Analyst Upgrades

• Cree (CREE) and Rubicon Technology (RBCN) to buy from neutral at Merriman.
• Children's Place (PLCE) to outperform from market perform at BMO Capital.
• Lockheed Martin (LMT) to neutral from underperform at BofA/Merrill.
• Copano Energy (CPNO) to outperform from market perform at Morgan Keegan.
• Motorola Mobility (MMI) to neutral from reduce at Nomura.
• Parker-Hannifin (PH) to buy from hold at KeyBanc.
• Akamai (AKAM), ShoreTel (SHOR), AMB Property (AMB) and ProLogis (PLD) to buy from hold at Stifel Nicolaus.

Here are some highlights from this past week's earnings coverage on BloggingStocks:

• American International Group Inc. (AIG) said its Q1 earnings doubled, easily topping analysts' expectations.
• Cablevision Systems Corp. (CVC) said Q1 revenue grew, but disappointing earnings dragged down shares.
• Chevron Corp. (CVX) had strong Q1 earnings and boosted its dividend, but Gulf spill concerns weighed on shares.
• CVS Caremark Corp. (CVS) Q1 earnings topped consensus estimates but it also said same-store sales slipped.
• Freddie Mac (FRE) said its lost $8 billion in Q1, less than a year ago, and requested further bailout funds.

Shares of Sequenom (SQNM) are in danger of breaching key technical support as traders pan the company's first-quarter earnings report. Thursday, SQNM confessed to a loss of 27 cents per share, right in line with analysts' expectations. Revenue arrived at $10.6 million, outpacing consensus forecasts for $10.2 million. So, why did the stock slip more than 12% lower in morning trading?

Traders are likely eyeing two unsavory data points in Sequenom's report. Gross margin dropped year-over-year from 60.6% to 50.5%, while research and development (R&D) expenses jumped from $8.8 million to $11.2 million on an annual basis. Additionally, Sequenom predicted that it won't be ready to file for a premarket approval on its noninvasive T21 test until the end of 2012.

Here are some highlights from this past week's earnings coverage on BloggingStocks:

• Alcatel-Lucent (ALU) received an analyst's downgrade following its disappointing earnings report and guidance.
• Chicago Bridge & Iron Co. (CBI) improved earnings prospects prompted one analyst to upgrade the stock.
• Cintas Corp. (CTAS) lower Q3 earnings topped analysts' expectations, and it reiterated its Q4 earnings guidance.
• CRA International Inc. (CRAI) received an analyst's downgrade following its earnings results for Q1.
• Discover Financial Services (DFS) reported a net loss for Q1 due to a needed boost to its loan loss reserves.

U.S. stock futures advanced somewhat Tuesday as investors turn their attention to the Federal Reserve policy meeting with the upcoming decision on interest rates and the accompanying statement. Meanwhile, investors could sink their teeth on some housing data.

It became clear Monday, after the session closed with stocks little changed, that investors are waiting for the Fed. The Federal Open Market Committee decision is due at 2:15 p.m. Eastern. While the Fed is expected to keep interest rates unchanged near zero, it is the statement that will be in focus. As the economy is improving, the Fed will have to start tightening at some point -- hiking rates -- to combat inflation. The question for investors is when. So far, the Fed has promised to keep rates low for an "extended period." But many expect this language, at least, to change soon, which may pressure stocks lower.

Jobless claims ticked back up yet again, and the global stock markets were all weak ahead of the opening bell in New York this morning. Throw in a stronger dollar and weak commodity prices, and you had almost no real chance for a sizable recovery into positive territory when you consider that the DJIA and S&P 500 are so close to 2009 highs.

Here were today's unofficial closing bell levels:

Dow 10,308.26 -132.86 (-1.27%)
S&P 500 1,096.12 -13.06 (-1.18%)
Nasdaq 2,180.05 -26.86 (-1.22%)

Top Analyst Upgrades/Downgrades
Top Day Trader Stocks

Out of the chute this morning, the S&P/Case-Shiller index rose 1.2% in July and gave the market a nice uptick for a while. Then came the report from the Conference Board that its consumer confidence index for September fell to 53.1 from 54.5 in August. What was worse is that economists had estimated a rise to 57 for the month. The soft confidence number is almost certainly due to people worried about losing their jobs. Right now, it could be that traders are waiting for Friday's unemployment report before jumping one way or the other. The negative news won out and the indexes traded down most of the day.

The numbers:

Dow

S&P 500

Nasdaq

Today was an unusually active day for extremely volume increases in several stocks which traded on news and rumors.

Shares in Sequenom (NASDAQ: SQNM) jumped over 10% on takevover rumors.

Rite Aide (NYSE: RAD) moved higher by 5% on larger than normal volume as it beat earnings estimates and Monsanto (NYSE: MON) traded up on strong numbers and took a number of agriculture stocks with it. Oracle (NASDAQ: ORCL) also benefited from earnings above Wall Street forecasts.

Palm (NASDAQ: PALM) traded higher as RBC upped its price target to $18 from $14, and MEMC (NYSE: WFR) fell on a downgrade from JPMorgan.

Douglas A. McIntyre is an editor at VSInvestor.com.

