U.S. stock futures are mixed Thursday morning as investors await jobless claims data at 8:30 ET. Futures for the Dow Jones Industrial Average gained 4 points to 12,290.00 and S&P 500 index futures fell 0.40 point to 1,323.50. Nasdaq 100 futures dropped 1 point to 2,333.50.

Negative sentiment ruled the European markets today. While STOXX Europe 600 Index has dropped 0.55%, London's FTSE 100 Index moved down 0.17%.

Analyst Upgrades

• Expedia (EXPE) to buy from hold at Citigroup.
• Weatherford (WFT) to outperform from market perform at Wells Fargo.
• Abercrombie & Fitch (ANF) to buy from neutral at BofA/Merrill.
• MDC Holdings (MDC) to outperform from neutral at Credit Suisse.
• AutoNavi (AMAP) to buy from neutral at Goldman.
• Ciena (CIEN) and Nvidia (NVDA) to neutral from underweight at JPMorgan.
• Canadian Pacific (CP) to outperform from market perform at Raymond James.
• First Midwest (FMBI) and Quiksilver (ZQK) to buy from hold at Jefferies.
• Sonic (SONC) to neutral from negative at Susquehanna.
• MIPS Technologies (MIPS) to buy from hold at Benchmark Co.
• Arrow Electronics (ARW) and Avnet (AVT) to buy from hold at Stifel Nicolaus.

Vertex Pharmaceuticals (VRTX - option chain) shares are rising today after the company reported successful results from a study of its experimental cystic fibrosis treatment VX-770, allowing the company to apply for FDA approval for the drug later this year. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on VRTX.

VRTX opened this morning at $43.60. So far today the stock has hit a low of $42.71 and a high of $44.68. As of 12:10, VRTX is trading at $43.77 up $5.55 (14.5%). The chart for VRTX looks bullish and S&P gives VRTX a positive 5 STARS (out of 5) strong buy ranking.

Analyst Upgrades

• JPMorgan upgraded Anadarko Petroleum (APC) to overweight from neutral on valuation as it views the recent pullback in shares as excessive. Despite upgrading, the firm lowered its target for shares to $82 from $90.
• Oppenheimer upgraded Office Depot (ODP) to perform from underperform and upped its target for shares to $7 from $3 after raising its estimates for companies in the Office Products Retail space. The firm expects trends to accelerate for the sector due to moderating unemployment pressures. In conjunction with the upgrade, Opco raised its target for OfficeMax (OMX) to $26 from $21 and target for Staples (SPLS) to $30 from $28. Both stocks remain outperform rated.
• C.K. Cooper upgraded iRobot (IRBT) to buy from hold with a $30 price target following the company's analyst day.
• Seadrill (SDRL) was upgraded to buy from hold at Jefferies.
• Vodafone (VOD) was upgraded to neutral from reduce at Nomura.

Analyst Upgrades

• Jefferies upgraded St. Jude (STJ) to buy from hold and raised its target to $49 from $39. The firm cites valuation and the positive impact from the Boston Scientific (BSX) ICD recall for the upgrade. Shares were also upgraded to neutral from sell at Goldman, as the firm sees upside for shares into Q1 results.
• RBC Capital upgraded EMC Corp. (EMC) to outperform from sector perform and raised its target to $22 from $21. The firm upgraded shares based on valuation and believes the company can meet or modestly beat March quarter expectations.
• Auriga upgraded MetroPCS (PCS) to buy from hold as it believes customer migration away from postpaid to prepaid may be accelerating. The firm raised its target for shares to $9 from $7.
• Caterpillar (CAT) was raised to outperform from neutral at Baird.
• Best Buy (BBY) was upgraded to market perform from underperform at FBR Capital.
• Expedia (EXPE) was upgraded to overweight from neutral at Piper Jaffray.

Analyst upgrades:

• Piper Jaffray upgraded Viacom (NYSE:VIA) to Overweight from Neutral to reflect the improving ad market and better ratings at key cable networks. The firm raised its target on shares to $35 from $29.
  
• Baird upgraded Research in Motion (NASDAQ:RIMM) to Outperform from Neutral on valuation as it views the recent weakness as a buying opportunity. The firm keeps an $84 price target on shares.
  
• Jefferies upgraded Usana (NASDAQ:USNA) to Buy from Hold as it believes direct selling companies have been gaining momentum. The firm raised its target on shares to $44 from $37.
• AK Steel (NYSE:AKS) was upgraded to Buy from Hold at Deutsche Bank.
  
• First Merit (NASDAQ:FMER) was upgraded to Perform from Underperform at Oppenheimer.
  
