[The projects seek] to advance transformational technologies and materials that can help American manufacturers dramatically increase the energy efficiency of their operations and reduce costs. These projects will develop cutting-edge manufacturing tools, techniques, and processes that will be able to save companies money by reducing the energy needed to power their facilities.

Among the recipients of the $54 millionare General Motors Co. (NYSE: GM) with $2.67 million; MEMC Electronic Materials Inc. (NYSE: WFR) with $3.68 million; The Dow Chemical Co. (NYSE: DOW) with $9 million; LyondellBasell Industries (NYSE: LYB) with $4.5 million; Air Products and Chemicals Inc. (NYSE: APD) with $1.2 million; Delphi Automotive PLC (NYSE: DLPH) with $3.7 million; and a unit of Teledyne Technologies Inc. (NYSE: TDY) with $2.11 million. That’s a total of $25.86 million to 6 companies with a total market cap of around $122 billion. The rest of the federal money went to small companies and research institutes and universities.

This is no Solyndra deal, which cost US taxpayers $500 million, but somehow it seems that the publicly traded companies that received these grants just got a little gift from their Uncle Sammy.

A complete list of the projects is available here.

Paul Ausick

The unofficial closing bells put the DJIA down nearly 140 points to 12,151.64 (-1.14%), the NASDAQ fell more than 35 points (-1.34%) to 2,589.98, and the S&P 500 fell -1.25% or nearly 16 points to 1,249.66.

There were several analyst upgrades and downgrades today, including BHP Billiton plc (NYSE: BHP) cut from ‘neutral’ to ‘underperform’ at Zack’s Investment Research; Molycorp Inc. (NYSE: MCP) target price and estimate lowered to $39 at JPMorgan; Carnival Corp. (NYSE: CCL) maintained as ‘hold’ but estimates cut at Argus; Sears Holding Corp. (NASDAQ: SHLD) maintained as ‘underperform’ and target price lowered to $20 at Credit Suisse; Parker Drilling Co. (NYSE: PKD) named ‘value stock of the day’ at Zack’s; and Delphi Automotive (NASDAQ: DLPH) started as ‘buy’ at Goldman Sachs.

There are no earnings reports of note out yet today. After markets close today Piedmont Natural Gas Co. (NYSE: PNY) and Reading International Inc. (NASDAQ: RDI) are scheduled to report earnings.

Other standouts from today include the following stocks:

Arctic Cat Inc. (NASDAQ: ACAT) is up more than 20% at $22.80, after posting a new 52-week high of $24 earlier today. The recreational vehicle maker announced that it had repurchased a 33% stake in the company owned by Suzuki, reducing outstanding shares by about a third.

Delcath Systems Inc. (NASDAQ: DCTH) is up nearly 11% at $3.38. The drug development company has received EU standards certification for its plant in Galway, Ireland.

Endeavor International Corp. (NYSE: END) is up nearly 11% to $8.78. The independent oil & gas company continues to receive attention for its purchase of North Sea assets from ConocoPhillips (NYSE: COP) and an ratings upgrade from ‘market perform’ to ‘outperform’ at Rodman & Renshaw.

Molycorp shares are down nearly -14% at $24.12 after posting a new 52-week low of $24.03 earlier today. The rare earths miner was downgraded this morning and a Chinese announcement on exports of rare earth minerals are both weighing on the company. More on Molycorp here.

SemiLEDS Corp. (NASDAQ: LEDS) is up more than 18% at $3.81. The LED lighting maker hit a technical target at around $3.29/share. Trading in SemiLEDS shares is about 6x average daily volume.

