Analyst upgrades:

• Morgan Keegan upgraded Motorola (NYSE: MOT) to Outperform from Market Perform due to the increased visibility of Android-based launches, as well as the stock's valuation.
• OfficeMax (NYSE: OMX) was upgraded to Buy from Hold by Citigroup, which cited the company's stabilizing sales trend, accelerating share gains, and valuation.
• Kaufman Bros. upgraded iRobot (NASDAQ: IRBT) to Buy from Hold on valuation.
• Cancaccord upgraded Rio Tinto (NYSE: RTP) to Buy from Hold citing the turnaround in the aluminum business and its exposure to copper.
• Wells Fargo upgraded Smith & Nephew (NYSE: SNN) to Market Perform from Underperform.
• BT Group (NYSE: BT) was upgraded to Neutral from Reduce by Nomura.
• Societe Generale raised L'Oreal (OTC: LRLCY) to Buy from Sell.
• Franklin Resources (NYSE: BEN) was upgraded to Buy from Hold by Sandler O'Neill.

According to Ars Technica, Apple Inc. (NASDAQ: AAPL) has applied for trademark extension relating to gaming. While the folks at Engadget don't want to read too much into it, they can't help but wonder whether "the iPod, iPhone, and Apple TV will soon have even more friends among the company's ever-expanding non-PC ecosystem." Apple shares are up around 1.3% this morning after Citigroup added it to its "Top Picks" list.

Hasbro Inc. (NYSE: HAS)'s profit rose 24% to 84 cents per shareas it avoided the lead-paint related recalls that plagued many of its competitors. Wall Street expected the company to report 81 cents per share in the period. Sales climbed 16% to $1.3 billion.

The 2008 Mobile World Congress in Barcelona is underway and Garmin (NASDAQ: GRMN) the only working mock-up of its Nuviphone. In addition, eBay Inc. (NASDAQ: EBAY)'s Skype was showing its first Skype phone, which is a GSM model that contains new software allowing to make Skype calls over regular cell phone networks.

MOST NOTEWORTHY: Cablevision Systems Corp (CVC), Nasdaq Stock Market Inc (NDAQ), Greenbrier Cos (GBX), Southern Copper Corp (PCU) and Hawaiian Holdings (HA) were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Cablevision Systems Corp (NYSE: CVC) to Neutral from Outperform and does not expect a higher bid to emerge.

• Deutsche Bank downgraded Nasdaq Stock Market Inc (NASDAQ: NDAQ) to Hold from Buy, expecting only modest performance in 2007.

• Matrix cut Greenbrier Cos (NYSE: GBX) to Sell from Hold on the belief that slowing demand for double-stack and forest products rail cars is leading to slowing revenues.

• Credit Suisse downgraded Southern Copper (NYSE: PCU) to Underperform from Outperform based on valuation.

• Goldman cut Hawaiian Holdings (AMEX: HA) to Sell from Neutral based on weak fundamentals and increased liquidity concerns.

OTHER DOWNGRADES:

• Sterne Agee downgraded Blockbuster Inc (NYSE: BBI) to Hold from Buy.

• LoJack Corp (NASDAQ: LOJN) was downgraded to Hold from Buy at Needham.

• Axcelis Technologies, Inc (NASDAQ: ACLS) was downgraded to Sell from Hold at AG Edwards.

• CBL & Associates Properties, Inc (NYSE: CBL) was taken down to Sell from Hold at Citigroup.

• Morgan Stanley downgraded UBS AG (NYSE: UBS) to Underweight from Equal Weight.

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