The Federal Reserve's cautious Beige Book may have been a small catalyst to keep a lid on the market, but the real weakness was after the 10-Year Treasury auction came in very weak and 10-year Treasury rates flirted with 4%. Higher draw-downs in oil inventories also kept energy prices higher. Here were today's unofficial closing bell levels:

Dow 8,739.02 -24.04 (-0.27%)
S&P 500 939.15 -3.28 (-0.35%)
Nasdaq 1,853.08 -7.05 (-0.38%)

Top Analyst Upgrades
Top Analyst Downgrades

Today was one of those days where the overall market direction never felt entrenched nor felt certain. The news of ten banks getting to pay back TARP funds created mixed reactions, as the news was expected. Positive guidance from a chip leader may have kept the wheels on the cart for technology stocks. Oil also spent much of the day flirting with the $70 per barrel mark.

With the swings we are seeing from positive to negative, it is just further evidence that there is a battleground between bulls and bears forming. So far the bulls are managing to keep the high ground. Here are today's unofficial closing bell levels:

DJIA
S&P500
NASDAQ

Top Analyst Upgrades
Top Analyst Downgrades

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Bristol-Myers Squibb Co. (NYSE: BMY) Q1 profit fell despite strong sales of Plavix and Abilify.
• Check Point Software Technologies Inc. (NASDAQ: CHKP) was downgraded based on its guidance.
• Domino's Pizza Inc. (NYSE: DPZ) strong Q1 results were boosted by early debt retirement.
• DreamWorks Animation SKG Inc. (NYSE: DWA) strong Q1 results were driven by Madagascar 2.
• Endo Pharmaceuticals Holdings Inc. (NASDAQ: ENDP) Q1 results led to an analyst's downgrade.
• E*Trade Financial Corp. (NASDAQ: ETFC) widened its Q1 loss, sending shares sharply lower.

Analyst upgrades:

• Stephens upgraded Arris (NASDAQ: ARRS) to Overweight from Equal Weight following the company's Q1 results and raised its target on shares to $15 from $8.
  
• Goldman upgraded Goodyear Tire (NYSE: GT) to Neutral from Sell and raised their target to $11 from $7 citing better earnings prospects and stabilizing volumes.
  
• KeyBanc upgraded Parkway Properties (NYSE: PKY) to Hold from Underweight citing the company's improved balance sheet and valuation.
• Digital River (NASDAQ: DRIV) was raised to Perform from Underperform at Oppenheimer.
  
• Barclays (NYSE: BCS) was raised to Buy from Sell at Royal Bank of Scotland.
  
• First Potomac (NYSE: FPO) was upgraded at RBC Capital to Sector Perform from Underperform.

Look for Sequenom, Inc. (NASDAQ: SQNM) to be smacked hard by selling pressure today. Late Wednesday, the company reported that improper handling of research and development test data and results by its employees has delayed the launch of its Down's Syndrome test. Sequenom said it's forming a special committee to investigate employee activity related to the tainted test data.

The company's SEQureDx tests the DNA of a fetus, via the mother's blood, in order to determine whether their blood groups are compatible. Although Sequenom can no longer rely on previously announced test data and results, Chief Executive Harry Stylli asserted, "We are not back at square one" on a conference call.

Analyst upgrades:

• Goldman upgraded Gerdau AmeriSteel (NYSE: GNA) to Buy from Neutral and has a $5.50 target on shares. Shares were upgraded due to the potential impact from infrastructure spending. Note that Goldman downgraded Steel Dynamics (NYSE: STLD) and Olympic Steel (NYSE: ZEUS) to Neutral from Buy.
  
• Banc of America/Merrill upgraded Coca-Cola Enterprises (NYSE: CCE) to Buy from Neutral and raised the price target to $18 from $15. The firm the strong Q1 report gives them greater confidence in shares.
  
• Roth Capital upgraded Halozyme (NASDAQ: HALO) to Buy from Hold due to increased clarity into Roche programs, the discontinuation of the chemophase program, and progress on insulin delivery.
• American Movil (NYSE: AMX) was raised to Overweight from Neutral at JP Morgan and to Hold from Sell at Citigroup.
  
• Barclays (NYSE: BCS) and Lloyds TSB Group (NYSE: LYG) were upgraded at HSBC to Overweight from Neutral.

Analyst upgrades:

• Jefferies upgraded Abiomed (NASDAQ: ABMD) to Hold from Underperform on valuation as it believes concerns over the company's Impella heart pump are priced in at current levels. The firm lowered its target price to $7 from $8.
  
• Suntrust upgraded Somanetics (NASDAQ: SMTS) to Neutral from Reduce. The firm believes most of the risk is out of Somanetics shares and that the Q1 report could be a positive catalyst.
  
• Banc of America/Merrill upgraded shares of Telecom Italia (NYSE: TI) to Buy from Neutral on valuation and believes the company's revenue trends are improving.
• China Petroleum & Chemical (NYSE: SNP) was raised to Buy from Neutral at UBS.
• Hexcel (NYSE: HXL) and Johnson Controls (NYSE: JCI) were upgraded to Buy from Neutral at Goldman.