Stay tuned for Thursday. Here are the noteworthy events on the schedule (all times Eastern):

• 8:30 a.m. – Initial unemployment benefits claims
• 9:45 a.m. – Chicago PMI report
• 10:00 a.m. – National Association of Realtors pending home sales index
• 10:30 a.m. – EIA weekly natural gas status report
• 11:00 a.m. – EIA weekly petroleum status report
• 4:30 p.m. – Federal Reserve balance sheet and money supply reports

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Paul Ausick

BHP Billiton Ltd. (NYSE: BHP) Cut to Underperform from an already-cautious Neutral rating and named as the “Bear of the Day” by Zacks Investment Research.
Carnival Corp. (NYSE: CCL) maintained Hold (with Long-Term Buy) but cut estimates at Argus.
Delphi Automotive (NYSE: DLPH) Started as Buy at Goldman Sachs.
Manning & Napier, Inc. (NYSE: MN) Started as Neutral at Bank of America Merrill Lynch; Started as Buy at Stifel Nicolaus; Started as Outperform at Wells Fargo.
Mattress Firm Holding Corp. (NASDAQ: MFRM) Started as Buy at UBS.
Molycorp, Inc. (NYSE: MCP) Lowered estimates and target to $39 from J.P. Morgan.
Parker Drilling Company (NYSE: PKD) named as value stock of the day by Zacks Investment Research.
PC Connection, Inc. (NASDAQ: PCCC) named as the aggressive growth stock of the day at Zacks Investment Research.
PennyMac Mortgage Investment Trust (NYSE: PMT) Maintained Buy and raised target to $19 at Bank of America Merrill Lynch (late Tuesday) after distressed asset purchase.
Sears Holding Corporation (NASDAQ: SHLD) Maintained Underperform but cut estimates and cut target to $20.00 at Credit Suisse.
The St. Joe Company (NYSE: JOE) Upgraded to Outperform from Neutral and named as the “Bull of the Day” by Zacks Investment Research.
Verisk Analytics, Inc. (NASDAQ: VRSK) Maintained as Outperform but target price is only $40.00 (versus $39.95 share price) by Credit Suisse.

Read Also: Analysts’ Top Biotech Stock Picks for 2012

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JON C. OGG

The unofficial closing bells put the DJIA down about 2 points to 12,291.73 (-0.02%), the NASDAQ rose more than 6 points (0.25%) to 2,625.20, and the S&P 500 rose 0.01% or less than 1 point to 1,265.47.

There were several analyst upgrades and downgrades today, including VMWare Inc. (NYSE: VMW) raised to ‘outperform’ at Oppenheimer; Yahoo! Inc. (NASDAQ: YHOO) maintained ‘buy’ with a price target of $18 at BofA/Merrill Lynch; Sony Corp. (NYSE: SNE) Japanese target price cut by Barclays; Electronic Arts Inc. (NASDAQ: EA) maintained ‘buy’ with a $28 price target at BofA/Merrill Lynch; and Sempra Energy Inc. (NYSE: SRE) reiterated as ‘buy’ with a $61 target price at Argus. Delphi Automotive (NYSE: DLPH) received four ratings this morning: initiated as ‘outperform’ at Credit Suisse; started as ‘buy’ at BofA/Merrill Lynch; started as ‘overweight’ at JPMorgan; and started as ‘outperform’ at R.W. Baird.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Cal-Maine Foods Inc. (NASDAQ: CALM) is up nearly 5% at $35.84; and DemandTec, Inc. (NASDAQ: DMAN), which is being acquired by IBM Corp. (NYSE: IBM), is down about -0.04% at $13.13. This is the beginning of a very light week for earnings.

Other standouts from today include the following stocks:

Sears Holding Co. (NASDAQ: SHLD) is down about -26% at $33.95, a new 52-week low. The department store has announced that it will miss its previous earnings forecast by at least 50% and that it will close another 100-120 stores. See more coverage here and here.

Computer Sciences Corp. (NYSE: CSC) is down more than -9% at $24.06. The technology and IT services company has said it may have to take a $1.5 billion writedown on a UK contract. More coverage here.

