PepsiCo (NYSE: PEP) was upgraded to Buy from Hold at Deutsche Bank.
Fortress (NYSE: FIG) was upgraded at Citigroup to Hold from Sell.
Prudential (NYSE: PUK) was lifted to Overweight from Neutral at JP Morgan.
Keefe Bruyette upgraded Franklin Resources (NYSE: BEN) to Outperform from Market Perform and added shares to their Best Ideas List on valuation as they see an attractive risk/reward at current levels.
UBS upgraded ASML Holding (NASDAQ: ASML) to Buy from Neutral on valuation as they believe the company remains a market leader.
Oppenheimer raised Seattle Genetics (NASDAQ: SGEN) to Outperform from Perform on valuation following the recent weakness as they expect positive clinical news flow beginning in December.
Analyst downgrades:
UBS downgraded U.S. Steel (NYSE: X) to Sell from Buy and lowered its target to $30 from $60 citing deteriorating U.S. conditions and concerns about the company's high fixed costs in a falling steel price environment.
Royal Dutch Shell (NYSE: RDS.A) was downgraded to Underperform from Neutral at Credit Suisse.
China Unicom (NYSE: CHU) was lowered to Underweight from Neutral at JP Morgan.
MOST NOTEWORTHY: BP Plc, Tenet Healthcare Franklin Resources were today's noteworthy upgrades:
Lehman upgraded shares of BP Plc (NYSE:BP) to Equal Weight from Underweight on valuation and positive benefits from the company's TNK joint venture in Russia.
Lehman also upgraded Tenet Healthcare (NYSE:THC) to Overweight from Equal Weight, citing increased confidence the company can meet guidance following the company's analyst day.
Keefe Bruyette upgraded shares of Franklin Resources (NYSE:BEN) to Outperform from Market Perform as they believe flow trends have improved.
OTHER UPGRADES:
Goldman added Allied Waste (NYSE:AW) to its Conviction Buy List.
MOST NOTEWORTHY: The Brokers and Asset Managers sector, Pacific Sunwear and Metabasis Therapeutics were today's noteworthy upgrades:
Goldman upgraded the Brokers and Asset Management sector to Attractive from Neutral as they believe an inflection point has been reached for stocks with minimal credit exposure, or where exposure is marked to market. Goldman expects the problem to shift to regional banks and specialty finance from brokers. As such, Goldman upgraded American Express (NYSE: AXP), Metlife (NYSE: MET), Bank of New York Mellon (NYSE: BK), Franklin Resources (NYSE: BEN), Janus Capital (NYSE: JNS) and NYSE Euronext (NYSE: NYX) to Buy from Neutral.
Wachovia upgraded Pacific Sunwear (NASDAQ: PSUN) to Outperform from Market Perform based on valuation, merchandising improvements, operating efficiencies, favorable product mix, and reductions in underperforming categories.
Rodman & Renshaw raised Metabasis (NASDAQ: MBRX) to Outperform from Market Perform on valuation given the potential for MB07803.
OTHER UPGRADES:
HSBC raised Novartis (NYSE: NVS) to Neutral from Underweight.
UBS (NYSE: UBS) was upgraded at Morgan Stanley to Equal Weight from Underweight.
I love ice cream as much as the next guy. OK, way more than the next guy. I've eaten far more than my fair share of Haagen-Dazs and Ben & Jerry's lux frozen treats. But though I've watched with fascination as Ben & Jerry's exalted hippie icons and the odd politician with its flavors, I've never thought of an ice cream as an icon of political opinion.
No more will I hold such a narrow world view! This weekend, Haagen-Dazs announced a new flavor, Vanilla Honey Bee. The flavor isn't meant for its delicious honey taste, as it is to bring more visibility to the plight of the honey bees (overworked, it seems, from too much travel and forced labor in the almond groves, though cell phone towers have also been suspected). Haagen-Dazs is donating $250,000 to two universities to study Colony Collapse Disorder, and a spokesperson says that 40% of the company's flavors depend (in one way or another) on bees: "We use 100% all natural ingredients like strawberries, raspberries and almonds which we get from California. The bee problem could badly hurt supply from the Pacific Northwest."
