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Today was a nice finish for a volatile weak. Ben Bernanke talked down the economy and talked down inflation, making Wall Street push out the chances of a rate hike further and further out. Oil fell over $3.00 as US-Russian tensions are at least a tad less and after the US Dollar gained ground today. Today's unofficial closing bell levels are as follows:

DJIA 11,619.35 +1.65%
S&P500 1,292.05 +1.12%
NASDAQ 2,424.71 +1.44%
10YR T-Note 3.867% +.029
52-Week Low Club
Top analyst upgrades

Top analyst downgrades

Akamai Technologies Inc. (NASDAQ: AKAM) was a very unusual stock today. We saw major call option trading activity in the stock, making some wonder if this stock was in play. Shares were up in today's final minutes.

Analyst upgrades:

• Jefferies upgraded shares of Akamai (NASDAQ: AKAM) to Buy from Hold on valuation, as they see a long-term buying opportunity following the recent correction. The firm maintains a $29 target.
• Moody's (NYSE: MCO) was upgraded to Overweight from Underweight at Lehman.
  
• Boyd Gaming (NYSE: BYD) was upgraded to Neutral from Underperform at Merrill Lynch.

Analyst downgrades:

• Jefferies downgraded shares of Nortel Networks (NYSE: NT) to Hold from Buy on concerns about the company's ability to hit expectations and drive margin expansion in the face of an eroding CDMA revenue stream. The firm lowered their target to $7.25 from $11.
  
• B. Riley cut Charlotte Russe (NASDAQ: CHIC) to Neutral from Buy on concerns about how well the company can perform with the interim management team, especially in light of the current retail environment. The firm lowered their target to $14 from $17. Roth Capital downgraded shares to Sell from Hold to reflect the management uncertainty and lowered their target to $9 from $14.
  
• Goldman cut Warner Music (NYSE: WMG) to Sell from Neutral and Deere (NYSE: DE) to Neutral from Buy.

Analyst initiations:

• Banc of America expects top-line growth at Amgen (NASDAQ: AMGN) to be driven by Denosumab and for investors to look to the stock for biotech exposure following the potential acquisition of Genentech (NYSE: DNA). The firm started shares with a Buy rating and $70 target.
• Sirius Satellite (NASDAQ: SIRI) was initiated at JP Morgan with a Neutral rating.
  

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• Akamai Technologies Inc. (NASDAQ: AKAM) beat estimates but shares fell to a new 52-week low.
• Amgen Inc. (NASDAQ: AMGN) posted better-than-expected Q2 results and listed its guidance.
• CBS Corp. (NYSE: CBS) issued a lackluster Q2 earnings report and will buy back shares.
• Concur Technologies Inc. (NASDAQ: CNQR) Q3 revenues spiked, and it announced a big deal.
• Eastman Kodak Co. (NYSE: EK) swung to a Q2 profit due to a tax refund, but revenue growth was minimal.
• Electronic Arts Inc. (NASDAQ: ERTS) narrowed its loss in Q1 as revenue more than doubled.
• First Solar Inc. (NASDAQ: FSLR) easily beat analysts' expectations and raised its guidance.
• General Motors Corp. (NYSE: GM) posted a bigger-than-expected Q2 loss on massive charges.
• Kellogg Co. (NYSE: K) posted solid Q2 results on price increases, and raised its guidance.
• Lazard Ltd. (NYSE: LAZ) reported healthy Q2 results on merger and restructuring deals.
• Merrill Lynch & Co. Inc. (NYSE: MER) warned of a $5.7 billion write-down in the third quarter.
• Motorola Inc. (NYSE: MOT) posted breakeven earnings while revenue fell but beat estimates.
• Office Depot Inc. (NYSE: ODP) reported a Q2 loss due to slower sales, sending shares lower.
• Siemens (NYSE: SI) said that Q3 earnings fell from a one-time gain last year.
• Sony Corp. (NYSE: SNE) Q1 profits tumbled on lower handset and flat-panel TV sales.
• Sun Microsystems (NASDAQ: JAVA) forecast a loss in this quarter due to weakness in the financial sector.
• Verizon Communications Inc. (NYSE: VZ) had better-than-expected Q2 results on growth in wireless.
• Visa Inc. (NYSE: V) reported strong Q3 results that easily beat Wall Street expectations.
• Walt Disney Co. (NYSE: DIS) posted better-than-expected Q2 profit on theme park and ESPN strength.

For more highlights from this week, see: Exxon, Starbucks, Viacom, Comcast, Sirius, Kraft and others

Upcoming quarterly reports include Archer Daniels Midland (NYSE: ADM), Procter & Gamble (NYSE: PG), Jack-in-the-Box (NYSE: JBX), Cisco (NASDAQ: CSCO), News Corp. (NYSE: NWS), Whole Foods (NASDAQ: WFMI), Sprint Nextel (NYSE: S), Time Warner (NYSE: TWX), Freddie Mac (NYSE: FRE), and Blockbuster (NYSE: BBI).

