Analyst upgrades:

• Jefferies upgraded Consolidated Edison (NYSE: ED) to Buy from Hold on expectations the company will be able to reach a settlement with the New York PSC Staff that will provide benefits to both ratepayers and shareholders. The firm raised its target on shares to $46 from $40.50.
• Keefe Bruyette upgraded Public Storage (NYSE: PSA) to Market Perform from Underperform to reflect the company's balance sheet, industry leading position, and potential for accretive acquisitions. The firm raised its target on shares to $75 from $57.
• JPMorgan upgraded Big Lots (NYSE: BIG) to Overweight from Neutral to reflect valuation and industry data points that suggest a pick-up in discretionary spending. The firm has a $30 target on the stock.
• Alcoa (NYSE: AA) was upgraded to Buy from Hold at Deutsche Bank.
• East West Bancorp (NASDAQ: EWBC) was upgraded to Outperform from Market Perform at Keefe Bruyette.
• Bronco Drilling (NYSE: BDC) was upgraded to Neutral from Sell at UBS.

Las Vegas Sands (NYSE: LVS), a leading international developer of multi-use integrated resorts operated by Sheldon Adelson, is recently up $4.42 to $142.73. LVS October option implied volatility of 56 is above its 26-week average of 41 according to Track Data, suggesting larger price fluctuations.

Belden (NYSE: BDC) designs, manufactures and markets signal transmission solutions for data networking and specialty electronic markets. BDC is recently up $3.74 to $52.03 on overseas takeover chatter. BDC has a market cap of $2.1 billion with June quarterly total revenue of $549 million. BDC call option volume of 1,240 contracts compares to put volume of 193 contracts. BDC October option implied volatility of 47 is above its 26-week average of 37 according to Track Data, suggesting larger risk.

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