The past week's data-point-of-consequence for investors had to be investment decisions by Warren Buffett's Berkshire Hathaway (BRK.A).

Buffett ended positions in several stocks in the fourth quarter, including the Bank of America (BAC), Nike (NKE), Fiserv (FISV), Becton Dickinson (BDX), Comcast Corp. (CMCSA), Lowe's Co.s (LOW), Nalco (NLC) and Nestle (NSRGY), according to a filing, The Wall Street Journal reported.

Berkshire added to a holding of only one stock in the fourth quarter: Wells Fargo (WFC).

Analyst Upgrades

• Diamond Offshore (DO) to conviction buy from sell and Baker Hughes (BHI) to buy from neutral at Goldman.
• Frontier Communications (FTR) to outperform from market perform at Wells Fargo.
• Syntel (SYNT) to outperform from market perform at Wells Fargo, to buy from hold at Deutsche Bank and to buy from neutral at Janney Capital.
• Kulicke & Soffa (KLIC) and Fiserv (FISV) to outperform from perform at Oppenheimer.
• 3M (MMM) to neutral from underweight and Tyco (TYC) to overweight from neutral at JPMorgan.
• Collective Brands (PSS) and Nordstrom (JWN) to overweight from equal weight, as well as Foot Locker (FL) to equal weight from underweight, at Morgan Stanley.
• Amazon.com (AMZN) to buy from hold at Lazard Capital.
• Yamana Gold (AUY) to outperform from neutral at Credit Suisse.

Analyst Upgrades

• InterMune (ITMN) to outperform from neutral at RW Baird.
• Huntington Bancshares (HBAN) to buy from neutral at BofA/Merill.
• Halliburton (HAL), Cloud Peak Energy (CLD), Patriot Coal (PCX) and Consol Energy (CNX) to outperform from market perform at FBR Capital.
• Post Properties (PPS) to equal weight from underweight at Barclays.
• Airgas (ARG) to overweight from neutral at Piper Jaffray.
• Hologic (HOLX) to top pick from sector perform and Sunesis Pharma (SNSS) to outperform from sector perform at RBC Capital.

Government debt is expanding -- again! At the same time corporate coffers are overflowing some $1.6 trillion with reserve capital, not counting financial institutions. In some instances they have more money than any state in the Union and most small countries. Chasing Value: Apple's Holding $48 Billion -- For What?

Here's a shocker -- personal savings continues to increase. When the (false) economy was booming valuations for everything were spiraling out of control, leverage was extreme, and the savings rate was next to nothing. Everyone wanted to join the party and most people stayed at the party to long, which did not end well. The savings rate has not been so high in a decade as people reduce their debt and streamline their personal budgets.

It is supposed to be Mondays that are the day of mergers. Three deal announcements this morning offered a large boost in investor confidence and production data allowed traders to put a portion of "The Risk Trade" back on. Depending upon the index, some stock indexes had been down six days.

Here were the unofficial closing bell levels:

Dow Jones 10,405.85 +103.84 (1.01%)
S&P 500 1,092.55 +13.17 (1.22%)
Nasdaq 2,209.44 +27.57 (1.26%)

Analyst Upgrades

• Oppenheimer upgraded Williams-Sonoma (WSM) to outperform from perform. Opco believes the company's business model is being underappreciated by investors and upped its target price for shares to $40 from $26.
• BMO Capital upgraded Tractor Supply (TSCO) to market perform from underperform and set a $75 target. The firm upgraded the stock after the company's positive preannouncement.
• JCPenney (JCP) was upgraded to conviction buy from neutral at Goldman.
• DISH Network (DISH) was upgraded to buy from neutral at UBS.
• BJ's Wholesale (BJ) was upgraded to neutral from underperform at Credit Suisse.
• Taseko Mines (TGB) was upgraded to buy from hold at TD Newcrest.

Analyst Upgrades

• JPMorgan upgraded Alliance Data Systems (ADS) to overweight from neutral to reflect potential upside to 2010 estimates. The firm raised its target on shares to $84 from $68.
• JMP Securities upgraded SVB Financial (SIVB) to outperform from market perform and has a $54 target on the stock. The firm believes industry conditions are improving and that the recent TARP repayment is a positive sign regarding credit and liquidity.
• Citigroup upgraded Agrium (AGU) to buy from hold on expectations that 2010 will bring a recovery in fertilizer volumes. The firm raised its target price on shares to $82 from $64.
• Edwards Lifesciences (EW) was upgraded to conviction buy from buy at Goldman.
• Barclays (BCS) was upgraded to buy from neutral at UBS.
• Tower Bancorp (TOBC) was upgraded to outperform from market.