On the other side of the ice cream aisle, Ben (Cohen) and Jerry (Greenfield), founders and corporate namesakes of Ben & Jerry's, have gone public with their endorsement of Barack Obama for president. They will tour Vermont in Obamamobiles, giving away scoops of "Cherries for Change" ice cream. While fans on Obama's web site seem excited, there's no news as to what sort of flavor "Cherries for Change" is (or is it just Cherry Garcia with a new label?), whether "Baracky Road" or "Yes we Pecan" will follow, or if corporate overlord Unilever (NYSE: UL) is distributing the flavor to grocery store freezer sections near you.
MOST NOTEWORTHY: Trident Microsystems, Comcast, Level 3 Communications, Ambac Financial and MBIA Inc were today's noteworthy downgrades:
Jefferies downgraded shares of Trident Microsystems Inc (NASDAQ: TRID) to Hold from Buy and lowered their target to $9 from $20 following the company's mixed quarter as they expect TRID to lose share in the TV market and face increasing price pressure. Shares were also downgraded to Hold from Buy at Deutsche Bank. Oppenheimer lowered Trident to Neutral from Buy, citing disappointing December guidance, delay in TV ramp, and expectations that 2008 will be a peak year for TV chip ramp revenues.
CIBC downgraded shares of Comcast Corporation (NASDAQ: CMCSA) to Sector Performer from Outperformer following the weak Q3 results to reflect increasing competition in telco video, slower broadband growth and the weakening economy.
JP Morgan downgraded Level 3 Communications Inc (NASDAQ: LVLT) to Neutral from Outperform following disappointing Q3 results and guidance.
Friedman Billings downgraded shares of Ambac Financial Group Inc (NYSE: ABK) and MBIA Inc (NYSE: MBI) to Market Perform from Outperform citing lack of near-term catalysts and uncertainty surrounding the credit markets.
MOST NOTEWORTHY: Dreamworks Animation (NYSE: DWA), BlackRock (BLK), Mariner Energy (ME) and Franklin Resources (BEN) and RightNow Technologies (RNOW) were today's noteworthy initiations:
Stifel expects Dreamworks Animation's (NYSE: DWA) fundamental outlook for film to improve given a more accommodating home entertainment market, while next-gen DVD format adoption and the introduction of 3D exhibition in theaters creates incremental opportunities for film studios. The firm started shares off with a Buy rating.
Wachovia believes BlackRock (NYSE: BLK) is one of the best-positioned managers in both product and geographic perspectives and initiated shares with an Outperform rating.
BMO Capital believes Mariner Energy (NYSE: ME) has a number of catalysts that could push shares higher, but feels current trading levels are not attractive. BMO started shares with a Market Perform rating.
William Blair views Franklin Resources (NYSE: BEN) as a premier global firm with an advantage in many attractive international markets and started shares with an Outperform rating.
Cantor believes RightNow Tech's (NASDAQ: RNOW) transition creates significant execution risk, initiated shares with a Hold rating...
OTHER INITIATIONS:
China Sunergy (NASDAQ: CSUN) was initiated with a Neutral rating at Cowen.
Banc Of America initiated shares of The Stanley Works (NYSE: SWK) with a Neutral rating.
Yamana Gold (NYSE: AUY) was started with a Buy rating and Credit Suisse.
Deutsche Bank initiated Cree (NASDAQ: CREE) with a Hold rating.
MOST NOTEWORTHY: Genesit Energy LP (GEL), EnerNoc (ENOC) and Comcast (CMCSA) were today's noteworthy initiations:
Genesis Energy (AMEX: GEL) was initiated with a Buy rating and $40 target at Stanford, as the firm believes the company's affiliation with Denbury Resources and pending acquisition of petroleum products, terminals, and transportation businesses from the Davison family will drive rapid growth.
EnerNoc Inc (NASDAQ: ENOC) was initiated with a Hold rating and $42 target at Jefferies, due to valuation. EnerNoc was also initiated at Morgan Stanley with an Equal Weight rating and $40 target.
