Coca-Cola (KO) has more than $13 billion in cash.

The top five companies (according to market cap) are:

• Exxon Mobil (XOM): $398.3 billion
• Apple (AAPL): $309.0 billion
• Microsoft (MSFT): $237.5 billion
• General Electric (GE): $215.0 billion
• Berkshire Hathaway (BRK.A): $202.5 billion

Wall Street investment banks are prepping for a nice rebound in tech IPOs this year. And yes, they are already filing offerings. One of the first is Boingo Wireless, which is a leader in wi-fi access. The company hopes to raise $75 million.

In all, Boingo has 211,000 wi-fi locations in over 100 countries. Many are found in places like airports, malls, coffee shops, stadiums and hotels. Over the past 12 months, Boingo has seen more than 1.3 million Net users purchase its service.

Analyst Upgrades

• NYSE Euronex (NYX) to conviction buy from neutral at Goldman.
• General Dynamics (GD) to buy from hold at Citigroup.
• Deere (DE), Parker-Hannifin (PH) and ExlService (EXLS) to overweight from neutral at JPMorgan.
• Aflac (AFL) to outperform from market perform at FBR Capital.
• Wynn Resorts (WYNN) to buy from neutral at Janney Capital.
• Amdocs (DOX) to buy from neutral at UBS.
• Juniper (JNPR) to buy from hold at ThinkEquity.
• Rudolph Tech (RTEC) and KLA-Tencor (KLAC) to perform from underperform at Oppenheimer.
• Hershey (HSY) and Pinnacle Entertainment (PNK) to outperform from market perform at Wells Fargo.
• Spirit AeroSystems (SPR) to equal weight from underweight at Morgan Stanley.
• Micron (MU) to outperform from neutral at RW Baird.

Analyst Upgrades

• TCF Financial (TCB) to buy from hold at Deutsche Bank.
• Exelon (EXC) to market perform from underperform at Wells Fargo.
• Nvidia (NVDA) and Boyd Gaming (BYD) upgraded to overweight from equal weight at Barclays.
• Estee Lauder (EL) to buy from neutral at UBS.
• Webster Financial (WBS) to buy from hold at Jefferies.
• Skilled Healthcare (SKH) to outperform from market perform at Morgan Keegan.
• Acorda Therapeutics (ACOR) to outperform from market perform at Leerink.
• NCR Corp. (NCR) to outperform from neutral at Wedbush.
• Barnes & Noble (BKS) to neutral from underperform and Pioneer Natural (PXD) to outperform from neutral at Credit Suisse.
• Autodesk (ADSK) to buy from neutral at Goldman.

Qualcomm (QCOM) is spreading its wings. It said Wednesday it has agreed to purchase Atheros Communications (ATHR) for $3.2 billion, as reported by the Associated Press. Why is Qualcomm making this deal? What are the advantages to the company?

Qualcomm is a big player in supplying chips to wireless phones. It has been looking to put its products in tablets and social notebook computers.

Molycorp (MCP) closed up 6% after China announced last week the lowering of its rare earth export quotas for early 2011. January 60, 65 calls and January 55 puts were active with total option volume of approximately 54K contracts. January call option implied volatility is at 80, puts are at 103; above its five-month average of 67 according to Track Data. Elevated put volatility suggests shares are difficult to borrow.

Atheros (ATHR) rallied 19% after CNBC reported that Atheros is close to being bought by Qualcomm (QCOM) for approximately $45 per share. Options were active according to Track Data.

Options Update is by Stock Specialist Paul Foster of theflyonthewall.com.

Analyst Upgrades

• Verisk (VRSK) was upgraded to outperform from market perform at Wells Fargo.
• Marriott (MAR) was upgraded to outperform from market perform at Bernstein.
• Jefferies upgraded Teekay (TK) and Tsakos Energy (TNP) to Buy from Hold.
• Cadence Design (CDNS) was upgraded to sector perform from underperform at RBC Capital.
• BofA/Merrill upgraded NV Energy (NVE) to buy from underperform and Education Realty Trust (EDR) to neutral from underperform.
• Men's Wearhouse (MW) was upgraded to buy from hold at Stifel.
• William Blair upgraded Atheros (ATHR) to outperform from market perform.
• Freeport McMoran (FCX) was upgraded to buy from hold at Argus.

