MOST NOTEWORTHY: Genzyme, Dean Foods and Key Energy Services were today's noteworthy upgrades:

• Citigroup upgraded shares of Genzyme (NASDAQ: GENZ) to Buy from Hold as it sees EPS upside in 2008 and 2009 from the company's three upcoming product launches and improving operating margins. Citigroup raised its target to $91 from $80.
  
• JP Morgan upgraded Dean Foods (NYSE: DF) to Overweight from Neutral citing valuation and expectations for dairy costs to decline.
  
• Banc of America upgraded shares of Key Energy Services (NYSE: KEG) to Buy from Neutral to reflect the company's increasing pricing power and projected margin expansion for well services and growth opportunities in the shale plays. The firm raised its target price to $22 from $18.

OTHER UPGRADES:

• Domtar (NYSE: UFS) was raised to Outperform from Sector Perform at RBC Capital.
  
• Gladstone (NASDAQ: GOOD) was upgraded to Outperform from Neutral at Baird.
  
• JP Morgan upgraded Macy's (NYSE: M) to Neutral from Underweight.
  
• Goldman upgraded Rexam (OTC: REXMY) to Buy from Neutral.

Nokia Corp. (NYSE: NOK), the world's largest manufacturer of wireless handsets, saw a very admirable rise in Q3 profit levels -- to the tune of 85% growth -- on the backs of increasing awareness and sales in emerging markets. Nokia, which has about 39% share of the global cellphone market at this time, also explained that it expected this level to remain throughout the Q4 period.

Years ago, the word was that Nokia had lost some edge and that Motorola (NYSE: MOT) and South Korean stalwart Samsung Electronics would eat handily into Nokia's market share. That has not happened, as Samsung has still been growing, and Motorola's product lineup has completely stagnated until just recently. Nokia went on the offensive at the end of 2005 with higher-end smartphones, decent mid-level phones and an attack into the entry-level, emerging market and has not looked back since.

Nokia's Q3 net income beat analyst estimates as well, coming in at €1.56 billion ($2.21 billion), or 40 eurocents per share. Nokia executives explained the growth as coming from new, lucrative multimedia handsets in addition to growing sales in emerging markets. One gray cloud over the company for Q3 was from its mobile networks joint venture with Germany's Siemens AG. As what seems always to happen, handset sales are the growth engine, while infrastructure and related equipment take a back seat. In Q3, that seat was at the very rear of the bus for Nokia.

MOST NOTEWORTHY: Cheesecake Factory (CAKE), Buffalo Wild Wings (BWLD), Alltel (AT), Home Depot (HD) and Nokia (NOK) were today's more noteworthy downgrades:

• Cheesecake Factory (NASDAQ: CAKE) was downgraded to Sector Perform from Outperform at CIBC, to Outperform from Strong Buy at Raymond James and to Peer Perform from Outperform at Bear Stearns after the company reduced its second quarter guidance.

• Buffalo Wild Wings (NASDAQ: BWLD) was cut to Neutral from Buy at Merriman on valuation.

• Lehman downgraded Alltel Corp (NYSE: AT) to Equal Weight from Overweight as the firm doesn't expect a competing bid for the company.

• Home Depot (NYSE: HD) was cut to Market Perform from Outperform following yesterday's rally and feels that with the HD sale out of the way, the focus will now turn to Home Depot's ability to grow in the challenging do-it-yourself retail market. Goldman cut Nokia to Neutral from Buy on valuation...

OTHER DOWNGRADES:

• JP Morgan cut Headwaters (NYSE: HW) to Underweight from Neutral.

• Citigroup downgraded Prudential Financial (NYSE: PRU) to Hold from Buy.

• Matrix USA cut Phototronics (NASDAQ: PLAB) to Sell from Hold.

• Ferris, Baker downgraded Gladstone Commercial Corp (NASDAQ: GOOD) to Neutral from Buy.

• Citigroup removed Office Depot (NYSE: ODP) from its Citi Recommended List.

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

In an age of real-time communications, some traditional public relations methods are being put aside in favor of internet-enabled approaches. A Lanham, Maryland outfit is among those expanding the frontiers along that line.

Vocus Inc. (NASDAQ: VOCS) provides on-demand software for public relations management. The company's programs address such functions as media relations, news distribution, news monitoring and analysis. Its government relations software offers state and federal legislative contact lists and lobbying analysis tools. The service is delivered as an annual subscription, with no need for internal hardware, software or IT support. Vocus is used by over 1,800 not-for-profit, corporate, government and public relations organizations worldwide and is available in five languages. Clients include Southwest Airlines (NYSE: LUV), Goodwill Industries and the Humane Society of the United States. The firm has established partnerships with Google (NASDAQ: GOOG) and Microsoft (NASDAQ: MSFT).

Vocus had good news for investors earlier in the month, when it reported EPS of 11 cents and revenues of $12.6 million. Analysts had been looking for 7 cents and $12.3 million. Management also guided Q2 EPS to 8-9 cents (8 cent consensus), Q2 revenues to $13.3-13.5 million ($13.24M consensus), FY07 EPS to 41-43 cents (39 cent consensus) and FY07 revenues to $55.3-55.9 million ($55.42M consensus).