Stifel expects Comcast (OTC: CMCSA) to benefit from higher penetration levels of DVR and HDTV set-top boxes over the next several years and initiated shares with a Buy rating and $34 target.
OTHER INITIATIONS:
Select asset managers were initiated at Credit Suisse:
Deutsche Bank initiated Ryland Group (NYSE: RYL) with a Buy rating and $52 target, as well as Pulte Homes (NYSE: PHM) and Meritage Homes Corp (NYSE: MTH) with Hold ratings and a $23 target and $29 target, respectively.
Tyson Foods Inc (NYSE: TSN) said last week that it would produce all of its retail chickens without antibiotics, and that could be good for profitability, reported the Wall Street Journal's "Heard on the Street" column.
A rebel Vodafone Group plc (NYSE: VOD) shareholder will describe how the company's stake in U.S. mobile phone operator Verizon Wireless is a "cash drain" on Vodafone, reported the Financial Times (subscription required).
The replacement for NZ Telecom Corporation (NYSE: NZT) CEO Theresa Gattung, who is retiring after eight years on the job, is not yet known but expected to be announced before the end of the week, reported the New Zealand Herald.
Stifel downgraded Caterpillar (NYSE: CAT) to Hold from Buy on valuation.
Pacific Crest cut shares of The9 (NASDAQ: NCTY) to Sector Perform from Outperform with a $41 target following the disappointing Q1 results and slow start to the second quarter.
Banc of America downgraded shares of Teekay Shipping (NYSE: TK) and Ship Finance Int'l (NYSE: SFL) to Neutral from Buy on valuation and a lack of near-term catalysts...
OTHER DOWNGRADES:
Matrix USA cut Valhi, Inc (NYSE: VHI) to Sell from Hold.
USA Today ran a feature article highlighting the top 25 stocks of the past 25 years. There were some expected names, you know, the ones that cause the immediate response of "I knew that," all the way down to a cringing "Oh man, are you kidding!"
Right this moment (I imagine), a flavor expert somewhere deep in the Vermont offices of Unilever ADR (NYSE:UL) unit Ben & Jerry's is asking a very, very difficult question: What does a celebrity taste like? And which celebrities do we even want to associate with vanilla ice cream, raspberry swirl and brownie bits (that would be Dave Matthews) or fudge-covered waffle cone pieces, ripples of caramel, and the patriotic vanilla ice cream (yep, Stephen Colbert).
BloggingStocks may be the only organization brave enough to wonder, should Jerry Garcia really taste like cherries and fudge? and which celebrities are the ice-creamiest? Does anyone buy the ice cream just because they like the celebrity, and, isn't that a bit weird? Do you want to taste the people you most admire? And is this all a liberal hippy conspiracy to keep ice cream Democratic?
Let's begin by exploring where this whole celebrity-ice cream flavor thing started: Jerry Garcia. He and his band the Grateful Dead, well, let's just say that may have been where the term "groupie" started. People who love the Grateful Dead, they love the Grateful Dead. Oh, my, lord. So for the liberal (and then independent) company to name a flavor after the hippiest of all hippy icons, well, totally made sense. Are you familiar with the history of celebrities and ice cream? If you do, you know that Cherry Garcia was the first ice cream ever named for a rock star, and appeared in 1987 at the suggestion of two deadheads from Portland, Maine.
Because I'm very serious about my work, I sent my husband out in the dark of night for a quart of Cherry Garcia, the flavor that started it all, and the number one flavor on Ben & Jerry's flavor roster. Cherries and "fudge flakes" (which seem very much like "pieces of chocolate" to me, but I'm not the one describing the flavors on the package) are mixed into cherry ice cream. Does Cherry Garcia deserve its place on the top of the roster? And is it because of the taste of the ice cream, or the connection with the band?
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I love ice cream as much as the next guy. OK, way more than the next guy. I've eaten far more than my fair share of Haagen-Dazs and Ben & Jerry's lux frozen treats. But though I've watched with fascination as 
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Right this moment (I imagine), a flavor expert somewhere deep in the Vermont offices of Unilever ADR (NYSE:
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