the value of their working capital (current assets minus current liabilities," notes Vita Nelson.

The editor of The Moneypaper explains, "The pair developed a Net Current Asset Value (NCAV) model to determine if a company was worth its market price. Their formula subtracts all liabilities, including short-term debt and preferred stock, from a company's current asset balance"

Analyst Upgrades

• JPMorgan upgraded TiVo (TIVO) to overweight from neutral as it believes Thursday's appeal win against DISH Network could lead to revenue upside. The firm raised its target price for shares to $23 from $15.
• Collins Stewart upgraded DISH Network (DISH) to buy from hold on valuation, as it believes much of the impact from the negative appeals ruling is priced into the stock. The firm has a $30 target for shares.
• Cowen upgraded Ciena (CIEN) to outperform from neutral. The firm believes Ciena's acquisition of MEN is transformative and will accelerate top line growth.
• Progress Software (PRGS) was upgraded to buy from hold at Needham.
• Allergan (AGN) was upgraded to buy from hold at Lazard Capital.
• Public Service (PEG) was upgraded to buy from hold at Jefferies.

Ashland Inc. (ASH), first discussed here on May 4, 2009 at a price of $26.43, still appears to be undervalued.

Ashland makes specialty resins, polymers, and adhesives for sale in North America and Europe. It also owns the Valvoline oil-change brand and oil service chain, and the Zerex anti-freeze brand, among other business operations.

As expected, Ashland Inc. (ASH) continues to advance, which is why I'm reiterating my buy rating for the company, first recommended on May 4, 2009 at a price of $26.43. If you bought ASH in May, you're ahead about 43%.

Ashland makes specialty resins, polymers, and adhesives for sale in North America and Europe. It also owns the Valvoline oil-change brand and oil service chain, and the Zerex anti-freeze brand, among other business operations.

Right now, it's all about Ashland: I'm Reiterating my Buy rating for Ashland (NYSE: ASH), first recommended on May 4, 2009 at a price of $26.03. If you purchased then, you're up about 40%. Not bad, for an economy that's just starting to pull out of a recession.

Ashland makes specialty resins, polymers, and adhesives for sale in North America and Europe. It also owns the Valvoline oil-change brand and oil service chain, and the Zerex anti-freeze brand, among other business operations.

Analyst upgrades:

• Jefferies upgraded Warner Chilcott (NASDAQ: WCRX) to Buy from Hold. The firm views Warner Chilcott's acquisition of P&G's (NYSE: PG) pharma business as a positive given its attractive product fit and purchase price.
• ThinkEquity upgraded Google (NASDAQ: GOOG) to Buy from Source of Funds and raised its target to $550 from $400. Previously, the firm thought Google Street estimates were too high and that low single-digit growth in Q2 and Q3 would cause multiple contraction. They said their thesis played out fundamentally but they were wrong on the stock. Given Q2 has past, the analyst raised estimates above consensus and expects an in-line Q3 and for shares to outperform as the economic cycle turns.
• Bernstein upgraded Diageo (NYSE: DEO) to Outperform from Market Perform and views Diageo's valuation as attractive. The firm expects 2H09 results on August 27 to mark a bottom in weakening top-line trends.
• Costco (NASDAQ: COST) was upgraded to Market Perform from Underperform at William Blair.
• Lowe's (NYSE: LOW) was upgraded to Overweight from Equal Weight at Morgan Stanley.
• Siemens (NYSE: SI) was upgraded to Buy from Neutral at BofA/Merrill.

Analyst upgrades:

• Citigroup upgraded Advanced Micro (NYSE: AMD) to Buy from Hold and raised its target to $5.50 from $4.25 citing valuation and expectations for the company's competitive position and gross margins to improve.
• Barclays upgraded American Express (NYSE: AXP) to Overweight from Equal Weight citing long-term earnings growth as the company benefits from declining charge-offs and credit costs. The firm has a $38 target on the stock.
• JPMorgan upgraded Arch Coal (NYSE: ACI) to Overweight from Neutral and raised its target to $22 from $19 citing the FTC approval for the acquisition of Jacobs Ranch mine and valuation.
• Bebe Stores (NASDAQ: BEBE) was upgraded to Overweight from Equal Weight at Stephens.
• Cheesecake Factory (NASDAQ: CAKE) was upgraded to Neutral from Underweight at Piper Jaffray.
• Ashland (NYSE: ASH) was upgraded to Buy from Hold at KeyBanc.

Just call Ashland a specialist at mixing things. Ashland (NYSE: ASH) makes specialty resins, polymers, and adhesives for sale in North America and Europe. It also owns the Valvoline oil brand and oil service chain, and the Zerex anti-freeze brand, among other business operations.

In Q1, Ashland exceeded the First Call EPS estimate, despite sluggish-to-poor demand conditions that saw volumes decline 10-40%. Further, the integration of acquired Hercules Inc. has gone well, with more than $60 million in operational savings registered as of the close of Q1. The First Call F2009 / F2010 EPS estimates for ASH are $1.52 / $1.95.

Analyst upgrades:

• Morgan Stanley upgraded CNOOC Ltd (NYSE: CEO) to Equal Weight from Underweight to reflect higher crude oil price estimates.
  
• Goldman upgraded VMware (NYSE: VMW) to Conviction Buy from Neutral and raised its target to $29 from $27 following positive checks that indicate strong business actively. The analyst expects VMW's revenue growth to be up 9% in 2009 vs. expectations for overall IT spending to be down.
  
• UBS upgraded ON Semiconductor (NASDAQ: ONNN) to Buy from Neutral and raised its target to $5 from $3.80 based on positive Asia checks that indicate an improving demand outlook and that the company could beat near-term expectations.
• Vodafone (NYSE: VOD) was lifted to Buy from Neutral at Goldman and to Overweight from Equal Weight at Morgan Stanley.
  
• Ashland (NYSE: ASH) was raised to Overweight from Neutral at JP Morgan.