Is it time to take a bite out of Apple, Inc (AAPL) or leave it on the vine? After reviewing the current list by examining the stock yields and price-to-cash flow (P/CF) we will take a look at Apple for 2010.

Yesterday I dropped two stocks, but the list is still too long. In the coming weeks there will be more cuts and if I find anything of more value perhaps there will be something new.

Today it's time to do some trimming of the fourteen stocks and four options on the contenders list. This review will prioritize the companies by price-to-book (P/B), price-to-sales (P/S) and return-on-equity (ROE). This does not preclude more possible stocks being added and the final list will not be done until the end of the month.

We will also compare recent stock prices to three-year highs to give us a relative idea where the stock floated in rosier times.

In Part 6, we're going back for seconds: our second alcohol company, energy company and medical company. The reasons should be apparent, but in case they aren't: I think all three are essential -- maybe alcohol more than the other two. Ironically alcohol can be substituted for the other two, and often has been.

All three companies are well-established and U.S. based, lead their respective industries, have top flight management in the judgment of their peers and the investment community, pay dividends and have a long history of high return-on-equity.

Analyst upgrades:

• Jefferies upgraded Quicksilver (NYSE: KWK) to Buy from Hold as it believes the company has many options to resolve its liquidity crisis. The firm expects shares to move towards its $10 NAV estimate and raised its target price to $10 from $7.
• Deutsche Bank upgraded Omnicom Group (NYSE: OMC) to Hold from Sell following the Q1 results as the company's margins are holding up better than previously thought. The firm raised its target price on shares to $31 from $21.
  
• Deutsche Bank also upgraded Universal Health (NYSE: UHS) following the company's better than expected Q1 results. Shares were lifted to Buy from Hold and the firm raised its target on the stock to $60 from $45.
• Barclays (NYSE: BCS) was raised to Buy from Reduce at Nomura.
  
• Orient-Express (NYSE: OEH) was lifted to Neutral from Underweight at JP Morgan.
  
• CVS Caremark (NYSE: CVS) was upgraded at Goldman to Conviction Buy from Buy.

MOST NOTEWORTHY: Shire Plc, Bank of Ireland and Walgreen were today's noteworthy downgrades:

• Bernstein downgraded shares of Shire Plc (NASDAQ: SHPGY) to Underperform from Market Perform as they believe sales of hyperactivity drug Vyvanse will be lower than expected.
  
• Bank of Ireland (NYSE: IRE) was downgraded to Neutral from Buy at UBS on the slowing economy and commercial property market.
  
• Citigroup downgraded Walgreen (NYSE: WAG) to Sell from Hold as they believe the weaker consumer environment should magnify company-specific challenges and that earnings pressure will continue over the next few quarters.

OTHER DOWNGRADES:

• Raven (NASDAQ: RAVN) Industries was lowered to Sell from Neutral at Piper.
  
• Goldman downgraded Brown-Forman (NYSE: BF.A) to Sell from Neutral.
  
• JP Morgan downgraded Noble (NYSE: NE) to Neutral from Overweight.