MOST NOTEWORTHY: The auto and auto parts sector, Marvell Technology and FMC Technologies were today's noteworthy initiations:

• Citigroup initiated the auto and auto parts sector, and believes strong international growth provides selective opportunities. They upgraded General Motors Corporation (NYSE: GM) to Buy from Sell and Lear Corporation (NYSE: LEA) to Buy from Hold.
  
• Marvell Technology Group (NASDAQ: MRVL) was initiated with a Neutral rating by Bank of America, which believes the company's earnings power will be limited in FY09.
  
• FMC Technologies (NYSE: FTI) was assumed with an Overweight by JP Morgan, which believes that subsea development offers one of the best opportunities in the energy sector.

OTHER INITIATIONS:

• Marriott International Inc (NYSE: MAR) was initiated with a Buy rating by Stifel.
  
• Broadcom Corporation (NASDAQ: BRCM) was initiated with a Buy rating by Bank of America.
  
• Ruth's Chris Steak House Inc (NASDAQ: RUTH) was initiated with an Outperform rating at Raymond James.
  
• JMP Securities resumed coverage of Palm Inc (NASDAQ: PALM) with an Underweight rating.

MOST NOTEWORTHY: STMicroelectronics, Biogen Idec, American Community Bank and Crosstex Energy were today's notable downgrades:

• Lehman downgraded STMicroelectronics (NYSE: STM) to Underweight from Overweight, as they expect the company to underperform its peers.
• UBS downgraded Biogen Idec Inc (NASDAQ: BIIB) to Sell from Neutral, citing valuation and their belief that there would be no significant premium if the company was bought.
• American Community Bancshares (NASDAQ: ACBA) was downgraded to Hold from Buy at Stifel, based on valuation.
• Goldman Sachs downgraded Crosstex Energy Inc (NASDAQ: XTXI) to Neutral from Buy, citing valuation.

OTHER DOWNGRADES:

• PepsiAmericas Inc (NYSE: PAS) was downgraded to Underweight from Neutral by HSBC.
  
• Amodcs Ltd (NYSE: DOX) was removed from the Conviction Buy List by Goldman Sachs.
  
• Citigroup assumed coverage of Tenneco Inc (NYSE: TEN) with a Sell from a Hold.
  
• Morgan Stanley downgraded LDK Solar (NYSE: LDK) to Equal Weight from Overweight.

MOST NOTEWORTHY: Merck, the European semiconductor sector, Thornburg Mortgage and Prudential were today's notable upgrades:

• Merck & Co Inc (NYSE: MRK) was upgraded to Buy from Neutral by Bank of America, which believes the company's sales momentum will continue.
• The European semiconductor sector, which includes Infineon Technologies AG (NYSE: IFX) was upgraded to Positive from Neutral by Lehman Brothers, as they believe a recovery is under way in the industry. The firm upgraded Infineon to Equal Weight from Underweight.
• Thornburg Mortgage Inc (NYSE: TMA) was upgraded to Market Perform from Underperform at Piper, as they see limited liquidity risks, given the strong quality of the company's mortgage assets.
  
• Prudential Financial Inc (NYSE: PRU) was upgraded to Outperform from Neutral by Friedman Billings, which cited valuation and the quality of the company's investment portfolio.

OTHER UPGRADES:

• Citigroup assumed coverage of General Motors Corporation (NYSE: GM) with a Buy from a Sell.
  
• Nucor Corporation (NYSE: NUE) was added to the Focus List at Friedman Billings.
  
• Lehman Brothers upgraded Unilever plc (NYSE: UL) to Equal Weight from Underweight.
  
• Cincinnati Bell Inc (NYSE: CBB) was added to the Focus List at JMP Securities.

MOST NOTEWORTHY: The U.S. bank sector, oil refiners and SGX Pharmaceuticals were today's noteworthy initiations:

• Credit Suisse initiated coverage on U.S. banks, starting shares of BB&T Corporation (NYSE: BBT), Colonial BancGroup Inc (NYSE: CNB) and Zions Bancorporation (NASDAQ: ZION) with Outperform ratings.
• Banc of America assumed coverage of the oil refiners but remains neutral on the group given near-term risks to gasoline inventories and margins. They assumed Valero Energy Corporation (NYSE: VLO) with a Neutral rating and $60 target and Western Refining Inc (NYSE: WNR) with a Sell rating and $35 target.
  
