FMC Corp. (FMC), a seller of industrial chemicals whose colleagues include Dow Chemical (DOW) and DuPont (DD), closed Monday's regular session at $81.08, a price that reflected a gain of about 1.1%. Volume was above average, so it looked as if investors were eagerly anticipating the company's fourth-quarter earnings report.

Unfortunately, those who bought in ahead of the release ended up being disappointed. The shares lost 4% of their value during the extended-hours session. The final quote of $77.75 represented a pullback from the 52-week high of $82.03.

Analyst Upgrades

• Valero Energy (VLO) to outperform from perform at Oppenheimer.
• Changyou.com (CYOU) to overweight from equal weight at Morgan Stanley.
• Albermarle (ALB) to overweight from neutral at JPMorgan.
• ICU Medical (ICUI) to buy from neutral at Roth Capital.
• Check Point (CHKP) to outperform from market perform at Bernstein.
• FMC Corporation (FMC) to buy from neutral at BofA/Merrill.
• Rangold Resources (GOLD) to neutral from sell at Goldman.
• Global Cash Access (GCA) to buy from hold at Duncan-Williams.

Analyst Upgrades

• Ryder (R) to outperform from sector perform at RBC Capital.
• HCP (HCP) to outperform from neutral at RW Baird.
• Hertz Global (HTZ) to overweight from equal weight at Barclays.
• Lincoln National (LNC) to buy from neutral and T. Rowe Price (TROW) to conviction buy from neutral at Goldman.
• Protective Life (PL) and Janus Capital (JNS) to neutral from sell at Goldman.
• Newell Rubbermaid (NWL) to overweight from equal weight at Morgan Stanley.
• National Instruments (NATI) to overweight from neutral at JPMorgan.
• Team Health (TMH) to buy from hold at Deutsche Bank.

Analyst Upgrades

• Macquarie upgraded Intel (INTC) to outperform from neutral and Advanced Micro (AMD) to neutral from underperform.
• Pfizer (PFE) was upgraded to outperform from market perform at Bernstein.
• Capstead Mortgage (CMO) was upgraded to outperform from market perform at FBR Capital.
• Oppenheimer upgraded Halliburton (HAL) to outperform from perform.
• Gilead (GILD) was upgraded to outperform from sector perform at RBC Capital.
• Skilled Healthcare (SKH) was upgraded to outperform from market perform at JMP Securities.
• Citigroup upgraded CapitalSource (CSE) to buy from hold.

Analyst Upgrades

• Deutsche Bank upgraded Illinois Tool Works (ITW) to buy from hold, citing valuation and the company's strong revenue performance. The firm has a $60 price target for shares.
• Goldman upgraded PPD Inc. (PPDI) to buy from hold and raised its price target to $31 from $28. The firm expects strong top line growth and bookings momentum for the upgrade.
• Stifel Nicolaus upgraded Insituform Technologies (INSU) to buy from hold based on higher estimates for sewer rehab and energy. The firm has a $31 target on the stock.
• Patterson-UTI Energy (PTEN) was upgraded to overweight from equal weight at Morgan Stanley.
• Wisconsin Energy (WEC) and Northeast Utilities (NU) were upgraded to buy from neutral at UBS.
• Rockwell Collins (COL) was upgraded to buy from neutral at BofA/Merrill.

Analyst Upgrades

• BofA/Merrill upgraded Eastman Chemical (EMN) to buy from neutral and raised its target to $82 from $80. The analyst upgraded shares based on valuation and expectations for strong earnings from fibers and performance chemicals.
• Bernstein upgraded Hershey (HSY) to market perform from underperform based on strong near-term category growth.
• Janney Montgomery upgraded Actuant (ATU) to buy from neutral with a $25 price target following the company's Q3 results.
• Infinera (INFN) was upgraded to buy from hold at Stifel Nicolaus.
• CTC Media (CTCM) was upgraded to buy from neutral at UBS.
• Williams (WMB) was upgraded to conviction buy from buy at Goldman.

Analyst Upgrades

• RBC Capital upgraded FMC Technologies (FMC) to outperform from sector perform. The firm upgraded shares based on expectations that subsea order flow and backlog will be significantly higher than previous forecasts. The firm has a $70 target on shares.
• Citigroup upgraded ONEOK Partners LP (OKS) to buy from hold due to valuation and maintains a $65 price target on the stock.
• Needham upgraded Autodesk (ADSK) to buy from hold following the Q4 report and guidance. The firm has a $31 target on the stock.
• Morgan Stanley upgraded Under Armour (UA) to equal weight from underweight, citing valuation. The firm raised its target to $27 from $23.
• EOG Resources (EOG) was upgraded to buy from neutral at Goldman.
• FPL Group (FPL) was upgraded to outperform from neutral at Credit Suisse.
• Novo Nordisk (NVO) was upgraded to buy from hold at Jefferies.

Analyst Upgrades

• Oppenheimer upgraded Genoptix (NASDAQ: GXDX) to Outperform from Perform and raised its target to $44 from $33 based on analysis of oncology testing reimbursement that indicates average revenue per case is within industry norms.
• Deutsche Bank upgraded Legg Mason (NYSE: LM) to Hold from Sell citing reports that an activist investor, Nelson Peltz, has increased its stake in the company. The firm said fundamentals remain weak but the news will likely push shares higher.
• Suntrust upgraded VCA Antech (NASDAQ: WOOF) to Buy from Neutral citing reduced headwinds and favorable risk/reward. The firm has a $30 target on shares.
• SLM Corp. (NYSE: SLM) was upgraded to Overweight from Neutral at JPMorgan.
• Diamond Offshore (NYSE: DO) and FMC Technologies (NYSE: FMC) were upgraded to Neutral from Sell at Goldman.