Parlux Fragrances Inc. (NASDAQ: PARL) is up more than 72% at $5.98, after posting a new 52-week high this morning of $6.60. The perfume maker is being acquired by Perfumania Holdings Inc. (NASDAQ: PERF) for about $170 million.

Whirlpool Corp. (NYSE: WHR) is down more than -8% at $46.95. The appliance maker, which makes products for Sears, is caught in that company’s dismal announcement.

Magnum Hunter Resources Corp. (NYSE: MHR) is up nearly 19% at $5.54. The oil & gas producer has raised its production estimate from 10,000 barrels/day of oil equivalent to 12,500 barrels/day.

Stay tuned for Wednesday. Here are the noteworthy events on the schedule (all times Eastern):

7:00 a.m. – Mortgage Bankers Association purchase applications
11:30 a.m. – Four-week T-bill auction

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Paul Ausick

CF Industries Holdings Inc. (NYSE: CF) named as value stock of the day by Zacks Investment Research.
Delphi Automotive (NYSE: DLPH) Initiated as Outperform at Credit Suisse; Started as Buy at Bank of America Merrill Lynch; Started as Overweight at J.P.Morgan; Started as Outperform at R.W. Baird.
Electronic Arts Inc. (NASDAQ: EA) Maintained Neutral with $28.00 price target at Bank of America Merrill Lynch.
Estee Lauder Companies (NYSE: EL) raised to Outperform as Bull of the Day by Zacks Investment Research.
McKesson Corp. (NYSE: MCK) Reiterated Hold at Argus.
RadioShack Corporation (NYSE: RSH) Cut to Underperform as Bear of the Day by Zacks Investment Research.
Sempra Energy (NYSE: SRE) Reiterated Buy with $61 price target objective at Argus.
Sony Corporation (NYSE: SNE) target cut in Japan by Barclays.
Teradata Corporation (NYSE: TDC) added to US 1 focus list at Bank of America Merrill Lynch.
VMware Inc. (NYSE: VMW) Raised to Outperform at Oppenheimer.
Yahoo! Inc. (NASDAQ: YHOO) Maintained Buy with $18.00 price target objective at Bank of America Merrill Lynch.

Read Also: Credit Suisse’s Small Cap Sweet Spots With 50% Upside

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JON C. OGG

Angie’s List Inc. (NASDAQ: ANGI) is a customer review website that allows customers to post reviews on contractors and service providers such as roofers, plumbers, house cleaners, dentists, and more.  It actually lists 550 service categories and companies cannot pay to be on a list.  It even offers an “exclusive discounts” so it has a Groupon-lite aspect to its business model.

The company is selling 6,250,000 shares of common stock and the selling stockholders (including management) are selling an 2,543,408 shares of common stock in a price range of $11.00 to $13.00 per share. BofA/Merrill Lynch is the book-runner, and there are 7 co-managers: Allen & Company, Stifel Nicolaus Weisel, RBC Capital Markets, Janney Montgomery Scott, Oppenheimer, ThinkEquity, and CODE Advisors.  The syndicate has an overallotment option for up to 1,319,011 shares.

Angie’s List is one of those companies we would have originally looked at and asked, “Why does this company need to be public other than to create liquidity and wealth for founders and investors?”  Apparently, that is just not the case because it has grown so much and covers such a vast array of services now.  It boasts more than 1 million paid memberships now.

In 2010 and the , our revenue was $59.0 million and its net loss was -$27.2 million; during the nine months ended September 30, 2011, revenue was $62.6 million and its net loss was -$43.2 million.  One consideration is that the company has incurred net losses since inception and as of September 30, 2011 it had an accumulated deficit of -$160.6 million.

Delphi Automotive Plc. (NYSE: DLPH) is an auto-parts maker that has come out of bankruptcy and will be a key IPO to watch.  Its former self was once public.  The IPO is for 24,078,827 shares of common stock and the price range is $22.00 to $24.00 per share.

