Analyst upgrades:

• Citigroup upgraded Patriot Coal (NYSE: PCX) to Hold from Sell on easing credit and liquidity concerns following the company's guidance. The firm raised its target on the stock to $7.50 from $4.
  
• UBS upgraded Research In Motion (NASDAQ: RIMM) to Buy from Neutral and raised their target to $90 from $65 as they expect pent-up replacement demand in enterprise to drive 2010 estimates higher and for the consumer smartphone opportunity to grow in 2009 and 2010.
  
• Goldman upgraded Suncor (NYSE: SU) to Conviction Buy from Sell and raised their target to $33 from $25 citing their bullish view on crude oil for 2H09 and 2010 and in the company's ability to lower operating and capital costs in the oil sands region.
• Canadian National (CNI) was raised to Overweight from Neutral at JP Morgan.
  
• Applied Micro Circuits (NASDAQ: AMCC) was lifted at Oppenheimer to Overweight from Neutral.
  
• QLogic (NASDAQ: QLGC) was upgraded to Outperform from Neutral at Baird.

You can imagine my surprise when I checked the Canadian markets and saw them totally unchanged. After several refreshes when the zeroes didn't budge, I even panicked. Then I saw the headline (how did I miss it before) that trading was halted on the Toronto Stock Exchange and TSX Venture Exchange due to a computer glitch. Not only that, but there's also no estimate when trading will resume.

The exchanges have actually failed to open at the regular time of 9:30 a.m. EST, and as one reporter put it "have been dead in the water since." If this is frustrating and stressful for me, I can't imagine what the mood is like on Bay Street; how traders and other market professionals must feel.

I'm not sure what could be done if there are big swings and news out of the U.S. While it's true the Canadian markets don't totally track their American counterparts, as they're heavily weighted in oil and commodities and react to news from those sectors often, they are still affected by what's going on at Canada's biggest trading partner to the south.

Still, it may not be the end of the world as the Canadian holidays also don't exactly follow the American ones and there are days when the TSE is closed while the American markets are open. Also, there are four alternative trading systems in Canada, two at least have reported to be functioning and operational. While volumes there were higher than usual for these system, they were hardly normal for the market as a whole. No doubt, though, these systems will get a boost following this fiasco.

It's been the key question for Huntsman Corporation (NYSE: HUN): Deal or no deal?

Now we know. This week, the company reached an agreement with its private equity sponsor, Apollo Management, to end its $6.5 billion buyout transaction.

For the past six months, the parties have been embroiled in heated litigation with Huntsman getting the edge as the Delaware court ruled that Apollo had to use best efforts to close the deal . As a result, Apollo's settlement is not cheap. The fees come to about $1 billion.

Although, it's a good deal for both parties. Apollo could have lost even more money if the merger agreement had been enforced. As seen with the collapse of the BCE (NYSE: BCE) deal, there is no appetite for multi-billion-dollar deals. And since Huntsman is in a highly cyclical business – specialty chemicals -- it would have likely made it difficult to justify a buyout.

The dispute is far from over, though. Huntsman is still pursuing a lawsuit with its bankers -- Credit Suisse and Deutsche Bank -- on the deal. In other words, Huntsman may even snag even more money from the broken deal.

Still, Wall Street isn't too thrilled. In today's session, Huntsman's shares are down 44% to $3.27 by midday trading.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Streetsmart Guide to Short Selling: Techniques the Pros Use to Profit in Any Market. He is also the founder of BizEquity, a valuation website.

General Motors Corp. (NYSE: GM), Ford Motor Co. (NYSE: F) -- The House finally approved a bill to speed $14 billion in loans to Detroit's automakers. But it still has to pass in the Senate where Republican opposition derail the emergency aid. If the bill passes, Canada will have added pressure to match any assistance for the Big 3. The Swedes have already presented a $3.4 billion package to help their auto industry. While GM and Chrysler may be short of time as Senate debates the issue, Ford's previous decision to leverage assets could be a saving grace as it doesn't need to tap in to the emergency funds ... yet. GM shares are up 1.7% while Ford's down 2.5% in premarket trade. Both GM and Ford are trading down -- 7.6% and 4.6% respectively by 11 am -- as the Senate debate lingers on.

