Bank of America (BAC - option chain) shares are rising today after the company's CEO, Brian Moynihan, told attendees at the company's investor day conference that he thinks BAC can earn between $35 and $40 billion a year in pretax earnings when its business normalizes. He also said that by 2013 the bank could be paying up to $12 billion a year in regular dividends. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on BAC.

BAC opened this morning at $14.27. So far today the stock has hit a low of $14.20 and a high of $14.67. As of 12:40, BAC is trading at $14.63 up 0.60 (4.2%). The chart for BAC looks neutral and S&P gives BAC a neutral 3 STARS (out of 5) hold ranking.

CNOOC Limited (CEO) announced that it's buying into several shale oil and gas leases in the U.S. owned by Chesapeake Energy Corporation (CHK) for $570 million. CHK overall option implied volatility of 31 is below its 26-week average of 35, according to Track Data, suggesting decreasing price movement.

Alpha Natural Resources (ANR) and Massey Energy Company (MEE) announced that they signed a definitive agreement for Massey stockholders to receive 1.025 shares of Alpha common stock and $10 in cash for each share of Massey common stock. Massey options were active on Jan. 28 with 134,000 contracts trading and overall option implied volatility at 58, above its 26-week average of 50, according to Track Data.

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

Advanced Micro Devices (AMD - option chain) stock is trading lower today after the company announced the resignation of CEO Dirk Meyer, naming Thomas Seifert interim CEO. Investors are surprised by this announcement, since Meyer took over AMD when the company was floundering and has since stabilized AMD. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on AMD.

This morning, AMD opened at $8.77. So far today the stock has hit a high of $8.80 and a low of $8.35. As of 12:25, AMD is trading at $8.49, down $0.70 (-7.6%). The chart for AMD looks neutral and S&P gives AMD a neutral 3 STARS (out of 5) hold ranking.

"No one is more anxiously aware of the vital role of oil in running a modern industrial state than China; and when China goes looking for oil outside its own land mass, it's CNOOC Ltd. (CEO) that's carrying the checkbook," says Paul Goodwin.

The editor of Cabot China & Emerging Markets Report explains, "Short for Chinese National Offshore Oil Corporation, CNOOC was founded in 1982, and spent most of its early years exploring, drilling and pumping oil from Bohai Bay and the South China Sea.

Starbucks (SBUX - option chain) shares are rising today after the company's CEO, Howard Schultz spoke at a conference about how SBUX is planning to buy other firms to help increase its sales of products in grocery stores. SBUX recently scrapped a contract with Kraft (KFT), who had previously provided Starbucks products to grocery stores. SBUX thinks the consumer packaged goods business should grow faster than its retail cafes. Investors are also enthused about the company's plan to expand its Chinese presence. by If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on SBUX.

SBUX opened this morning at $31.01. So far today the stock has hit a low of $20.95 and a high of $31.79. As of 12:10, SBUX is trading at $31.78 up $1.18 (3.8%). The chart for SBUX looks neutral and S&P gives SBUX a neutral 3 STARS (out of 5) hold ranking.

Technology giant Hewlett Packard Company (HPQ) will be reporting its fiscal fourth quarter results following the market close Monday, with analysts expecting to see earnings of $1.27 per share.

During the same period last year, the company had earnings of $1.14 per share.

There will definitely be a lot of attention paid to the company's quarterly report, but that does not have so much to do with the company's figures as it does with the company's new CEO, Leo Apotheker.

When a stock rallies 7% after the company announces the CEO is resigning, it's easy to tell he wasn't doing a good job. This is part of the case for Office Depot (ODP) this morning. The retailer announced Steve Odland, Chairman and CEO of ODP since 2005, will resign effective November 1. Neil Austrian will become the interim chairman and CEO while ODP looks for a permanent replacement.

"We thank Steve for his contributions to our Company, beginning in 2005, and through one of the toughest economic climates in memory. During his tenure, the Company grew and achieved record revenues and profits, and we have seen some improvement in margins coming out of the depths of the recession," the company said in a statement.

Analyst Upgrades

• SunTrust upgraded American Express (AXP) to buy from neutral with a $47 price target based on valuation.
• Argus upgraded Verizon (VZ) to buy from hold, with a $39 price target, citing valuation and the company's aggressive 4G LTE network upgrade. However, Bernstein downgraded the stock.
• BMO Capital upgraded Canadian Pacific (CP) to outperform from market perform, citing the company's cost reduction efforts, and raised its target for shares to $74 from $67.
• Agrium (AGU) was upgraded to sector outperformer from sector performer at CIBC.
• Novatel Wireless (NVTL) was upgraded to hold from sell at Canaccord.
• Essex Property Trust (ESS) was upgraded to neutral from sell at Goldman.

