Today was one of those of those days that started out weak, and ended up that way as well. Wholesale inventories were down again for the 10th month in a row. Many analyst calls and a late summer breather are also to blame for the selling after we have seen such a strong summer rally. Here were today's unofficial closing bell levels:

DJIA: 9,241.45 (-1.03%)
NASDAQ: 1,969.73 (-1.13%)
S & P 500: 994.35(-1.27%)

Top Analyst Upgrades/Downgrades

Bank of America Corp. (NYSE: BAC) was hit today on an analyst call from Rochdale's Dick Bove, who said the settlement being held up by a judge is bad for banks. Shares were down 4% at $15.98 late in the day.

For the past few months, Microsoft (NASDAQ: MSFT) had been shopping its interactive agency, Razorfish. Now, there is a deal: Publicis has agreed to pay roughly $530 million for the firm. The deal is part cash, part stock.

Razorfish, which got its start in 1995, has grown into a dominant player in web media consulting. Yet, this is really not a core business that Microsoft is interested in (the company inherited Razorfish in its $6 billion acquisition of aQuantive several years ago). If anything, it poses conflicts with customers that want to use the company's search and marketing software offerings.

Microsoft (NASDAQ: MSFT) has engaged investment bank Morgan Stanley (NYSE: MS) to help it unload digital agency Razorfish. Publicis (OTC: PGPEF) is looking for targets in the online ad space and could be a possible bidder.

Razorfish has been valued at $600 million to $700 million, based on a top line of approximately $400 million for its last fiscal year and peer margins of 12% to 13%. The company boasts 2,000 employees and clients that include Audi, Nike (NYSE: NKE) and Kraft (NYSE: KFT). Microsoft bought the company as part of a $6 billion deal to acquire aQuantive. At the time, Razorfish was known as Avenue A Razorfish, as the result of a merger sealed in the wasteland known as the "dotcom bust."

MOST NOTEWORTHY: Sunoco, Primedia, WPP Group, Publicis and Newfield Exploration were today's noteworthy downgrades:

• Sunco Inc (NYSE: SUN) was downgraded to Neutral from Buy at Banc of America, as the firm believes Sunoco's valuation discount is justified since its net margin/barrel is almost $2.50 below its closest peer due to inferior assets.
  
• Deutsche Bank downgraded shares of Primedia Inc (NYSE: PRM) to Hold from Buy on valuation.
  
• Citigroup downgraded shares of WPP Group (NASDAQ: WPPGY) to Hold from Buy and shares of Publicis Groupe (NYSE: PUB) to Sell from Hold to reflect their more cautious view of the advertising sector.
  
• Goldman sees better catalysts at other E&Ps and downgraded Newfield Exploration Company (NYSE: NFX) to Neutral from Buy.

OTHER DOWNGRADES:

• Jefferies downgraded Macrovision Corporation (NASDAQ: MVSN) to Hold from Buy.
  
• Merrill Lynch downgraded American Eagle Outfitters (NYSE: AEO) to Sell from Neutral.
  
• Citigroup downgraded Bachoco (NYSE: IBA) to Hold from Buy.
  
• Wimm-Bill-Dan Foods (NYSE: WBD) was downgraded to Sell from Buy at UBS.

MOST NOTEWORTHY: ColdWater Creek Inc (CWTR), Celadon Group, Inc (CLDN), Berry Petroleum Co (BRY), SiRF Technology Holdings Inc (SIRF) were today's noteworthy initiations:

• Brean Murray started shares of Coldwater Creek (NASDAQ: CWTR) with a Buy rating and $25 target, expecting second-half upside from new merchandise this year.

• Keybanc is positive on Celadon's (NASDAQ: CLDN) disciplined approach to strategic acquisitions and leverage in its operating model, starting shares with a Buy rating and $20 target.

• CRT Capital believes Berry Petroleum (NYSE: BRY) has the ability to continue to deliver double digit percentage production/reserves growth and started shares with a Buy rating and $40 target.

• American Technology believes SiRF Technology Holdings (NASDAQ: SIRF) will continue to be a market leader in GPS chipsets and finds the company's wireless business undervalued, starting shares with a Buy rating and $26 target...

OTHER INITIATIONS:

• Javelin Pharmaceuticals Inc (AMEX: JAV) was initiated with an Outperform rating at Leerink Swann.

• UBS started Arris Group, Inc (NASDAQ: ARRS) with a Buy rating and $18 target.

• Publicis Groupe (NYSE: PUB) was started with a Buy rating at ING.

• Thomas Weisel initiated shares of Ambassadors International (NASDAQ: AMIE) with an Overweight rating and $41 target. Baird started

• Capella Education Co (NASDAQ: CPLA) with an Outperform rating and $46 target.

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

MOST NOTEWORTHY: Circuit City (CC) and Best Buy (BBY) were the most notable upgrades today:

• JP Morgan upgraded Circuit City Stores Inc. (NYSE:CC) to Overweight from Neutral, telling clients it is taking advantage of more realistic expectations and valuation; they also see some positive catalysts in 2008 that may include product introductions, such as Microsoft Corp.'s (NASDAQ:MSFT) Vista and the availability of the PS3 from Sony Corp. (NYSE:SNE) and Nintendo Ltd.'s (OTC:NTDOY) Wii.
• Credit Suisse upgraded Best Buy Co. Inc. (NYSE:BBY) to Outperform from Neutral with a $59 target, telling clients the focus on the electronics retailer has moved too much into the slight shortfall of Q3, which undervalues the solid growth through 2007 as well as the strong balance sheet the company enjoys.

OTHER UPGRADES:

• Darden Restaurants Inc. (NYSE:DRI) was upgraded to Market Perform from Underperform at Raymond James.
• Accenture Ltd. (NYSE:ACN) was upgraded to Sector Perform from Underperform at RBC Capital Markets, and believes that strong demand for consulting, solid outsourcing visibility, and strong financial fundamentals are likely to offset the negative impact of offshore labor cannibalization in the near-term; Baird also upgraded Accenture, to Outperform from Neutral with a $39 target, following strong first quarter earnings and guidance.
• Deutsche Bank is positive on Publicis Groupe (NYSE:PUB) acquisition of Digitas Inc. (NASDAQ:DTAS) and upgraded the acquirer to Buy from Hold.

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