Visit AOL Money & Finance for more earnings coverage.

MOST NOTEWORTHY: Barclays, Merrill Lynch and Akamai were today's noteworthy downgrades:

• Lehman downgraded shares of Barclays(NYSE:BCS)to Equal Weight from Overweight as they believe the uncertainty of more write-downs will weigh on the stock.
  
• Ladenburg Thalmann downgraded shares of Merrill Lynch (NYSE:MER) to Sell from Neutral as they believe disruptions in cash and hedge markets will result in lower than expected earnings. The firm lowered MER's EPS estimates and target to $39 from $49.
  
• Goldman cut Akamai (NASDAQ:AKAM) to Sell from Neutral based on valuation and competitive pressures.

OTHER DOWNGRADES:

• Merrill downgraded Semtech (NASDAQ:SMTC) to Sell from Neutral.
  
• Piper downgraded CDC Corp (CHINA) to Neutral from Buy.
  
• American Electric Power (AEP) was lowered at Jefferies to Hold from Buy.

Goldman Sachs cut Akamai Technologies (NASDAQ:AKAM) to "sell" from "neutral", according to MarketWatch. The financial site also reports that Lehman Bros.cut Barclays (NYSE:BCS) to "equal weight" from "overweight."

Oppenheimer initiated Apple (NASDAQ:AAPL) with a rating of "outperform" and a price target of $235, according to Briefing.com. The news service also reports that Ladenburg Thalman downgraded Lehman (NYSE:LEH) and Merrill Lynch (NYSE:MER) to "sell" from "neutral".

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

Goldman Sachs has added Amazon (NASDAQ: AMZN) to its "conviction buy" list, according to MarketWatch. The financial website also reports that Goldman Sachs lifted its view on U.S. semiconductors to "attractive" from "neutral."

Citigroup downgraded Akamai (NASDAQ:AKAM) to "hold" from "buy," according to Briefing.com. The news service also reports that Citigroup upgraded Texas Instruments (NYSE: TXN) from "hold" to "buy."

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

Monday, April 28

• PDUFA date for Genentech, Inc. (NYSE: DNA) and Roche Holding Ltd. (OTC: RHHBY)'s supplemental Biologics License Application for Herceptin for label expansion to include AC followed by docetaxel in treatment of adjuvant HER2+ breast cancer.
• PDUFA date for Shire plc (NASDAQ: SHPGY) and New River Pharma's supplemental New Drug Application for Vyvanse (NRP-104) treatment of Attention Deficit Hyperactivity Disordre, or ADHD, in adult patients 18-55 years old; the drug is already approved for pediatric ADHD ages 6-12.
• Verizon Communications Inc. (NYSE: VZ) to report Q earnings; conference call at 8:30am.
• Tyson Foods, Inc. (NYSE: TSN) to report Q2 earnings; conference call at 9:00am.

Tuesday, April 29

• Two-day FOMC meeting beginning at 8:30am.
• PDUFA date for Merck & Co., Inc. (NYSE: MRK)'s New Drug Application for Cordaptive (MK-0524A) adjunctive therapy to diet for treating elevated LDL Cholesterol, low HDL Cholesterol and elevated triglycerides levels.
  
• PDUFA date for Sucampo Pharmaceuticals, Inc. (NASDAQ: SCMP)'s supplemental New Drug Application for dose of 8mg treatment of Irritable Bowel Syndrome with Constipation; already approved for Chronic Idiopathic Constipation at 24ug dosage.
• BP plc (NYSE: BP) to report Q1 earnings; conference call at 10:15am.
• United States Steel Company (NYSE: X) to report Q1 earnings; conference call at 2:00pm.

Some investors/readers probably are not aware that the internet -- critical as it is today for commercial activities and the flow of information -- was not designed to handle the volume and complexity of today's web tasks. Moreover, the appearance of internet traffic jams created an opportunity for Akamai Technologies.

Akamai Technologies (NASDAQ: AKAM) solutions accelerate and improve the delivery of internet content and applications.

Analysts like Akamai's broad 1,800-member customer base, including many blue-chip companies. Further, analysts also like the fact that AKAM has continued to deliver material revenue increases and earnings gains, despite expansion/infrastructure investments.

Further, the consensus among analysts is that 28,000-server Akamai will continue to have a competitive advantage in its key business segments for at least the next two years. The Reuters F2008/F2009 EPS consensus estimates for AKAM are $1.68/$2.04.