BCE Inc. (NYSE: BCE) -- what should have been the largest LBO in history is no longer. The group of buyers terminated the deal Thursday, saying an audit found the proposed $35 billion deal did not meet solvency requirements. As this been all but expected, the stock is down 1.6% in premarket trading (8:04 am). BCE shares were down 2.6% by 11 am.

Costco Wholesale Corp. (NASDAQ: COST) reported on Thursday that fiscal first-quarter net income rose slightly thanks to strong results from its gas station operations that helped offset weak consumer demand for pretty much everything but the most essential. While it managed to beat estimates, same-store sales were up by only 1%. COST shares were down 1.4% in premarket trade. COST shares were down 3.2% by 11 am.

The market sold off, but the activity was not broad and had little conviction. After days of gains, there was no surprise in it.

It ran like this:

DJIA: 8,669.11 (down 2.97%)

NASDAQ: 1,547.43 (down 1.55%)

S&P 500: 887.23 (down 2.47%)

General Motors Corp. (NYSE: GM) lost some ground on fears of a delay in the proposed $15 billion Congressional bailout plan. After this gained so much yesterday, much of this was in the news already.

Merck & Co. Inc. (NYSE: MRK) traded down after its annual pipeline review. The event included formal guidance out of the company on its drug pipeline for the next year and general commentary about how many drugs are in the pipeline for 2010 to 2012. Financial guidance did not seem to impress the market.

If you ever wondered what a quick stealth 1,000 point move in the DJIA looks like, you just have to look at the move from last week's lows. Today's economic reports came out fairly dismal again, although the deterioration in "some" areas was not quite as bad as expected. Enjoy tomorrow's tryptophan laziness after turkey on Thanksgiving.

Here are today's unofficial closing bell levels.
Top Analyst Upgrades
Top Analyst Downgrades

BCE, Inc. (NYSE: BCE) announced that KPMG found that BCE might not fit within the solvency test at the December 11 closing date on a post-merger basis because of the added debt, which may throw the going-private deal led by the Ontario Teachers Pension Plan in jeopardy. Shares were down before the close.

Citigroup, Inc. (NYSE: C) shares rallied again today after it was reported last night that Mexican billionaire Carlos Slim bought a stake of over $100 million in Citigroup. Shares were up before the close.

General Motors Corp. (NYSE: GM) rose sharply on rumors and reports that it and the other automakers would outline some sort of formal plan next week. Shares were up before the close.

If you want a little bear market humor, here is a quick take on some familiar financial terms that have been redefined to fit the new economy.

The telecom business is definitely not recession-proof, as those that have followed the industry have recently realized, but it is not a field that is going to fade into the horizon any time soon either. Simply put, people need to communicate and the telecom business is poised to continue rolling with the new technology and bringing people what they need. If you see the value of telecom companies and agree that their future is, perhaps not golden, but definitely strong, then an investment in an Exchange Traded Fund (ETF) is an excellent way to invest in the future of the telecom field without placing all of your trust in one specific company.

iShares S&P Global Telecommunications Sector ETF (NYSE: IXP) let's you own shares in some of the most noted and reliable telecom companies by simply purchasing shares of the one ETF. With IXP you'll find your investment basket is loaded with companies such as Amercia Movil, S.A.B. (NYSE: AMX) a fixed and wireless provider in Latin America, AT&T, Inc. (NYSE: T) a telecom provider for customers in the U.S. and worldwide, Verizon Communications (NYSE: VZ) a wireline and domestic wireless provider across the globe, as well as several other highly rated and well known telecom leaders.

iShares charges only a 0.48% fee to maintain IXP using computers rather than money managers. IXP also has typically paid about $1.50 per year in dividends -- IXP is down about (41%) this year so that's about a 4% yield -- and these companies seem to have the cash-generating ability to continue dividends.

