On Tuesday, investors drove call option implied volatility levels higher in the Mortgage Investment industry, and drove put option implied volatility levels higher in the Rental & Leasing Services industry.

Bullish Volatility Skews:

Capstead Mortgage Corp. (CMO)---part of the Mortgage Investment industry---came in at the top with a volatility skew of 1.24. This may come as a surprise as CMO is down -2.22 percent for the past month.

Analyst upgrades:

• Goldman upgraded SanDisk (NASDAQ: SNDK) to Buy from Neutral and raised their target to $22 from $16 citing the renegotiated royalty agreement with Samsung.
• Goldman also upgraded Starwood Hotels (NYSE: HOT) to Buy from Sell and raised their target to $27 from $11 citing strong operating leverage as RevPAR recovers.
• KeyBanc upgraded Werner Enterprises (NASDAQ: WERN) to Hold from Underweight citing a recent improvement in freight demand.
• J.C. Penney (NYSE: JCP) was upgraded to buy from Underperform at Banc of America/Merrill.
• Savvis (NASDAQ: SVVS) was raised to Outperform from Perform at Oppenheimer.
• Sanofi-Aventis (NYSE: SNY) was upgraded at Citigroup to Buy from Hold.

Analyst upgrades:

• Citigroup upgraded Cooper Industries (NYSE: CBE) to Hold from Sell to reflect improving macro indicators and a belief negative earnings revisions are unlikely going forward. The firm raised its target price to $37 from $28.
  
• Royal Bank of Scotland upgraded Siemens (NYSE: SI) to Buy from Hold on expectations the company will benefit from an economic recovery.
  
• Banc of America/Merril upgraded State Street (NYSE: STT) to Buy from Neutral and raised their price target to $50 from $40 following stress test results that show the company does not need additional capital. The analyst said the news "clears one of the bars on capital concerns."
  
• Teradata (NYSE: TDC) was raised to Market Weight from Underweight at Thomas Weisel.
  
• Target (NYSE: TGT) was lifted to Overweight from Neutral at JP Morgan.
  
• Diageo (NYSE: DEO) was upgraded at UBS to Neutral from Sell.

It's Thursday, so on CNBC's MAD MONEY Jim Cramer featured his SELL BLOCK, where he reviews some past picks and says to Sell or to Stick With It.

He says that of his recent picks in IPO's he wants to review Clearwire Corp. (NASDAQ:CLWR). He would Sell Fortress Investment Group (NYSE:FIG) to switch into Goldman Sachs Group (NYSE:GS). He would also Sell Melco PBL Entertainment (NASDAQ:MPEL) in Macau, as he was wrong and it is down 16%, and IPG Photonics (NASDAQ:IPGP) which is down 21% from the first day's close. Cramer likes trying to get in on the IPO pricing because you have a lower chance of getting hurt.

Cramer does have ones that he likes from the recent IPO pool: Switch & Data Facilities Co. (NASDAQ:SDXC) is one he likes right now. AeroVironment Inc. (NASDAQ:AVAV) and Opnext Inc. (NASDAQ:OPXT) are ones that you can buy on weakness.