• Cantor believes SGX Pharmaceuticals Inc's (NASDAQ: SGXP) platform technology for the treatment of cancer provides significant advantages that can accelerate drug discovery and lead optimization, while lowering costs. The firm started shares with a Buy rating and $9 target.

OTHER INITIATIONS:

• Morgan Keegan started shares of Motorola Inc (NYSE: MOT), Apple Inc (NASDAQ: AAPL) and Napster Inc (NASDAQ: NAPS) with Market Perform ratings and RealNetworks Inc (NASDAQ: RNWK) with an Outperform rating.
  
• Lehman initiated shares of Time Warner Inc (NYSE: TWX) with an Overweight rating and $25 target.
  
• Virtusa Corporation (NASDAQ: VRTU) was assumed with an Overweight rating at JP Morgan and with an Outperform rating and $16 target at Bear Stearns.

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: GlobalSantaFe Corp, Transocean, Frontier Oil, Tesoro and Audio Codes were today's noteworthy upgrades:

• JP Morgan upgraded shares of GlobalSantaFe Corporation (NYSE: GSF) and Transocean Inc (NYSE: RIG) to Neutral from Underweight based on valuation and improving deepwater rig fundamentals.
  
• Frontier Oil Corporation (NYSE: FTO) was upgraded at Banc of America to Buy from Neutral as they believe the company's assets are ideally located to access cheap Canadian oil sands production. They feel the stock should trade closer to its replacement value, which they estimate at $55/share.
  
• The firm also raised Tesora Corporation (NYSE: TSO) to Buy from Neutral, as the firm believes Terero is the best play on the extended refining cycle given its exposure to California.
  
• CIBC upgraded shares of AudioCodes (NASDAQ: AUDC) to Sector Outperformer from Sector Performer on valuation after their checks suggested the company's business is stabilizing and cost cutting is tracking ahead of plan, which could bring upside EPS estimates.

OTHER UPGRADES:

• GSI Commerce (NASDAQ: GSIC) was upgraded to Buy from Hold at Jefferies.
  
• Apache Corporation (NYSE: APA) was upgraded to Buy from Neutral at Goldman Sachs.
  
• Amgen Inc (NASDAQ: AMGN) was upgraded to Buy from Neutral at Merrill Lynch.
  
• BB&T Capital upgraded shares of Skechers USA (NYSE: SKX) to Buy from Hold.
  
• Bernstein upgraded shares of Cognizant Technology (NASDAQ: CTSH) to Outperform from Market Perform.

eBay couldn't hold the nice run it had this past week and ended the week on a down note. Today ,eBay Inc. (NASDAQ: EBAY) shares shed $1.07 or 3.51% of their value to close at $29.39, unable to remain above the $30 mark reached yesterday.

The reason for today's sell-off could be attributed to some profit taking, but most likely it was caused by Cantor Fitzgerald initiating coverage on eBay with a Sell recommendation (then why bother, I say). As an aside, I must say that unlike many commentators here of late, I don't believe analysts' recommendations are governed by ulterior motives and politics. I'm of the firm belief that most analysts cover their companies impartially and try to do the best they can. Some are very good and very lucky, some not so much, in either department.

Okay, so back to Cantor Fitzgerald. The analyst, Derek Brown, said that he finds that core eBay has weakened significantly in the past years, with customers -- buyers and sellers -- moving to other ecommerce solutions as their behavior has changed. Brown set a price target at $25 for eBay's shares.

I haven't read Brown's report, so I'm not sure why he came to the conclusion he did. It would therefore be hard for me to disagree and yet, I do. I don't see it happening (despite eBay sellers promising me it is); I still think it is easier for people to go to one site where they can find everything in rather than to different other sites.

Finally, I'll just mention quickly that eBay Express was officially launched in the U.K. on Wednesday.