• ThinkEquity upgraded Yahoo! (YHOO) to Buy from Hold based on valuation, checks that indicate Q2 display/search improvement, search stabilization, improved cost structure, and share repurchases.
• Societe Generale upgraded Roche Holding (RHHBY) to Buy from Hold based on expectations Avastin will be approved in breast cancer, despite negative FDA briefing documents.
• FBR Capital upgraded Atheros (ATHR) to Outperform from Market Perform based on valuation and positive checks that indicate powerline networking chips are gaining traction in China. The firm has a $43 price target on the stock.
• Juniper (JNPR) was upgraded to Buy from Hold at Canaccord.
• Ultimate Software (ULTI) was upgraded to Buy from Hold at Roth Capital.
• Liberty Property Trust (LRY) was upgraded to Market Perform at Wells Fargo.

• Auriga downgraded ADC Telecomm (ADCT) to Hold from Buy following the company's merger announcement with Tyco Electronics (TEL).
• TD Newcrest expects Manulife's (MFC) Q2 loss to be worse than expected due to the impact from lower interest rates. The firm cut shares to Hold from Buy.
• Goldman downgraded Perrigo (PRGO) to Sell from Neutral and lowered its target to $50 from $61. The firm cites relative valuation for the downgrade. Target to $50 from $61.
• F5 Networks (FFIV) was downgraded to Hold from Buy at Canaccord.
• Anglo American (AAUKY) and BHP Billiton (BHP) were downgraded to Neutral from Outperform at Credit Suisse.

• QKL Stores (QKLS) was initiated with a Buy rating and $7 price target at Global Hunter.
• Rodman & Renshaw started Rick's Cabaret (RICK) with an Outperform rating.

Analyst Upgrades

• JPMorgan upgraded Norfolk Southern (NSC) to overweight from neutral, citing the company's leverage to coal and position relative to peers. The firm has a $68 price target for shares.
• Benchmark upgraded Royal Dutch Shell (RDS.A) to hold from sell based on a more favorable earnings outlook and reduced dividend risk.
• UBS upgraded Costco (COST) to buy from neutral based on valuation. The firm raised its price target to $63 from $62.
• Visa (V) was upgraded to gonviction buy from buy at Goldman.
• KLA-Tencor (KLAC) was upgraded to outperform from neutral at Credit Suisse.
• Texas Instruments (TXN) was upgraded to outperform from perform at Oppenheimer.

Analyst Upgrades

• Deutsche Bank upgraded CME Group (CME) to buy from hold to reflect valuation and the company's improving trends. The firm raised its target price for shares to $325 from $320.
• JPMorgan upgraded Big Lots (BIG) to overweight from neutral. The firm believes the company's stabilizing comps and accelerating square foot growth should drive multiple expansion and raised its target price for shares to $38.
• Soleil upgraded PacWest Bancorp (PACW) to buy from hold as it views the company's bulk loan sale positively. The firm has a $24.50 target on the stock.
• Clean Harbors (CLH) was upgraded to buy from neutral at BofA/Merrill.
• Skilled Healthcare (SKH) was upgraded to outperform from market perform at Leerink.
• FARO Tech (FARO) was upgraded to buy from hold at Needham.

Analyst Upgrades

• Keefe Bruyette upgraded TD AmeriTrade (AMTD) to outperform from market perform on valuation following the recent sell-off in shares. The firm has a $22.50 price target on the stock.
• Stifel upgraded Saia (SAIA) to buy from hold based on valuation, operating leverage and increased possibility of a large industry consolidation event in the next few months. The firm has an $18 target on the stock.
• Citigroup upgraded Atlas Pipeline Holdings (AHD) to hold from sell to reflect valuation and an improved outlook for commodity prices. The firm raised its target on shares to $6 from 50 cents.
• Manpower (MAN) was upgraded to buy from neutral at BofA/Merrill.
• IAMGOLD (IAG) was upgraded to buy from neutral at UBS.

So far this year, the shares of Atheros Communications (NASDAQ: ATHR) have performed quite nicely, almost doubling. The company develops sophisticated semiconductor solutions for wireless and wired communications.

Now, Atheros wants to bulk up; that is, the company has agreed to pay $244 million for Intellon (NASDAQ: ITLN).

This post was written by Minyanville contributor Sean Udall. Sean holds position in RIMM, VMW, SUPX.

• Goldman Sachs upgraded Research in Motion (NASDAQ:RIMM)saying to buy in front of EPS. I couldn't agree more and in fact was going to say that today. Be that as it may, I doubled my RIMM long into yesterday's weakness and plan to hold into/through EPS report. My quick take is that RIMM could have one of the better reports relative to all the negative analyst actions and commentary in tech and the overall market.
  
  
• One of my themes for this upcoming EPS season is to look for stocks that have had the most negative analyst commentary coming into the quarter, as no one these days is looking at things like Price/Sales, Price/Book or Price to normalized earnings.