MOST NOTEWORTHY: Heartland Payment, Holly Corp and Buckeye Technologies were today's noteworthy upgrades:

• Heartland Payment (NYSE: HPY) was upgraded to Outperform from Neutral at Baird on valuation.
• Holly Corp. (NYSE: HOC) was upgraded to Buy from Neutral at UBS on valuation.
  
• UBS also upgraded Buckeye Technologies (NYSE: BKI) to Buy from Sell on valuation and stabilizing fundamentals.

OTHER UPGRADES:

• TAM SA (NYSE: TAM) was upgraded to Equal Weight from Underweight at Morgan Stanley.
  
• Bear Stearns raised MasterCard (NYSE: MA) to Outperform from Peer Perform.
  
• Keefe Bruyette upgraded Hancock Holding (NASDAQ: HBHC) to Outperform from Market Perform.

MOST NOTEWORTHY: The educational services industry, the Latin American airlines sector, Asta Funding Inc (NASDAQ: ASFI) and Chipotle Mexican Grill Inc (NYSE: CMG) were today's noteworthy initiations:

• William Blair assumed coverage of Apollo Group Inc (NASDAQ: APOL) and Strayer Education Inc (NASDAQ: STRA) with Outperform ratings and Career Education Corporation (NASDAQ: CECO) with a Market Perform rating. The broker also assumed coverage and downgraded DeVry Inc (NYSE: DV) to Market Perform from Outperform.
  
• Goldman Sachs initiated coverage on Copa Holdings (NYSE: CPA) with a Buy rating and $88 target, GOL Linhas Aereas Inteligentes SA (NYSE: GOL) and TAM SA (NYSE: TAM) with Neutral ratings and Lan Airlines SA (NYSE: LFL) with a Sell rating and $93 target; Lan Airlines was also initiated at Morgan Stanley with an Overweight rating and $105 target.
  
• Asta Funding was initiated at Kaufman Brothers with a Buy rating and $55 target. The firm believes the company should grow earnings at a midpoint of 20% over time, with near-term growth at 15% and longer-term growth at 20%-25%.
  
• Citigroup initiated shares of Chipotle Mexican Grill with a Buy rating and $100 target, as the firm expects the company will see unit growth at a rate in the high-teens while experiencing above-average SSS and some margin expansion.

OTHER INITIATIONS:

• BMO Capital initiated shares of CDC Corp (NASDAQ: CHINA) with a Market Perform rating and $11 target.
  
• Jazz Technologies Inc (NYSE: JAZ) was initiated with a Buy rating and $5 target at Wedbush Morgan Securities.
  
• Calyon Securities initiated shares of Pinnacle Entertainment Inc (NYSE: PNK) with an Add rating and $32 target.
• Luminex Corporation (NASDAQ: LMNX) was initiated with a Buy rating at Pacific Growth Equities.

This morning's Wall Street Journal reports on its reporter, Pui-Wing Tam's, report on how Hewlett-Packard Company (NYSE: HPQ) spied on her.

There are many levels of irony in this story. Reporters do all sorts of investigations on their subjects. I don't know how they cultivate their anonymous sources to dig up the details that they report. But my hunch is that while they're often snoops -- peering into places where their targets would prefer they did not -- reporters don't resort to the kind of tactics (pre-trash inspections or monitoring phone calls and IM sessions) to which Tam was subjected.

But I can't help but think that Tam's subjects share some of the same fears of being investigated that she must have felt when she began to realize that HP was placing her under surveillance. Her article's cool, almost tongue-in-cheek tone does not reveal these fears explicitly, instead leaving them to the reader's imagination.

But I imagine that former HP Chair Patricia Dunn must have felt a similar fear when she realized that someone on HP's board was leaking to the media. I'm not defending what HP did; I think it's a 1984-like invasion of privacy for which HP will suffer significant consequences.

With deference to Prussian General Von Clausewitz -- who famously said war is "a continuation of politics by other means" -- I see HP's tactics as investigative reporting by other means.

Peter Cohan is President of Peter S. Cohan & Associates, a management consulting and venture capital firm, and a Professor of Management at Babson College. He has no financial interest in HP.