The joint book-runners are Goldman Sachs and J.P. Morgan, but other co-lead managers in the syndicate are BofA Merrill Lynch, Barclays Capital, Citigroup, Deutsche Bank, and Morgan Stanley.  There are also 11 co-managers listed as well.  The overallotment option is for 3,611,824 shares of common stock.

This components maker is into electrical and electronic, powertrain, safety and thermal technology systems and solutions to the 25 largest automotive original equipment manufacturers in the world. It operates 110 manufacturing facilities and 15 major technical centers.

For the nine months ended September 30, 2011, revenue was $12.1 billion, net income was $911 million, and EBITDA was $1.589 billion.  Gross margin was 16.3% and EBITDA margin was 13.1%.

Mattress Firm Holding Corp. (NASDAQ: MFRM) is a bedding retailer, which you have almost certainly driven past one of its stores if you live in a major city.  The company is selling 5,555,555 shares of common stock and the existing range is $17.00 to $19.00 per share.  The underwriters are Barclays, UBS, and William Blair and the syndicate has an overallotment option to sell an additional 833,333 shares at the IPO price.

In fiscal 2010, net sales, Adjusted EBITDA and net income were $494.1 million, $57.1 million and $0.3 million, respectively. During the first half of 2011, sales, Adjusted EBITDA and net income were $331.8 million, $34.7 million and $4.7 million, respectively.

The company’s quote says it all as far as what the expansion opportunity is, “The market is highly fragmented, with no single retailer holding more than a 7% market share and the top eight participants accounting for approximately one quarter of the total market.”

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In a newly released report, the auto analysts at Deutsche Bank A.G. (NYSE: DB) point out that skepticism surrounding the outlook for European auto demand recently increased following a sharp 13% year-over-year decline in German auto sales during the first quarter. It still sees some value opportunity in this auto stock sector.

Germany had been one of the few resilient markets in the region. Many investors saw this as a sign that the European auto downturn was spreading. On the contrary, the team at Deutsche Bank thinks the decline was misinterpreted, and that it was primarily related to tough comparisons against a surprising spike in German sales during the first quarter of last year. With data that suggests that European auto sales could turn around and work in tandem to bolster the already strong U.S. and Chinese markets, Deutsche Bank has put together a list of stocks to buy that may exploit the growth potential.

General Motors Co. (NYSE: GM) is the only automaker to find a spot on the Deutsche Bank list of names to buy. Trading at a reasonable 10.45 earnings, GM already is seeing a strong pick up in Chinese sales. The Thomson/First Call consensus price target for the stock is $35.

Dana Holding Corp. (NYSE: DAN) is actually an industry laggard, as the stock has underperformed its peers. The Wall St. estimate for the stock is $20.

Delphi Automotive PLC (NYSE: DLPH) has not underperformed, recently hitting 52-week highs in trading. The consensus target for the stock is $46.50.

Lear Corp. (NYSE: LEA) also is hitting 52-week highs, as well as returning capital to shareholders in the form of an $800 million stock buyback program. The consensus target for this top name is $62.

Tenneco Inc. (NYSE: TEN) is one of the top suppliers to GM, and that relationship is helping to drive earnings growth. The consensus estimate for the stock is $45.

TRW Automotive Holdings Corp. (NYSE: TRW) rounds out the Deutsche Bank list of stocks to buy. With four separate segments driving earnings growth, the stock may be poised for a strong upward swing. The consensus price target is $71.

With the U.S. auto market back in top gear, investors are once again favoring the sector. Sales numbers are picking up substantially as buyers unleash pent-up demand upon the market. Most analysts who write about the car market focus on the major U.S. auto manufacturers as a means of getting in on this trend. However, investors often overlook a number of companies that provide those automakers with parts and support. That is exactly why the Deutsche Bank list is dominated by the top names in the parts sector.