Analyst Upgrades

• JPMorgan upgraded Mohawk (MHK) to overweight from neutral. The firm finds shares attractive following their recent underperformance and has a positive outlook for the building products space in 2010. JPMorgan has a $53.50 price target on the stock.
• Stephens upgraded Alexander & Baldwin (ALEX) to overweight from equal weight to reflect improving volume trends and the upcoming move of the company's Transport division from Japan to Guam, which it believes will serve as a positive catalyst. Stephens raised its target price on shares to $41 from $26.
• Deutsche Bank upgraded Unum Group (UNM) to buy from hold as it believes an acceleration of growth and potential buybacks could serve as positive catalysts. The firm raised its target on shares to $26 from $25.
• News Corp. (NWS) was raised to neutral from sell at Pali Capital.
• CA Inc. (CA) was upgraded to buy from hold at Jefferies.
• Pactiv (PTV) was upgraded to buy from hold at KeyBanc.

Analyst upgrades:

• Natixis expects Alcatel-Lucent's (NYSE: ALU) results to improve in 2H09, driven by the CDMA segment and completion of Lucent integration. Shares were upgraded to Buy from Reduce.
• RBC Capital upgraded Canadian Pacific (NYSE: CP) to Outperform from Sector Perform and raised its target to $67 from $49. The firm expects a return to "normalized" operating environment driven by Potash and MetCoal.
• Credit Suisse upgraded Affiliated Managers Group (NYSE: AMG) to Outperform from Neutral and raised its target to $69 from $64. The firm cites valuation, potential upside from 2H09 deals, and expectations for positive 2H09 flows for the upgrade.
• Kennametal (NYSE: KMT) coverage was assumed with a Neutral from Underweight at JPMorgan.
• Cardinal Financial (NASDAQ: CFNL) was upgraded to Outperform from Neutral at Baird.
• General Maritime (NYSE: GMR) was upgraded to Outperform from Market Perform at FBR Capital.

Analyst upgrades:

• RBC Capital believes software stock fundamentals have bottomed and that the next several quarters should see reduced earnings risk, easier comps, stimulus spending benefits, and lower FX headwinds. The firm upgraded Microsoft (NASDAQ: MSFT), Taleo (NASDAQ: TLEO), Digital River (NASDAQ: DRIV) and Symantec (NASDAQ: SYMC) to Outperform from Sector Perform.
  
• Rodman & Renshaw upgraded Provectus (OTC: PVCT) to Outperform from Market Perform. The firm has increased conviction in the success of the company's ongoing trial of PV-10 in melanoma.
  
• Citigroup upgraded shares of American Express (NYSE: AXP) to Hold from Sell as it believes the risk/reward is balanced at current levels and that there are signs of potential credit market stabilization. The firm raised its price target on shares to $16 from $9.
• Brinker (NYSE: EAT) was upgraded to Outperform from Market Perform at Wachovia.
  
• PG&E (NYSE: PCG) was raised to Outperform from Neutral at Credit Suisse.
  
• Federal-Mogul (NASDAQ: FDML) was lifted to Conviction Buy from Buy at Goldman.

MOST NOTEWORTHY: Stanley Works, the Generic Drug sector, Fiserv and Fidelity National were today's noteworthy downgrades:

• Deutsche Bank downgraded shares of Stanley Works (NYSE: SWK) to Hold from Buy as they see risk to Q2 and FY08 earnings due to a slowdown in the European industrial and consumer categories. The firm lowered their target to $52 from $62.
  
• Wachovia cut the Generic Drug sector to Market Weight from Overweight Wachovia sees near-term challenges for Teva Pharmaceutical (NASDAQ: TEVA), Mylan (NYSE: MYL) and Watson Pharmaceuticals (NYSE: WPI). The firm thinks Teva will become a very strong company over the long-term, following its takeover of Barr (NYSE: BRL). However, the firm adds that Teva will need to integrate the acquisition nearly perfectly, and Mylan may feel compelled to make another acquisition, even as it is still integrating Merck Generics, while Watson's growth prospects are still uncertain.
  
• Oppenheimer downgraded Fiserv (NASDAQ: FISV) and Fidelity National (NYSE: FIS) to Perform from Outperform based on multiple pressure from the challenging banking environment and growth headwinds.

