Today's Upgrades and Downgrades....

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Monday morning.


Agrium Inc. (NYSE: AGU) Cut to Underperform at BofA/ML.
Intrepid Potash, Inc. (NYSE: IPI) Cut to Neutral at BofA/ML.
Newmont Mining Corp. (NYSE: NEM) Raised to Buy at Citigroup.
OmniVision Technologies (NASDAQ: OVTI) Reiterated Buy with $38 target at Canaccord Genuity.
PMI Group, Inc. (NYSE: PMI) named as Bear of the Day at Zacks.
Seattle Genetics Inc. (NASDAQ: SGEN) Reiterated Sell with $10 target at Canaccord Genuity.
SLM Corporation (NYSE: SLM) Raised to Outperform at Credit Suisse.
SunPower Corporation (NASDAQ: SPWRA) Raised to Hold at Auriga.
Toyota Motor Corporation (NYSE: TM) Raised to Outperform as Bull of the Day at Zacks.
Under Armour, Inc. (NYSE: UA) Started as Buy at Canaccord Genuity.
Yingli Green Energy Holding Co. Ltd. (NYSE: YGE) Raised to Overweight at Piper Jaffray.

Perrigo Holds up Well....

Shares of Perrigo (PRGO) continue to hold up well in an awful market.  The stock is currently up $1.13 to $86.30 and seems to have strong support at the $85 level.  This would be a good one to own if / when the market rebounds.

Bank of America continues to slide....

The slide in Bank of America (BAC -6.1%) continues, now trading at $6.55. Low print in this bear market: $6.31. Low close: $6.51. Other banking shares have given up sharp early gains, but remain slightly higher to moderately lower.

Market trades back down after strong open....

After the Dow gapping up nearly 170 points, we are now back to unchanged on the day....My guess is Margin calls are putting pressure on the market.  Typical Margin call deadlines are 11:45 am and 2:30 pm.

If we can get past 2:30 pm today with a gain, that at least prevets further margin call pressure tomorrow.

Gold Move Parabolic....

These kind of panic moves usually end badly for those who "invest" in them.  Let's keep an eye on this chart. 

Morning Movers.....

Accretive Health Inc. (AH) declined 2.1 percent to $28. The Chicago-based company that helps hospitals collect medical bills from patients reported second-quarter earnings minus some items of 12 cents a share, beating the average estimate of five analysts of 10 cents a share, according to Bloomberg data.

Capital One Financial Corp. (COF) rallied 3.1 percent to $42.10. The McLean, Virginia-based lender that acquired ING Direct USA in June, agreed buy HSBC Holdings Plc’s U.S. credit card division for about $32.7 billion. Capital One said the deal will add to earnings in 2013.

Cree Inc. (CREE) jumped 10 percent to $32.52. The maker of energy-efficient lighting posted fourth-quarter adjusted earnings that exceeded the average analyst projection, data compiled by Bloomberg show.

Macy’s Inc. (M) gained 4.2 percent to $26.50. The second-biggest U.S. department-store chain reported quarterly earnings that beat analysts’ estimates and boosted its full-year profit forecast as sales increased faster than the retailer expected.

OpenTable Inc. (OPEN) gained 5 percent to $63.35. The online restaurant-reservation service was raised to “buy” from “hold” at Citigroup Inc. analyst Mark S. Mahaney, who cited an attractive valuation and the company’s prospects for growth and profitability.

Pegasystems Inc. (PEGA) : The developer of customer relationship management software reported second-quarter earnings that exceeded the average analyst projection, data compiled by Bloomberg show.

Polo Ralph Lauren Corp. (RL) climbed 10 percent to $132.26. The clothing retailer reported first-quarter earnings of $1.90 a share, exceeding analysts’ estimate of $1.47 on average.

SunPower Corp. (SPWRA) : The second-largest U.S. solar panel said third-quarter earnings and sales will be lower than the average analyst estimate.

Walt Disney Co. (DIS) slid 4.3 percent to $33.20. The world’s biggest theme-park operator posted third-quarter studio revenue of $1.62 billion, compared with the average analyst estimate of $1.83 billion.

Disney Beats, but uncertain on Outlook....

Walt Disney Co. (DIS). The company’s quarterly results surpassed cautious Wall Street expectations on Tuesday, but the media and entertainment giant now has to grapple with an uncertain outlook for consumer spending. Disney posted net income of $1.48 billion or 77 cents per share, versus $1.33 billion or 67 cents a year earlier.

Good Morning....Futures Lower....

at 9:15 am

Dow Futures -256
Nasdaq -48
S&P -27

Markets Close MUCH Higher....