What is interesting is that there is a very mixed bag out there in the parts sector. Overweight ratings were seen in the following stocks: Autoliv Inc. (NYSE: ALV); BorgWarner Inc. (NYSE: BWA); Delphi Automotive PLC (NYSE: DLPH); Gentex Corp. (NASDAQ: GNTX); Harman International Industries (NYSE: HAR); Tenneco Inc. (NYSE: TEN); and TRW Automotive Holdings Corp. (NYSE: TRW).

We saw at least three “Underweight” ratings that are acting as an overhang: American Axle & Manufacturing Holdings Inc. (NYSE: AXL); Magna International, Inc. (NYSE: MGA); and Tower International, Inc. (NYSE: TOWR). All three are in the red this morning.

Neutral ratings are effectively a nonstarter, as they are neither helping nor hurting shares in general: Dana Holding Corp. (NYSE: DAN); Johnson Controls Inc. (NYSE: JCI); Lear Corp. (NYSE: LEA); and Visteon Corp. (NYSE: VC). We are seeing mixed trading up and down in the Neutral ratings.

JON C. OGG

Cummins lowered its full-year revenue outlook and now sees 2012 revenues to be in line with 2011.  Cummins had previously been targeting 10% growth in 2012 over 2011.  Second quarter revenues are expected to be approximately $4.45 billion (versus $5.07 billion expected by Thomson Reuters) and the flattish sales would come to about $18.05 billion versus $19.8 billion expected by Thomson Reuters.

Ford Motor Co. (NYSE: F) confessed in the last couple of weeks that its sales were running soft in key growth markets outside of the United States and shares fell on that news.  This is also down by 1.6% at $9.30 today versus a 52-week low of $9.05.

A more comparable company would be truck-maker Navistar International Corporation (NYSE: NAV), and its shares are down another 8% at $21.75 on the day.  Another truck-maker in the soup is PACCAR Inc. (NASDAQ: PCAR) as its shares are down 3.9% at $35.96. Vehicle-maker Oshkosh Corporation (NYSE: OSK) is down only 2.6% at $20.17.

It is somewhat surprising that the more speculative player of Westport Innovations Inc. (NASDAQ: WPRT) is down less than 5% at $33.36.

We are seeing hardly any reaction to the companies supplying parts for consumer vehicles and many commercial parts suppliers.  Auto safety systems-maker Autoliv, Inc. (NYSE: ALV) is down only 1.2% at $53.42. Delphi Automotive PLC (NYSE: DLPH) is down only 0.75% at $26.46 on the day.

JON C. OGG

Read The 10 Largest Hedge Funds in America

What is even more amazing than the funds’ individual size is the size of the hedge fund world. In the U.S., funds that had $1 billion or more in assets cumulatively had assets under management of more than $1.3 trillion. Well over $1 trillion of those assets tracked were distributed in New York, Connecticut and Massachusetts.

The industry may be huge, but it is not stable. That’s because so many funds take such outsized risk to grow more rapidly than their competitors. Thousands of funds closed in 2008 after the fall of Lehman Bros. In what was probably the worst quarter in the industry’s history, Hedge Fund Research reported that 700 U.S. funds closed in the third quarter of that year. The funds not only lost money on investment, but also could not repay loans taken from banks that gave them leverage to help increase their asset bases.

The surge in the stock market and improvement in the economy lifted the hedge fund industry back toward record levels last year. According to HFR, the number of new funds rose to 1,113 last year from 935 in 2010, the most since 2007 when 1,197 were counted. Obviously, the success of the business is based to a large extent on the health of the economy, although some of the funds on this list have done well enough to defy that lesson.

A recent report from Absolute Return lists U.S. hedge funds according to their assets under management as of January 2012. A look at the top 10 hedge funds reveals several rather well-known names, but also shines a light on several completely unknown ones.

24/7 Wall St. examined the top 10 hedge funds and outlined their respective units. We also provided the funds’ investment strategies and included some of their top holdings if available.