MOST NOTEWORTHY: Limelight Networks, Diebold and Charles & Colvard were today's noteworthy upgrades:

• Jefferies upgraded shares of Limelight Networks (NASDAQ: LLNW) to Hold from Underperform on valuation and believes it impossible to know what will happen to the company from here. On the downside, Jefferies notes a permanent injunction means the business is nearly worthless, but on the upside, is the possibility of sale to Akamai (NASDAQ: AKAM) or a large telecomm service provider.
• Baird raised Diebold (NYSE: DBD) to Outperform from Neutral citing expectations of a higher bid from United Technologies (NYSE: UTX).
• Merriman upgraded shares of Charles & Colvard (NASDAQ: CTHR) to Buy from Neutral on valuation, as they believe the current share price does not account for the potential wholesale value of the company's manufactured inventory and method patent. They believe Charles & Colvard is a potential acquisition target.

OTHER UPGRADES:

• Goldman raised Eaton (NYSE: ETN) to Conviction Buy from Neutral and added Royal Caribbean (NYSE: RCL) to its Conviction Buy List.

Akamai Technologies (NASDAQ: AKAM) is recently up 89cents to $34.29 on unconfirmed takeover chatter. AKAM offers services for accelerating content and business processes online. AKAM March 35 calls have traded 191 times on transaction volume of 6,671 contracts. AKAM March 40 calls have traded 84 times on transaction volume of 3,233 contracts. AKAM March option implied volatility of 48 is below its 26-week average of 54 according to Track Data, suggesting decreasing price fluctuations.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

MOST NOTEWORTHY: American Public Education and Micrus Endovascular were today's noteworthy initiations:

• William Blair initiated American Public Education (NASDAQ: APEI) with an Outperform rating, as they believe the company is still in the early stages of its growth.
  
• Gabelli believes Micrus Endovascular (NASDAQ: MEND) can sustain its rapid growth in the coming years and does not expect it to remain independent in the medium-to-long term. The firm started shares with a Buy rating.

OTHER INITIATIONS:

• Carrizo Oil & Gas (NASDAQ: CRZO) was initiated with a Neutral rating at JP Morgan.
  
• Goldman initiated Akamai (NASDAQ: AKAM) with a Neutral rating.

Some investors / readers probably are not aware that the Internet -- critical as it is today for commercial activities and the flow of information -- was not designed to handle the volume and complexity of today's web tasks. Moreover, the appearance of Internet bottlenecks created an opportunity for Akamai Technologies.

Akamai Technologies, Inc. (Nasdaq: AKAM) solutions accelerate and improve the delivery of Internet content and applications.

Analysts like Akamai's broad, 1,800-member customer base, including many blue chip companies. Further, analysts also like the fact that AKAM has continued to deliver material revenue increases and earnings gains, despite infrastructure and related expansion investments.

Further, the consensus among analysts is that 28,000-server Akamai will continue to have a competitive advantage in its key business segments for at least the next two years. The Reuters FY 2008/FY 2009 EPS consensus estimates for AKAM are $1.68 to $2.04.

Akamai (NASDAQ: AKAM) closed at $29.72 Tuesday.

AKAM offers services for accelerating content and business processes online. AKAM will report Q4 EPS on February 6.

Think Equities says: "Share price more than fully reflects perceived industry risks, and recent levels of pessimism (and speculation) surrounding the company are unwarranted."

AKAM February option implied volatility of 81 is above its 26-wek average of 55 according to Track Data, suggesting larger price fluctuations.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Akamai Technologies Inc. (NASDAQ: AKAM), offering services for accelerating content and business processes online, is recently down $1.85 to $27.34. AKAM is down on a rumor that the company's relationship with Apple Computer (NASDAQ: AAPL) is going to end.

AKAM call option volume of 17,109 contracts compares to put volume of 32,385 contracts. AKAM January 25 straddle is at $3.70. AKAM February option implied volatility of 80 is above its 26-week average of 53 according to Track Data, suggesting larger price fluctuations.

Options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Level 3 Communications (NASDAQ: LVLT) is one of the most widely traded and widely shorted stocks of any listed on a U.S. exchange. Average daily volume in the shares is over 41 million, and shares sold short as of mid-December were over 167 million. That is tops of all companies listed on the Nasdaq.

Level 3 would appear to be in a good business. It has 50,000 miles of IP backbone to transport voice, data, and video. It provides services to the country's largest cable and telecom companies.

Level 3 has taken a beating in 2007 falling form $6.80 to just above $3. Wall Street has to wonder how it gets back toward $7.

For starters, the company has to stop making an acquisition a month. The company's Level 3's latest 10-Q lists seven deals. It is not unfair for Wall Street to be concerned about the pace of these purchases, especially since Level 3 does not make money. In the September quarter, the company had an operating loss of $53 million on revenue of $1.061 billion. Level 3 also made $138 million in interest payments on its $6.8 billion in long-term debt.