U.S. stock futures were a little higher this morning following Friday's rally. Oil futures have been rising again due to the Russian-Georgian conflict and the dollar retracted from the five-month high set Friday. Global markets were mostly higher although China's hit a 19-month low.

Waste Management (NYSE: WMI) is expected to raise its unsolicited cash offer for rival Republic Services (NYSE: RSG) by nearly 10% to $6.73 billion, the Wall Street Journal reported.

Verizon Communications (NYSE: VZ) and two unions agreed on a new three-year contract Sunday, averting a possible strike of 65,000 workers. The new contract provides 10.5% wage increases and changes in retirement benefits.

Berkshire Hathaway (NYSE: BRK.A) reported an 8% decline in second-quarter profit after the market close Friday. The investment group attributed the decline to fewer insurance premiums and $1 billion in unrealized derivative losses.

General Electric Co. (NYSE: GE) may be close to selling its rail car leading division to GATX Corp. (NYSE: GMT). According to Bloomberg, GATX plans to "invest more aggressively" during a financial slowdown.

While the unloading of the division may help GE begin its process of moving slow-growing divisions out of its portfolio, it is likely to be seen on Wall Street as a minor deal and part of a process that is taking much to long. GE has several much larger businesses that drag on its earnings. Those include NBC Universal, the company's industrial division, and its medical supply operations.

GE's resistance to act more quickly to divest operations that no longer help accelerate EPS growth is one of the great business mysteries of the last four or five year. The company's stock still trades well below its 52-week high of $42.15.

GE knows what Wall Street wants, but it appears that the company simply does not care.

Douglas A. McIntyre is an editor at 24/7 Wall St.

MOST NOTEWORTHY: Syneron Medical, Cellcom Israel, GATX Corp and TNS, Inc were today's noteworthy upgrades:

• Merriman upgraded shares of Syneron Medical (NASDAQ:ELOS) to Buy from Neutral following the Q1 results to reflect the introduction of LipoLite and the company's global distribution channel. They believe shares can trade towards the $22-$26 level.
  
• Jefferies upgraded Cellcom Israel (NYSE:CEL) to Buy from Hold following the company's Q1 results to reflect its improved EBITDA outlook.
  
• Morgan Keegan upgraded GATX (NYSE:GMT) to Outperform from Market Perform as they believe the company has increased opportunities to deploy capital given the current state of the market for railcars, which should result in share outperformance.
  
• Suntrust raised TNS, Inc (NYSE:TNS) to Buy from Neutral citing improved execution and the global shift towards electronic transactions.

OTHER UPGRADES:

• Chevron (NYSE:CVX) was raised at UBS to Buy from Neutral.
  
• RBC Capital upgraded TeleTech Holdings (NASDAQ:TTEC) to Sector Perform from Underperform.
  
• Citigroup upgraded SINA Corp (NASDAQ:SINA) to Buy from Hold.

MOST NOTEWORTHY: Illinois Tool Works, Perficient and GATX were today's noteworthy initiations:

• Illinois Tool Works (NYSE: ITW) was initiated with a Neutral rating and $59 target at Banc of America, as they believe the challenging macro environment and tougher international comparisons will impact near-term base revenue growth and margin opportunities.
  
• JMP Securities believes shares of Perficient Inc. (NASDAQ: PRFT) have overreacted to weak 2007 organic growth and expects shares to be driven by an acceleration in growth in combination with accretive acquisitions. The firm initiated Perficient with a Market Outperform rating and $20 target.
  
• GATX Corp. (NYSE: GMT) was initiated with a Neutral rating at SunTrust on valuation.

OTHER INITIATIONS:

• Credit Suisse initiated Bank of America with a Neutral rating and $48 target and Wachovia Corp. (NYSE: WB) with an Underperform rating and $35 target.
  
• Goldman initiated Bank of New York (NYSE: BK) with a Neutral rating.
  
• Morgan Stanley started WESCO International (NYSE: WCC) with an Equal Weight rating.