Analyst Upgrades

• SanDisk (SNDK) was upgraded to outperform from neutral at RW Baird.
• JPMorgan resumed Potash (POT) at overweight, up from neutral.
• Ariba (ARBA) was upgraded to buy from neutral at Roth Capital.
• Cirrus Logic (CRUS) was upgraded to buy from hold at Jefferies.
• Morgan Stanley upgraded Tesoro (TSO) to overweight from equal weight.
• Solarfun Power (SOLF) was upgraded to buy from hold at Auriga.
• Barclays upgraded Ciena (CIEN) to overweight from equal weight.
• Optimer Pharm (OPTR) was upgraded to outperform from market perform at JMP Securities.
• Argo Group (AGII) was upgraded to outperform from market perform at FBR Capital.
• BofA/Merrill upgraded Green Mountain (GMCR) to buy from underperform and Southern Company (SO) to neutral from underperform.

MOST NOTEWORTHY: General Motors, Green Mountain Coffee, Orexigen and Norsk Hydro were today's noteworthy upgrades:

• Banc of America upgraded shares of General Motors Corporation (NYSE: GM) to Neutral from Sell as they believe the agreement with the United Auto Workers union offsets a worsening outlook for sales.
  
• Piper Jaffray upgraded shares of Green Mountain Coffee Roasters (NASDAQ: GMCR) to Outperform from Market Perform after a meeting with management as they believe shares offer a compelling buying opportunity at current levels based on their 2009 estimates.
  
• JMP Securities upgraded shares of Orexigen Therapeutics (NASDAQ: OREX) to Strong Buy from Market Outperform as they believe the company's lead product candidates, Empatic and Contrave, could become front-line therapies for obesity due to improved durability of efficacy, increased safety and tolerability, and lack of addiction.
  
• Norsk Hydro (NYSE: NHY) was upgraded to Buy from Hold at Citigroup. The firm sees upside in the stock from the volume growth and further improvements in downstream operations.

OTHER UPGRADES:

• Lehman upgraded Temple Inland (NYSE TIN) to Overweight from Equal Weight.
  
• Ciena Corporation (NASDAQ: CIEN) was upgraded to Buy from Neutral at Merrill Lynch.
  
• HSBC upgraded ENI SpA (NYSE: E) to Overweight from Neutral.
  
• Nollenberger raised shares of Symyx Technologies (NASDAQ: SMMX) to Buy from Neutral.

MOST NOTEWORTHY: Knot Inc (KNOT), Cablevision (CVC), Chesapeake Energy Corp (CHK), Green Mountain Coffee (GMCR) and Intermec (IN) were today's noteworthy downgrades:

• Merriman downgraded shares of Knot Inc (NASDAQ: KNOT) to Neutral from Buy following the company's mixed outlook to reflect poor visibility.

• Cablevision (NYSE: CVC) was downgraded to Market Perform from Outperform at Wachovia following its disappointing Q2 report and guidance. The firm does not expect a higher Dolan bid.

• Wachovia also downgraded shares of Chesapeake Energy Corp (NYSE: CHK) to Market Perform from Outperform. The firm said management expects an equity offering in the next 6-9 months, which is in contrast to recent comments regarding capital discipline and funding plans.

• Green Mountain Coffee (NASDAQ: GMRC) was downgraded to Market Perform from Outperform at Piper Jaffray on valuation and tough year/year comparisons.

• Bear Stearns downgraded Intermec (NYSE: IN) to Underperform from Peer Perform on valuation.

OTHER DOWNGRADES:

• Lehman downgraded Novo Nordisk (NYSE: NVO) to Equal Weight from Overweight.

• Davenport downgraded Wm. Wrigley Jr. Co (NYSE: WWY) to Neutral from Buy on valuation.

• Delta Petroleum (NASDAQ: DPTR) was downgraded at Merrill Lynch to Sell from Neutral.

• JMP Securities lowered Kenexa (NASDAQ: KNXA) to Market Perform from Outperform.

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