OTHER DOWNGRADES:

• Satyam (NYSE: SAY) was downgraded to Underperform from Outperform at Credit Suisse and Equal Weight from Overweight at Morgan Stanley.
  
• UBS downgraded Textron (NYSE: TXT) to Neutral from Buy.
  
• Constellation Energy (NYSE: CEG) was downgraded at Jefferies to Underperform from Hold.

MOST NOTEWORTHY: Fiserv, Arbitron and Anadarko Petroleum were today's noteworthy upgrades:

• JMP Securities upgraded Fiserv (NASDAQ: FISV) to Outperform from Market Perform citing a reversal of the Bank of America in-house risk, potential re-branding initiatives, and relative pricing stability.
  
• Bear upgraded Arbitron (NYSE: ARB) to Outperform from Peer Perform citing PPM earnings growth potential, strong industry position, defensive nature of shares, and it views the company as an acquisition target.
  
• Lehman raised Anadarko Petroleum (NYSE: APC) to Overweight from Equal Weight citing relative valuation and strong U.S. gas exposure.

OTHER UPGRADES:

• Goldman added Wal-Mart (NYSE: WMT) to its Conviction Buy List.
  
• Morgan Stanley lifted Kroger (NYSE: KR) and British American Tobacco (ASE: BTI) to Overweight from Equal Weight.

MOST NOTEWORTHY: Anadigics, Crystal River Capital and Canadian Solar were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Anadigics (NASDAQ: ANAD) to Perform from Outperform on valuation following the recent run-up.
  
• Wachovia downgraded Crystal River Capital (NYSE: CRZ) to Market Perform from Outperform citing the uncertain near-term strategic outlook.
  
• Broadpoint downgraded shares of Canadian Solar (NASDAQ: CSIQ) to Buy from Strong Buy on valuation following yesterday's rally but raised their target to $45 from $29.

OTHER DOWNGRADES:

• UBS cut Sunstone Hotel Investors (NYSE: SHO) to Neutral from Buy.
  
• KeyBanc downgraded Wabtec (NYSE: WAB) to Hold from Buy.
  
• Goldman downgraded Fiserv (NASDAQ: FISV) to Neutral from Buy.
  
• Suntrust downgraded Spectrum Brands (NYSE: SPC) to Neutral from Buy.

MOST NOTEWORTHY: Earthlink, NetSuite and Gramercy Capital were today's noteworthy initiations:

• B. Riley assumed coverage of Earthlink (NASDAQ: ELNK) with a Buy rating and $10.60 target, as they view the leading dial-up and broadband ISP as an attractive value-play.
  
• Citigroup initiated shares of NetSuite (NYSE: N) with a Sell rating, as they believe the current valuation implies the company needs to show significant upside.
  
• Gramercy Capital (NYSE: GKK) was initiated with an Overweight rating at JP Morgan on valuation and dividend yield.

OTHER INITIATIONS:

• Goldman started Fiserve (NASDAQ: FISV) with a Buy rating.
  
• Merrill initiated Yingli Green Energy (NYSE: YGE) with a Buy rating.
  
• Roche (OTC: RHHBY) was assumed with a Buy rating at Societe Generale.

MOST NOTEWORTHY: Entertainment software stocks, Luxottica and Hansen Medical were today's noteworthy initiations:

• Citigroup initiated Electronic Arts (NASDAQ: ERTS) and Activision (NASDAQ: ATVI) with Buy ratings and targets of $75 and $29, respectively; the firm initiated Take-Two (NASDAQ: TTWO) and THQ Inc (NASDAQ: THQI) with Hold ratings and targets of $23 and $34, respectively.
  
• Citigroup also started shares of Luxottica Group (NYSE: LUX) with a Buy rating. The firm believes the company can maintain its dominant market position given its house brands portfolio and early expansion into emerging markets.
  
• Merriman started shares of Hansen Medical (NASDAQ: HNSN) with a Buy rating and thinks the company's Sensei System could radically change the landscape of catheter based surgery. The firm believes the stock can trade to the $34-$41 range in 12-18 months.

OTHER INITIATIONS:

• Calyon Securities initiated shares of General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) with a Reduce rating and $31 target and $7 target, respectively.
  
• Deutsche Bank initiated Jack Henry & Associates (NASDAQ: JKHY) and Fiserv (NASDAQ: FISV) with Buy ratings and Advent Software (NASDAQ: ADVS) with a Hold rating.