Analyst Upgrades

• Alcatel-Lucent (ALU) to buy from neutral at Goldman.
• Nvidia (NVDA) to outperform from market perform at JMP Securities.
• Verizon (VZ), AT&T (T), Leap Wireless (LEAP) and MetroPCS (PCS) to outperform from neutral at RW Baird.
• Illumina (ILMN) to buy from hold at Auriga.
• Sun Bancorp (SNBC) to neutral from sell at Janney Capital.
• American Tower (AMT), SBA Communications (SBAC) and Freeport McMoRan (FCX) to overweight from equal weight at Morgan Stanley.

Yesterday's announcement of the AT&T (T) and T-Mobile deal gives both companies a clear "win" in the telecommunications sector. Who are the "losers"?

The tower companies have experienced downward pressure today, with American Tower (AMT) currently trading down over 8%, SBA Communications (SBAC) currently down over 10%, and Crown Castle International (CCI) currently hovering down almost 5%.

Analyst Upgrades

• Diamond Offshore (DO) to conviction buy from sell and Baker Hughes (BHI) to buy from neutral at Goldman.
• Frontier Communications (FTR) to outperform from market perform at Wells Fargo.
• Syntel (SYNT) to outperform from market perform at Wells Fargo, to buy from hold at Deutsche Bank and to buy from neutral at Janney Capital.
• Kulicke & Soffa (KLIC) and Fiserv (FISV) to outperform from perform at Oppenheimer.
• 3M (MMM) to neutral from underweight and Tyco (TYC) to overweight from neutral at JPMorgan.
• Collective Brands (PSS) and Nordstrom (JWN) to overweight from equal weight, as well as Foot Locker (FL) to equal weight from underweight, at Morgan Stanley.
• Amazon.com (AMZN) to buy from hold at Lazard Capital.
• Yamana Gold (AUY) to outperform from neutral at Credit Suisse.

TheStreet.com's Jim Cramer says you can't give up on Tessera and SBA Communications based on one bad quarter.

Tessera (NASDAQ: TSRA) (Cramer's Take) and SBA Communications (NASDAQ: SBAC) (Cramer's Take) "blow up" last night and you have to think, "The tsunami's over," that the smartphone revolution's not occurring.

To which I say, no one likes the blowups, no one likes the guidedowns, but, like Qualcomm (NASDAQ: QCOM) (Cramer's Take), these are all multiyear stories that can't be judged on a quarter. The idea that we do not need more cell towers with smartphone data hogs like the iPhone out there, and the idea that miniaturization and cooler computers (Tessara's strengths) are played out, makes no sense to me.

Analyst upgrades:

• Keefe Bruyette upgraded MF Global (NYSE: MF) to Outperform from Market Perform as it believes the company's liquidity position has improved and that it is well positioned to take market share. The firm raised its target on shares to $9.
  
• UBS upgraded Wynn Resorts (NASDAQ: WYNN) to Buy from Neutral and raised its target to $33 from $28 citing better than expected performance in Macau, valuation, and comfort with the balance sheet.
  
• Citigroup upgraded Brandywine Realty (NYSE: BDN) to Buy from Hold on valuation and believes progress on asset sales or financing could drive significant upside. The firm keeps a $4.50 price target on BDN.
• Joy Global (NASDAQ: JOYG) was raised to Neutral from Underweight at JP Morgan.
  
• Novo Nordisk (NYSE: NVO) was lifted to Hold from Sell at Societe Generale.
  
• Cimarex Energy (NYSE: XEC) was upgraded at Banc of America/Merrill to Buy from Underperform.

MOST NOTEWORTHY: Wright Medical, Atlas America and Delta Air Lines were today's noteworthy upgrades:

• JP Morgan upgraded Wright Medical (NASDAQ: WMGI) to overweight from neutral citing company specific momentum and the increasingly favorable orthopedic industry backdrop.
• Atlas America (NASDAQ: ATLS) was raised to outperform from market perform at Friedman Billings citing valuation and outlook for its upstream MLP.
  
• Credit Suisse upgraded Delta Air Lines (NYSE: DAL) to Outperform from Neutral citing valuation and capacity cuts. The firm also upgraded Northwest Airlines (NYSE: NWA) to outperform from neutral.

OTHER UPGRADES:

• Broadpoint raised Aventine Renewable (NYSE: AVR) to neutral from underperform.
  
• Crown Castle (NYSE: CCI) and SBA Comm (NASDAQ: SBAC) were upgraded to buy from hold at Soleil.

MOST NOTEWORTHY: SBA Comm, Hologic and Kenexa were today's noteworthy initiations:

• Jefferies believes SBA Comm's (NASDAQ:SBAC) high-quality portfolio positions it well to take advantage of strong industry trends and thinks the company could be an acquisition candidate for one of the larger tower companies. The firm started shares with a Buy rating and $38 target.
  
• Hologic (NASDAQ:HOLX) was initiated with a Buy rating and $82 target at Suntrust, as they view Hologic as a premier women's health company. The firm expects increased digital penetration in the mammography market.
  
• Kenexa (NASDAQ:KNXA) was assumed with an Outperform rating and $26 target at Friedman Billings, as they expect the company to maintain healthy revenue growth and industry leading margins given the favorable long-term industry trends.

OTHER INITIATIONS:

• Credit Suisse initiated PSS World Medical (NASDAQ:PSSI) with an Outperform rating and $21 target.
  
• Kaufman started Accenture (NYSE:ACN) with a Hold rating and a $41 target.
  
• Oppenheimer assumed NexMed (NASDAQ:NEXM) with an Outperform rating and $3 target.