Of the 44 stocks in IXP, the top 10 holdings total about 71% of all total assets. Take note of the global exposure you'll get by investing in the future of the telecom industry:

• 17.19%: AT&T INC(NYSE:T)
• 10.61%: VODAFONE GROUP PLC(NYSE:VOD)
• 9.47% : TELEFONICA SA(NYSE:TEF)
• 9.05%: VERIZON COMMUNICATIONS IN(NYSE:VZ)
• 5.01%: CHINA MOBILE LTD(NYSE:CHL)
• 4.94%: FRANCE TELECOM SA(NYSE:FTE)
• 4.57%: DEUTSCHE TELEKOM AG-REG(NYSE:DT)
• 3.98%: NIPPON TELEGRAPH & TELEPHONE(NYSE:NTT)
• 3.21%: TELSTRA CORP LTD (Other OTC:TLS)
• 2.71%: BCE INCNYSE:BCE)

Mitch Tuchman is founder of MarketRiders an investment website that teaches individuals how to be their own investment advisors using ETFs

This week, we've seen two major buyout deals come undone: the $6.1 transaction for Penn National Gaming Inc. (NASDAQ: PENN) and TPG's play for Bradford & Bingley. In fact, according to FactSet Research, about 20% of leveraged buyouts (LBOs) since mid-2007 have been terminated.

Despite all this, some deals are getting done. Perhaps the most notable is the BCE (NYSE: BCE) LBO. BCE has reached an agreement with its private equity sponsors and banks to close its $51 billion LBO. This will represent the biggest buyout in history.

Now, there are some wrinkles. The closing date will be extended to December and there will not be any dividend payments for the rest of the year. The break-up fee was also upped from $1 billion to $1.2 billion.

Yet, the fact is that the price tag will remain unchanged (at $42 per share). No doubt, this is a big feat, especially in light of the credit crunch.

Apparently, there was much discussion about renegotiating the price. Then again, the prospects of massive litigation were daunting, as we have seen in a variety of other deals such as with Clear Channel, SLM (NYSE: SLM) and Huntsman Corp. (NYSE: HUN).

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Before the bell: Wall Street set to rebound boosted by deals

BCE Inc. (NYSE: BCE) shares are jumping over 10% in premarket trading after Canada's Supreme Court overturned a Quebec Court decision, clearing the way for the $52 billion leveraged buyout by Ontario Teachers' Pension Plan and U.S. private equity firms. The buyers might still negotiate the price down though.

Halliburton (NYSE: HAL) withdrew a $3.6 billion offer for Britain's Expro International after the U.K. oil services firm stuck by a smaller bid from a private-equity consortium.

Some analyst calls this morning:

• J.C. Penney Co. (NYSE: JCP) was upgraded by Deutsche Bank to Buy from Hold and the price target upped to $46 from $45.
• Motorola Inc. (NYSE: MOT) was downgraded by Piper Jaffray to Sell from Neutral on continued weakness in North American market. The target price was cut to $7 from $9.75. Shares are down over 2% in premarket trading.
• First Solar (NYSE: FSLR) price target was upped at Lehman Brothers from $280 to $335. Shares are up over 2.5% in premarket trading.

BCE (NYSE:BCE) is up 11% on news that a Canadian court has cleared its LBO.

Bunge (NYSE:BG) is up about 3% on news it will buy Corn Products (NYSE:CPO).

Motorola (NYSE:MOT) is down 3% on news of an analyst downgrade.

Corning (NYSE:GLW) is up 2% on its prediction that its LCD glass sales were strong.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

Back on May 21st, the $34.1 billion buyout deal for BCE (NYSE: BCE) looked bleak. A Quebec court ruled that the process had to stop -- so as to evaluate the impact on bondholders. As a result, BCE's stock price plunged from $37.83 to $33.10.

