Given today is last day of the trading for 2006 rating changes were light.

Noteworthy Upgrades:

• Reinsurance Group of America (NYSE: RGA) was upgraded to Buy from Neutral at UBS (NYSE:UBS) based on valuation.

• Ferro Corp (NYSE: FOE) was upgraded to Strong Buy from Sell at Matrix USA as the company's SEC filing status is now current; Matrix expects economic profitability to continue to improve.

Noteworthy Downgrades:

• Oregon Steel Mills (NYSE: OS) was downgraded by UBS to Neutral from Buy; note that Evraz Group extended their cash offer to acquire Oregon Steel for $63.25 in cash.

• Gorman-Rupp (AMEX: GRC) and MGP Ingredients (NASDAQ: MGPI) were downgraded to Hold from Buy at Matrix USA, citing valuation for both companies.

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

Got merger mania too? On tonight's MAD MONEY segment on CNBC, Jim Cramer got into the spirit of the takeovers that had the Street buzzing today and discussed how to find the next Oregon Steel Mills, Inc. (NYSE:OS) or similar acquisition possibility.

He says Reliance Steel & Aluminum (NYSE:RS) is still cheap, a considerable supplier of both rolled and stainless steel, which is still in short supply. Cramer opined that a smaller company, like Reliance, could be bought, but he didn't think Nucor Corporation (NYSE:NUE) was small enough for an acquisition target. He thought RS would be the most likely target.

He would hold a hearing about who lost Oregon Steel. He thinks the WSJ publishing a steel glut that kept you out of this name. Anyway, he will go on and on but he thinks RS is the next steel buyout potential.

RS has a $2.7 billion market cap; 52-week trading range of $28.43 to $49.75. It closed up 5.7% at $35.55 in normal trading and traded up another 4% to $37.15 in after-hours trading after Cramer touted it. If the trailing P/E is accurate it looks like RS only trades at 7.5 times earnings and seven times December 2007 earnings.

Jon Ogg is a partner in 24/7 Wall St., LLC; he does not own securities in the companies he covers.