Patriot Coal Corporation (PCX) was in focus Wednesday morning, thanks to some management shake-ups announced late Tuesday night. The company said that Paul Vining, who serves as president and chief operating officer, will step down effective immediately. However, Vining will do his part to ensure a smooth transition by staying on in a senior advisory role, potentially through the end of the year.

In order to fill the two roles left vacant by Vining, CEO Richard Whiting will now add the title of "president" to his resume. Meanwhile, Senior Vice President of Corporate Development Charles Ebetino Jr. scored a promotion to chief operating officer.

Analyst Upgrades

• Barclays upgraded GlaxoSmithKline (GSK) to overweight from equal weight and said investor concerns regarding Advair and Avandia are overdone.
• Leerink upgraded Bristol-Myers (BMY) to outperform from market perform, citing management's pipeline execution. Shares were also upgraded at Citigroup this morning to buy from hold.
• Goldman upgraded Medco Health (MHS) to buy from neutral and raised its price target on shares to $76 from $67. The firm cites valuation and expectations that earnings will accelerate in 2H10 driven by a stronger generic outlook.
• U.S. Steel (X) was upgraded to neutral from sell at UBS.
• Blyth (BTH) was upgraded to hold from underperform at Jefferies.
• IPC The Hospitalist Co. (IPCM) was upgraded to buy from hold at Deutsche Bank.

Caterpillar (CAT - option chain) shares are rising today after the company announced after yesterday's closing bell that its Board has elected Doug Oberhelman Chief Executive Officer and a member of Board of Directors, effective July 1. Oberhelman is an internal hire who spent the last six months leading a team updating the company's Vision 2020 strategy. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on CAT.

CAT opened this morning at $58.31. So far today the stock has hit a low of $58.00 and a high of $59.90. As of 11:55, CAT is trading at $59.22 up $2.41 (4.2%). The chart for CAT looks bullish and S&P gives CAT a positive 4 STARS (out of 5) buy ranking.

Who is Hilary Rowland? Buisness Insider labeled her as one of the sexiest CEOs alive, while Wired magazine calls her the sexiest geek. But she is more than just a pretty face. Hilary started out writing a very early form of a blog, and then learned code and web design to create the first women's magazine online. She plans to re-launch the magazine in 2010 as Urbanette Magazine, which she says better describes the focus as "A magazine for the smart, stylish and successful urban woman."

BloggingStocks: What advice would you give to emerging internet entrepreneurs?

Hilary Rowland: I would say that they need a unique idea, and a solid revenue plan. Don't get discouraged. Starting a successful business takes more work than you think but it's doable if you have the will and determination to keep pushing yourself until you've reached your goal. Make sure you have a viable business plan that fills a gap in the market or is an innovative approach. Think everything out thoroughly.

Analyst Upgrades

• Kaufman Bros. upgraded Vancelnfo (VIT) to buy from hold, citing better earnings visibility. The firm raised its target price for shares to $26 from $22.
• Janney Montgomery upgraded Progressive (PGR) to buy from neutral with an $18.50 price target, citing valuation and market share gains.
• JPMorgan upgraded Marriott (MAR) to overweight from neutral. The firm has a $36 price target on the stock.
• eBay (EBAY) was upgraded to outperform from neutral at Credit Suisse.
• Werner Enterprises (WERN) was upgraded to neutral from underperform at Credit Suisse.
• CNOOC (CEO) was upgraded to neutral from underperform at Macquarie.

MF Global (MF - option chain) shares rose sharply Wednesday after the company announced that former chairman of Goldman Sachs (GS), New Jersey governor, and U.S. Senator Jon Corzine will be the company's new CEO and chairman, effective immediately. Analysts have cheered the move, citing Corzine's experience at Goldman Sachs and his political clout. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on MF.

MF opened Wednesday at $8.35. By mid day the stock had hit a low of $7.96 and a high of $8.42. As of 12:30, MF is trading at $8.11 up 0.79 (10.8%). The chart for MF looks bullish and S&P does not currently have a STARS rating for MF.

On Wednesday afternoon, interim CEO Robert Druskin confessed that E*Trade Financial (ETFC) is headed back to the drawing board in its search for a permanent new leader. At an investor conference, Druskin explained that the online broker's preferred candidate for the position was no longer in the running. (He didn't identify the erstwhile candidate, but we can safely assume it was not Lindsay Lohan.)

Druskin's announcement yesterday confirmed a recent report in The Wall Street Journal's Deal Blog. In a post published March 2, a trio of reporters explained that "E*Trade directors were concerned that the [top candidate] might become distracted by a pending divorce, according to people with knowledge of the discussions."