Of course, the decision was immediately appealed to Canada's Supreme Court. And, it was a savvy move. Today, the high court agreed to allow the BCE deal to move forward (this is according to a report in the Wall Street Journal, which is a paid publication). In fact, there was no rationale provided (instead, this will be provided at a later date).

However, there are still headwinds on the buyout. Simply put, the credit crunch is still lingering and making it extremely difficult to pull off mega financings. The banks on the deal include Citigroup (NYSE: C), Deutsche Bank (NYSE: DB), Royal Bank of Scotland, and Toronto-Dominion Bank. Of course, they don't want to sustain any more losses on their balance sheets.

Then again, this does not mean the deal will fall apart. Rather, there will likely be pressure to renegotiate the price tag on the transaction. After all, this is what happened with the buyout of Clear Channel.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

BCE Inc (NYSE: BCE) is trading at $34 in pre-open trading, above its close of $32.71.

BCE will ask Supreme Court of Canada on June 17, 2008 to overturn an appeals court ruling that the takeover of the company by an investment arm of Ontario Teachers Pension, Providence Partners and Madison Dearborn Partners didn't adequately consider the negative effect on bondholders.

BCE July option implied volatility of 35 is near its 26-week average according to Track Data, suggesting non-directional price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Just last week, it looked like the $52.9 billion buyout of BCE (NYSE: BCE) was dead after a Canadian court ruled that the company must look at the interests of bondholders as well. The upshot: the deal was stopped.

Well, things are looking somewhat better now as the Supreme Court of Canada is going to expedite the process to determine the validity of the ruling.

True, there's no guarantee that the court will reverse the ruling, but then again, at least BCE will get a quick resolution, which is important in light of the June 30th deadline on the deal (when the private equity sponsors can walk away from the deal without paying a break-up fee).

Yet, the BCE transaction still has other major hurdles. The banks are nervous about extending the massive loans for the deal. Keep in mind that there is a November deadline after which the bankers are not required to fund the deal.

In light of all this, it seems a good bet that there'll be a renegotiation on the terms of the deal.

So far in today's trading, BCE's shares are up nearly 4% to $35.27.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Jonathan Nelson, the CEO of Providence Equity Partners, was recently on the front cover of Fortune. The headline was: "The Biggest Deal Ever."

Unfortunately, that deal – the $52.9 billion buyout of BCE (NYSE: BCE) – is imploding.

Of course, one big issue has been the grueling credit crunch. Simply put, US banks are trying to bolster their balance sheets – not take on risky loans.

And, today we learned about another pesky problem; that is, the Quebec Court of Appeal ruled in favor of BCE's bondholders to stop the deal (they thought they were getting a raw deal).

Actually, it was a surprising decision (but strange things can happen with mega deals). While it's possible that BCE will prevail, it might be a pyrrhic victory. Basically, the more time that passes, the harder it is to close the deal. In other words, to salvage things, BCE may have to renegotiate the price (which would put less pressure on bondholders).

So far in today's trading, BCE's shares are down 13% to $32.74.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates MergerBook.com.

Before the bell: Futures higher as oil bursts through $135

It seems that the BCE (NYSE: BCE) buyout plan, has hit yet another bump on the road, only this one could not be as easy to overcome. A Quebec appeals court reversed a lower court and rejected the $33 billion buyout plan accepting the claim of a group of bondholders that the deal is unfair to them. BCE shares are plunging nearly 15% in premarket trading.

Earnings today are due from Barnes & Noble (NYSE: BKS) -- just after the company said it was interested in buying Borders (NYSE: BGP) -- and Gap (NYSE: GPS) -- a day after the clothing retailer announced an expansion in Russia.

Suntech Power Holdings Co. (NYSE: STP) shares are jumping over 7.5% in premarket trading after the solar energy company reported that first-quarter earnings more than doubled on 76% higher revenue. Earnings reached $55.8 million, or 33 cents an American depositary share and revenue reached $434.5. Analysts estimated 28 cents for the quarter.