• Spectra Energy (NYSE:SE) was upgraded to Conviction Buy from Neutral at Goldman.

Analyst upgrades:

• Jefferies upgraded Legg Mason (NYSE: LM) to Buy from Hold on valuation following the recent sell-off, as they find the risk/reward attractive at current levels. However, the firm lowered their target to $23 from $44.
  
• Merriman raised First Solar (NASDAQ: FSLR) to Buy from Neutral after the company showed "industry leading growth" in Q3. The firm has a 12-month price target range of $185 to $195 per share.
• Ladenburg upgraded KeyCorp (NYSE: KEY) to Buy from Neutral.
• Citigroup upgraded shares of Silicon Laboratories (NASDAQ: SLAB) to Buy from Hold on valuation and expects the company to post above average industry growth in 2009.
• Janus Capital (NYSE: JNS) was upgraded to Neutral from Underweight at JP Morgan.
  
• Associated Estates Realty (NYSE: AEC) was upgraded to Outperform from Neutral at Baird.
  

Analyst downgrades:

Analyst upgrades:

• JMP Securities upgraded Vertex Pharma (NASDAQ: VRTX) to Outperform from Market Perform following better-than-expected interim data for telaprevir.
  
• Lazard Capital upgraded shares of Biogen Idec (NASDAQ: BIIB) to Buy from Hold on valuation after their physician survey indicated solid sales growth in the company's MS franchise.
  
• Calyon upgraded Data Domain (NASDAQ: DDUP) to Add from Neutral based on positive channel checks and valuation.
• Goldman added Buckeye GP (NYSE: BGH) to the Conviction Buy List.
  
• Alcatel-Lucent (NYSE: ALU) was upgraded to Hold from Sell and Ericsson (NASDAQ: ERIC) was raised to Hold from Reduce at WestLB.
  
• Keefe Bruyette upgraded Cowen Group (NASDAQ: COWN) to OUtperform from Market Perform.

Analyst downgrades:

• Deutsche Bank downgraded shares of Lloyds TSB Group (NYSE: LYG) to Sell from Hold as they believe loan loss risk will outweigh synergies from the acquisition of HBOS (HBOOY).
  
• Citigroup downgraded shares of National Financial Partners (NYSE: NFP) to Hold from Buy and removed the stock from the Top Picks Live List after the company announced July and August revenues and said pressure continues. The firm lowered their target to $20 from $28.

Analyst upgrades:

• Goldman upgraded shares of BP Plc (NYSE: BP) to Buy from Neutral on valuation as they believe the recent pullback provides an attractive entry point.
  
• VF Corp. (NYSE: VFC) was raised to Outperform from Neutral at Credit Suisse citing its acquisition platform and international growth. The company's target was increased to $100 from $88.
  
• Deutsche Bank upgraded shares of Tenet Healthcare (NYSE: THC) to Buy from Hold and increased its target to $8.50 from $7 to reflect increased confidence in the company's ability to beat expectations over the next 12 months and reduce its net debt.
• US Steel (NYSE: X) was raised to Sector Outperformer from Sector Performer at CIBC.
  
• United Technologies (NYSE: UTX) was upgraded at UBS to Buy from Neutral.

Analyst downgrades:

MOST NOTEWORTHY: Super Micro Computer, Corning and Vertex Pharmaceuticals were today's noteworthy initiations:

• Merriman believes Super Micro Computer (NASDAQ: SMCI) is a unique value in the Data Center sector and thinks it could trade to a range of $10-$12 in the near-term. Shares were initiated with a Buy rating.
  
• Citigroup started Corning (NYSE: GLW) with a Hold rating and $23.50 target. The firm sees limited upside given the risks to LCD glass demand.
  
• Vertex Pharmaceuticals (NASDAQ: VRTX) was assumed with an Overweight rating and $57 target at Thomas Weisel, as they are positive on its telaprevir opportunity.

OTHER INITIATIONS:

• Lehman reinitiated Cablevision (NYSE: CVC) with an Equal Weight rating.
  
• Silicon Motion (NASDAQ: SIMO) was initiated at Cowen with an Outperform rating.
  
• Brinks (NYSE: BCO) was initiated with a Positive rating at Susquehanna.

MOST NOTEWORTHY: UBS AG, Ansys and AstraZeneca were today's noteworthy upgrades:

• Deutsche Bank upgraded shares of UBS AG (NYSE: UBS) to Buy from Hold after the company announced further write-downs and plans to boost capital.
  
• Jefferies upgraded shares of Ansys (NASDAQ: ANSS) to Buy from Hold as they like the Ansoft (NASDAQ: ANST) acquisition and feel yesterday's sell-off creates an attractive entry point.
  
