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Stock Upgrades: BlackBerry Is All Green Thumbs

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Wall Street ratings agencies set the tone for today's stock market.

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"I see London, I see France" was indeed an accurate summation of a shunned Lululemon Athletica (LULU) and its barely-there yoga outfits yesterday. Yet ultimately of far greater importance were unforeseen consequences elsewhere on the continent, where the sheer brazenness of Cyprus rejecting a bailout tax turned the European Union into an emperor utterly without clothes. Not that a renewed bout of can-kicking and Molotov-cocktail-throwing in the ancient capitals across the Atlantic is a zero-sum game.

Indeed Coca-Cola (KO) promptly jumped a Dow (^DJI)-leading 1.47% and Coca-Cola Hellenic Bottling (CCH) surged 3.56% to finish at a fresh 52-week peak. Turning to Latin America, it was a bad day to be Brazilian. Not only did the country have to endure the installation of a pope who hails from its arch rival Argentina, but a ratings reduction sent Rio Tinto (RIO) slumping 4.85%. Pride of São Paulo Gol Linhas Aéreas Inteligentes (GOL) similarly slid 3.08% but, based on the latest buzz, it may bee best not to score.

(Also read Uh-Oh. Apple Is Really Mad at Samsung and BlackBerry Now.)

And on a day of almost comical events by the Mediterranean, a lauded Yahoo (YHOO) had the last laugh on a current New Yorker cartoon at its expense, bucking a down day to add on another 0.73%.

The Federal Open Market Committee today concludes its two-day policy meeting, with an interest rate announcement expected at the new time of 2:00 p.m. Eastern. On the corporate front, FedEx (FDX), General Mills (GIS), Guess (GES), Jabil Circuit (JBL), Lennar (LEN), and Oracle (ORCL) are all due to announce earnings.

AmerisourceBergen (ABC): The stock, a stellar performer on Tuesday, is today taken to Buy from Neutral at Citigroup. (Note that shares have also been downgraded this morning.)

BlackBerry (NASDAQ:BBRY): Morgan Stanley moves the stock, formerly known as Research In Motion, up an unusual 180 degrees (Overweight from Underweight). A product refresh is seen boosting profit margins, and shares are currently all green ink this morning, surging some 6.71% ahead of the open as a result.

Cummins Inc. (CMI): The industrial outfit is increased to Outperform from Market Perform by William Blair.

Mediaset (PINK:MDIUY): Finally some good news for Silvio Berlusconi, currently bouncing between hospital beds and court trials. The Milan based media empire controlled by Italy's ex Prime Minister gets upgraded to Sell from Neutral at Goldman Sachs. Shares are up sharply in today's European trading as a result.

(Also read Tizen: Meet the Asian Android-Killer From Intel and Samsung).

Polycom (PLCM): Goldman Sachs gives the stock an upgrade to Buy from Neutral.

Spreadtrum Communications (SPRD): Jefferies juices its investment opinion on the Shanghai stock, which surged 5.61% yesterday, to Buy from Hold.

Syntel, Inc. (SYNT): The information technology outfit is now Neutral from Negative at Susquehanna.

Walter Investment Management (WAC): Shares get a Buy-from-Neutral boost at Sterne Agee.

Walgreen (WAG) The stock, which jumped 5.44% in topping the entire S&P 500 Index (^GSPC) on Tuesday, is today upgraded 180 degrees (Buy from Sell) at Citigroup. JPMorgan (Overweight from Neutral) is also turning more constructive on the name this morning.

(See also: New Stock Coverage: Has Whole Foods Become Spoiled? and Stock Downgrades: Zynga Is in the Doghouse.)

Disclosure: Minyanville has a business relationship with BlackBerry.
No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

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