Hour by hour, day to day, week after week, there's usually a fairly significant list of potential takeover candidates, LBOs, or word of a cash infusion from private equity firms. You look them over, and usually out pop some interesting tidbits. So here, dear reader, we go:

CHAPARRAL STEEL COMPANY (NASDAQ: CHAP)

Down in Midlothian, Texas there's a big old "For Sale" sign posted right out there on Ward Rd. That's right. The folks at Chaparral Steel have put the word out: "Come on down." Don't know if that was Goldman Sachs' (GS) idea or not, but those Yankees are there in force looking over them "strategic alternatives." And they're good at it, too. It's probably going to be a sale, but nothing wrong with a partnership, merger recapitalization or taking over another fella's firm. You know? Or who knows, they could decide to sit pretty a while longer. Anyway, the second largest producer of structural steel beams in all North America sure likes to let its neighbors know what it's up to. Right friendly, don't you think? The stock price sure likes it, cause it's moving right up there with all that news.

MOST NOTEWORTHY: Today's noteworthy upgrades include ConAgra Foods, Inc (CAG), Dell Inc (DELL), Ryland Group, Inc (RYL) and Volterra Semiconductor Corp (VLTR).

• Prudential upgraded shares of ConAgra Foods Inc (NYSE: CAG) to Neutral from Underweight with a $26 target on valuation.
• Pacific Crest upgraded shares of Dell Inc (NASDAQ: DELL) to Outperform from Sector Perform as the firm believes new management, new products and supply chain cost realignments could boost operating margins.
• Ryland Group, Inc (NYSE: RYL) was upgraded to Neutral from Underperform at Credit Suisse.
• Unterberg upgraded shares of Volterra Semiconductor (NASDAQ: VLTR) to Market Perform from Underperform on valuation.

OTHER UPGRADES:

• Friedman Billings upgraded Peabody Energy Corp (NYSE: BTU) to Outperform from Market Perform based on lack of CAPP exposure, growth profile, rising international demand and certain benefits from the scrubber trend.
• JP Morgan upgraded shares of Cincinnati Bell Inc (NYSE: CBB) to Overweight from Neutral, as the firm believes higher capex is reflected in the valuation and FCF should recover in 2008.
• Sandler upgraded First Charter Corp (NASDAQ: FCTR) to Buy from Hold based on valuation.
• Brean Murray has increased confidence in the success of Isle of Capri Casinos' (NASDAQ: ISLE) Isle casino, soon to open at Pompapno Park, and the considerable option value that should be embedded in shares related to a Florida gaming bill which would loosen restrictions on gaming at pari-mutual facilities. The firm upgraded shares to Buy from Hold on the news.
• Deutsche Bank upgraded shares of Pogo Producing Co (NYSE: PPP) to Hold from Sell to reflect the likelihood of corporate action over the near term, most likely the sale of the company in whole or in parts.
• Merill Lynch upgraded Janus Capital Group Inc (NYSE: JNS) and Calamos Asset Management, Inc (NASDAQ: CLMS) to Buy from Neutral.

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