Dow +429.92
Nas +124.83
S&P +53.07

Nice closing rally...kind of erases 2/3rds of yesterdays losses.  Tomorrow is an important day.  We need a follow-up rally!!!

Traders sell into Fed news.....

Immediately following the Fed announcement, the Dow was up 180 points, 30 minutes later the Dow is down 108.

It will be an interesting close.  We have afternoon margin calls due at 3 pm....after that, hopefully we will gain some footing.

2:15 pm: Fed Leaves Rates Unchanged....

In an unprecedented move they are saying that they are not intending on raising rates until mid 2013.  Kind of an extreme statement...ultimately good for stocks, but may get a bad reception in the near term.

Expect Margin Calls.....

Market will undoubtedly face some selling pressure between 11 am and Noon today....

Keep an Eye on Gold and Silver....

Silver started selling off last Thursday...a fall in gold would be a key sign of a shift of money looking for bargains in stocks....

Analyst Upgrades and Downgrades....

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Tuesday morning.


AECOM Technology Corp. (NYSE: ACM) Reiterated Buy with $33 target at Argus.
American International Group, Inc. (NYSE: AIG) Raised to Market Perform at KBW.
Berkshire Hathaway Inc. (NYSE: BRK-A) Raised to Overweight at Barclays.
Boston Scientific (NYSE: BSX) Raised to Outperform as Bull of the Day at Zacks.
CBS Corp. (NYSE: CBS) Raised to Buy with $31 target at Argus.
First Solar Inc. (NASDAQ: FSLR) Maintained Buy but cut target to $140 at Argus.
Humana Inc. (NYSE: HUM) Raised to Buy at Goldman Sachs.
McDonald’s Corporation (NYSE: MCD) Raised to Conviction Buy List at Goldman Sachs.
Merck & Co. Inc. (NYSE: MRK) Raised to Buy at Jefferies.
Pfizer Inc. (NYSE: PFE) Raised to Buy at Goldman Sachs.
PPG Industries, Inc. (NYSE: PPG) Reiterated Buy as Value at Zacks.
StanCorp Financial Group (NYSE: SFG) Cut to Underperform as Bear of the Day at Zacks.
Tyco International Ltd. (NYSE: TYC) Raised to Buy at Goldman Sachs.
Wells Fargo & Company (NYSE: WFC) Raised to Outperform at FBR.
Wynn Resorts Ltd. (NASDAQ: WYNN) Raised to Hold at Citigroup

All Eyes on the Fed....

The FOMC is due to meet today amid calls for the Fed to take action over slowing growth, especially after yesterday's stock plunge. However, with interest rates at zero to 0.25% for nearly three years and $2.3T of bond buying not spurring growth, there doesn't appear to be a huge amount the Fed can do. One option would be to replace shorter-term securities with longer maturities to reduce rates on longer-term debt. And if the Fed is considering QE3, it's not expected to announce it today.

Bring Back the Uptick Rule!!!!

With the Uptick Rule in place, shorting the market was much more difficult.  The SEC completely dropped the ball by allowing these ETF companies talk them into getting rid of the rule.  The result...a casino with no protection on the downside.

Medicis cuts outlook.....

Medicis Pharmaceutical Corp. (MRX). The company posted second-quarter profit in line with estimates and cut its full-year outlook. Medicis cut full-year earnings to $2.25-$2.56 a share from earlier view of $2.45-$2.60 a share. April-June net income fell to $28.8 million, or 43 cents a share, from $36.5 million, or 56 cents a share, a year ago.

Carrizo Oil and Gas Profit Doubles....

Carrizo Oil & Gas Inc (CRZO). The natural gas-focused energy company’s second-quarter profit rose more than fourfold helped by higher production and increase in oil prices, and said it expects 2011 production to be at par or above its prior view. Net income rose to $7.7 million, or 20 cents a share, from $1.8 million, or 5 cents a share, a year ago.

Fossil Q2 profit beats Street, but Guides Lower...

The company which sells its namesake brand as well as Michael Kors and Armani quarterly profit beat market estimates on increased sales of its watches and leather products, but the watchmaker forecast a third-quarter profit below expectations.

Fossil trading at $78 premarket down from a close of $93.  Fossil was IBD's number 2 rated stock.

Dish Network Q2 profit misses on subscriber losses

The second-largest U.S. satellite TV provider’s quarterly profit fell short of market estimates as the satellite-TV provider lost subscribers, hurt by increased competition.

Direct TV and Verizon's FIOS taking a toll on DISH.....