"Many experts believe that oil prices are at unsustainably low prices now, and they expect a sharp rise in the commodity price as supply and demand come back into line again," says turnaround expert George Putnam.

In The Turnaround Letter, he suggests, "If oil does begin to rise again, the oilfield service stocks could rebound sharply." Here, he takes a look at large cap plays on a rebound within the oilfield services sector.

"We all know that oil prices have fallen dramatically from their highs in the summer of 2008. But different types of oil-related stocks have reacted quite differently to the price change in the underlying commodity.

"For example, while oil itself has dropped nearly 70% from its 12-month high, the stock of the largest integrated oil company, Exxon-Mobil (NYSE: XOM), is down only 26%, less than the stock market as a whole.

Office Depot Inc. (NYSE: ODP) -- volatility up into delay of 3Q EPS on audit committee review. ODP announced the delay of third quarter EPS due to an independent review by the audit committee of the company's vendor program funds. ODP is recently trading at $18.60 in pre-open trading, below its close of $20.29. ODP had 1,186 retail stores in North America and another 369 stores owned, licensed or franchised in other parts of the world as of June 30, 2007. ODP November option implied volatility of 56 is above its 26-week average of 36 according to Track Data, suggesting larger price fluctuations.

FMC Corp (NYSE: FMC) was trading at $59.19 in pre-open trading, above its close of $53.81. Barron's reported "FMC still looks like a tempting target for one of the big rivals or a private-equity shop." FMC is a diversified global chemical company with a market cap of $4 billion. FMC is expected to report EPS on 10/31. FMC November option implied of 33 is above its 26-week average of 25 according to Track Data, suggesting larger risk.

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

MOST NOTEWORTHY: TDK Corp. (TDK), Maquire Properties (MPG), BankAtlantic Bancorp (BBX), ON Semiconductor (ONNN) and Amgen (AMGN) were today's noteworthy downgrades:

• UBS downgraded TDK Corp. (NYSE: TDK) to Reduce from Neutral after the company's operating profit missed estimates.

• Deutsche Bank cut Maguire Properties (NYSE: MPG) to Sell from Hold following the company's disappointing Q2 report.

• Sandler cut BankAtlantic Bancorp (NYSE: BBX) to Sell from Hold on valuation.

• Valuation and debt levels pushed Unterberg to downgrade ON Semiconductor (NASDAQ: ONNN) to Market Perform from Buy.

• William Blair downgraded shares of Amgen (NASDAQ: AMGN) to Market Perform from Outperform as they believe the CMS decision on ESA reimbursement guidelines is extremely restrictive regarding Aranesp use in oncology...

OTHER DOWNGRADES:

• Lyondell Chemical Co (NYSE: LYO) was downgraded to Equal Weight from Overweight.

• UBS cut FMC Technologies (NYSE: FTI) to Reduce from Neutral.

• Stanford downgraded MoSys (NASDAQ: MOSY) to Hold from Buy.

• Brean Murray downgraded SumTotal Systems (NASDAQ: SUMT) to Hold from Buy.

• Buckingham cut Cephalon (NASDAQ: CEPH) to Accumulate from Strong Buy.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: HSBC Holdings Plc (HBC), Suncor Energy Inc (SU) and Apple Inc (AAPL) topped today's list of downgrades:

• HSBC Holdings Plc (NYSE: HBC) was downgraded to Underweight from Neutral at JP Morgan, as the firm believes the loan loss from the U.S. mortgage business may be 20% worse than expected. They recommend investors to short HBC shares and use any rally to add short positions.
• Suncor Energy Inc (NYSE: SU) was downgraded to Underperform from Market Perform at Freidman Billings, citing fair valuation, higher capital costs and downside potential from crude oil prices.
• Apple Inc (NASDAQ: AAPL) was removed from Goldman Sachs' Conviction Buy List.

OTHER DOWNGRADES:

• Roche Holdings (OTC: RHHBY) was downgraded to Neutral from Buy at UBS.
• Pacer Int'l Inc (NASDAQ: PACR) was downgraded to Neutral from Outperform with a $33 target at Baird after the company's disappointing fourth-quarter report.
• Baird downgraded Host Hotels & Resorts (NYSE: HST) to Neutral from Outperform on valuation.
• Sina Corp (NASDAQ: SINA) was downgraded to Market Perform from Outperform at Piper Jaffray due to valuation after the company's solid quarter.
• JP Morgan downgraded AK Steel Holding Corp (NYSE: AKS) to Neutral from Overweight as they believe an acquisition of the company is not likely imminent given recent insider selling.
• Raymond James downgraded Time Warner Telecom Inc (NASDAQ: TWTC) to Outperform from Strong Buy.
• Oppenheimer downgraded FMC Corp (NYSE: FMC) to Neutral from Buy.
• AG Edwards downgraded Simon Property Group Inc (NYSE: SPG) to Hold from Buy on valuation.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).