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Stock Upgrades: There's No Stopping Nokia

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

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Stocks advanced again, but some equities did buck an otherwise ebullient session. J.C. Penney (NYSE:JCP), whose tea kettles paid inadvertent homage to a dictator, dropped 1.59% after finding itself in similarly hot water with a coffee press.

Apple Inc. (NASDAQ:AAPL), thrice downgraded this morning, tumbled 2.28% after its latest iPhone unveil. Elvis Costello, of Radio Radio fame, attended the event, clearly confusing the company with its Music Hall arch enemy Samsung Electronics (OTCMKTS:SSNLF). Given the stock's subsequent red ink, Crimson Tide might have been a better selection. Or perhaps Good Year for the Roses, with Amazon (NASDAQ:AMZN) ending up after going all floral on us.

Today in economics, analysts expect July wholesale inventories to post an improvement from the prior month's pace at 10:00 a.m. Eastern. On the earnings front, Men's Wearhouse (NYSE:MW) and Vera Bradley (NASDAQ:VRA) are each expected to release results.

Alcatel-Lucent (NYSE:ALU): Shares get upgraded to Hold from Sell at Berenberg.

Banco Santander (NYSE:SAN): JPMorgan moves the stock to Neutral from Underweight.

ConAgra (NYSE:CAG): The company gets upgraded to Buy from Neutral at Goldman Sachs.

DiamondRock Hospitality (NYSE:DRH): Shares are increased to Outperform from Perform with a $12 target at FBR Capital, which highlights recent renovations.

Ericsson (NASDAQ:ERIC): The telecom name is now Buy from Sell at Berenberg.

Kennametal (NYSE:KMT): Shares get upgraded to Buy from Neutral at Global Hunter Securities, which also increases its price objective to $55 from $37.

Marriott International (NYSE:MAR): MAR is moved to Buy from Neutral at UBS.

Morgan Stanley (NYSE:MS): UBS upgrades its fellow financial firm to Buy from Hold with a $33 target amid optimism over its wealth management segment.

Nokia (NYSE:NOK): Shares, on a great recent run, are showing further strength before the bell after being taken to Buy from Neutral at Bank of America-Merrill Lynch, to Buy from Sell at Berenberg, and to Outperform from Sector Perform at RBC Capital Markets, whose target also increases by $2 to $7.

Polo Ralph Lauren (NYSE:RL): RL is added to the Focus List at Citigroup.

Revlon (NYSE:REV): REV gets raised to Outperform from Perform by BMO Capital.

Snap-On Inc. (NYSE:SNA): Janney Capital boosts the stock to Buy from Neutral.

(See also: Stock Downgrades: Fall Is Absolutely No Time to Go Apple Picking and New Stock Coverage: Plundering Pirates Are Disappointed in Disney.)
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No positions in stocks mentioned.
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