• AstraZeneca (NYSE: AZN) was raised to Neutral from Underweight at JP Morgan following the positive Crestor study results.

OTHER UPGRADES:

• Piper raised Akamai (NASDAQ: AKAM) to Buy from Neutral.
  
• Goldman upgraded Hansen Natural (NASDAQ: HANS) to Buy from Neutral.
  
• Vertex Pharma (NASDAQ: VRTX) was raised to Market Perform from Underperform at Wachovia and to Outperform from Neutral at Baird.

MOST NOTEWORTHY: Dreamworks Animation, Pharmasset and Vertex Pharmaceuticals were today's noteworthy initiations:

• Jefferies initiated Dreamworks Animation (NYSE: DWA) with a Hold rating and $25 target. The firm believes the company needs stronger-than-expected box office performance to drive material share appreciation, which they view as a risky bet given recent non-Shrek film performance, slower DVD sales and a tough economy.
  
• Merriman assumed coverage of Pharmasset (NASDAQ: VRUS) with a Buy rating, as they believe the current share price does not adequately reflect the company's strong clinical data, potential for clinical milestones, or potential for revenue generation. They believe shares could trade to a fair value range of $20-24 in the next 12 months.
  
• Merriman initiated shares of Vertex Pharmaceutials (NASDAQ: VRTX) with a Neutral rating, and recommends investors hold pending a greater understanding of clinical timelines and results for other HCV drug candidates.

OTHER INITIATIONS:

• Merrill Lynch initiated Time Warner Telecom (NASDAQ: TWTC) with a Neutral rating.
  
• UBS initiated Protalix (AMEX: PLX) with a Buy rating and $6 target.
  
• Pacific Growth assumed United Online (NASDAQ: UNTD) and Internet Brands (NASDAQ: INET) with Buy ratings.

GMH Communities Trust (NYSE: GCT) is up 61% on a buy-out offer from American Campus Communities (NYSE:ACC).

DepoMed (NASDAQ: DEPO) is up 26% on positive drug trial news for one of its menopausal drugs.

IndyMac ((NYSE: IMB) is down 17% on weak earnings and a dividend cut.

Vertex Pharmaceuticals (NASDAQ: VRTX) is down 9% on poor earnings.

Stocks may trade differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

MOST NOTEWORTHY: British American Tobacco, Vertex Pharma and YRC Worldwide were today's noteworthy downgrades:

• ABN Amro downgraded shares of British American Tobacco (AMEX: BTI) to Hold from Buy on valuation, as they view shares as fairly valued following the strong performance in 2007.
  
• Wachovia lowered its rating on Vertex Pharma (NASDAQ: VRTX) to Underperform from Market Perform citing the potential push out of the telaprevir market launch to 2012 from 2010, which will allow the competition to grab share.
  
• The firm also downgraded YRC Worldwide (NASDAQ: YRCW) to Underperform from Market Perform, as they have little confidence in any material near-term improvement for the company.

OTHER DOWNGRADES:

• Bear Stearns downgraded Murphy Oil (NYSE: MUR) to Peer Perform from Outperform.
  
• UBS downgraded BG Group (OTC: BRGYY) to Neutral from Buy.
  
• Morgan Stanley downgraded Stancorp Financial (NYSE: SFG) to Neutral from Buy.

MOST NOTEWORTHY: BigBand Networks, Chipotle Mexican Grill, Vertex Pharmaceuticals and Cognos were today's noteworthy downgrades:

• BigBand Networks Inc. (NASDAQ: BBND) was downgraded to Hold from Buy at Jefferies and to Market Perform from Outperform at Morgan Keegan on the company's negative Q2 pre-announcement to reflect decreased visibility.
  
• Citigroup downgraded Chipotle Mexican Grill Inc. (NYSE: CMG) to Hold from Buy on valuation.
  
• Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) was downgraded to Neutral from Buy at Merrill Lynch, as they believe investor expectations are high into November's American Association for the Study of Liver Diseases meeting.
  
• Soleil downgraded Cognos Inc. (NASDAQ: COGN) to Hold from Buy as they believe the strong Canadian dollar will depress operating margins and limit share upside.

OTHER DOWNGRADES:

• Jefferies downgraded Spectra Energy Corp. (NYSE: SE) to Hold from Buy.
  
• Goldman downgraded MeadWestvaco Corp. (NYSE: MWV) to Neutral from Buy and removed Crown Holdings Inc. (NYSE: CCK) from its Americas Conviction Buy List.
  
• UBS downgraded Atlantic Tele-Network Inc. (NASDAQ: ATNI) to Neutral from Buy.