The unofficial closing bells put the DJIA up nearly 114 points to 13,204.70 (0.87%), the NASDAQ rose nearly 21 points (0.69%) to 3,050.61, and the S&P 500 rose 0.67% or more than 9 points to 1,399.99.

There were several analyst upgrades and downgrades today, including General Dynamics Corp. (NYSE: GD) cut to ‘equal-weight’ at Morgan Stanley; ABB Ltd. (NYSE: ABB) cut to ‘neutral’ at JPMorgan; Harley-Davidson Inc. (NYSE: HOG) raised to ‘overweight’ at Barclays; ConocoPhillips (NYSE: COP) raised to ‘neutral’ at Macquarie; and Sprint Nextel Corp. (NYSE: S) maintained as ‘hold’ at Argus.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Alcatel-Lucent S.A. (NYSE: ALU) is down -16.9% at $19.71 (our coverage here); Altria Group Inc. (NYSE: MO) is up 0.9% at $31.96 (our story here); Pepsico (NYSE: PEP) is down -0.3% at $66.44 (our story here); Tellabs Inc. (NASDAQ: TLAB) is down -5.1% at $3.83 (our coverage here); Exxon Mobil Corp. (NYSE: XOM) is down -0.8% at $86.13 (our coverage here); Aetna Inc. (NYSE: AET) is down -8.4% at $45.22; Bristol-Myers Squibb Co. (NYSE: BMY) is down -1.7% at $33.72; Bunge Ltd. (NYSE: BG) is down -2.6% at $65.69; JetBlue Airways Corp. (NASDAQ: JBLU) is down -0.1% at $4.64; Liz Claiborne Inc. (NYSE: LIZ) is up 9.4% at $13.87; Mead Johnson Nutrition Co. (NYSE: MJN) is up XX% at $XX; Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) is up 4% at $86.38 after posting a new 52-week high of $87.26n earlier today; Safeway Inc. (NYSE: SWY) is down -2.8% at $21.00; Stillwater Mining Co. (NYSE: SWC) is down -4.6% at $10.69; TASER International Inc. (NASDAQ: TASR) is up 5.7% at $4.39; United Parcel Service Inc. (NYSE: UPS) is down -1.8% at $78.25; and Yandex N.V. (NASDAQ: YNDX) is down -5% at $23.31.

Other standouts from today include the following stocks:

Inergy L.P. (NYSE: NRGY) is up 17% at $19.71. The company is being acquired by Suburban Propane Partners LP (NYSE: SPH). More coverage here.

Leap Wireless International Inc. (NASDAQ: LEAP) is down -20.2% at $6.16. The wireless carrier fell sharply on disappointing quarterly results. More coverage here.

Akamai Technologies Inc. (NASDAQ: AKAM) is down -14.8% at $33.03. The technology provider beat estimates but issued weak guidance.

Stay tuned for Friday. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – GDP report
• 8:30 a.m. – Employment cost index
• 9:55 a.m. – Reuters/University of Michigan consumer sentiment index

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Paul Ausick

The venture will operate under the name Solazyme Bunge Produtos Renováveis Ltda. and is expected to have an annual production capacity of 100,000 metric tons of oil. The facility will utilize Solazyme’s renewable tailored oil production technology and will also utilize Bunge’s sugarcane supply and processing capabilities.  The move will allow the production of sustainable tailored triglyceride oils for use in oleochemical and fuel applications in the Brazilian domestic market.

While the exact financial terms of the agreement were not disclosed, it is being treated as a win for Solazyme with a 7.6% gain to $15.40 in the pre-market trading.  Solazyme has a market value of $863 million and this company just came public last summer.

JON C. OGG

More interesting is the source’s revelation that Glencore International plc (OTC: GLCNF.PK) may also be interested in acquiring Viterra. Glencore is named as a potential buyer for nearly every commodity trading company, mining company, or ag company that is now or ever might be on the market. The company’s proposed merger with Xstrata plc (OTC: XSRAY.PK) will create an $80+ billion behemoth and even Glencore might want to take a breather before plunking down even more cash.

Viterra shares are up 7.7% today, at $15.90 after posting a new 52-week high of $16.08 earlier.

Paul Ausick

The unofficial closing bells put the DJIA up nearly 7 points to 12,890.61 (0.05%), the NASDAQ rose more than 11 points (0.39%) to 2,927.23, and the S&P 500 rose 0.15% or 2 points to 1,351.96.

There were several analyst upgrades and downgrades today, including A123 Systems, Inc. (NASDAQ: AONE) cut to ‘sell’ at Wunderlich; Expedia Inc. (NASDAQ: EXPE) cut to ‘hold’ at S&P Capital IQ; Research in Motion Ltd. (NASDAQ: RIMM) reiterated as ‘hold’ with $15 target price at Cannacord Genuity; Amgen Inc. (NASDAQ: AMGN) cut to ‘perform’ at Oppenheimer and named ‘Bull of the Day’ at Zacks; and 3M Co. (NYSE: MMM) cut to ‘hold’ at Deutsche Bank. Apple Inc. (NASDAQ: AAPL) got a lift from a target price increase to $665, which we cover here. We’ve also got a story on how Apple gets 80% of the operating profit among all the phone makers.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Cisco Systems Inc. (NASDAQ: CSCO) is down -2.1% at $20.00 (here’s our coverage); American Superconductor Corp. (NASDAQ: AMSC) is down -8.74% at $5.50; Bunge Ltd. (NYSE: BG) is up 5.9% at $63.25; Dunkin’ Brands Inc. (NASDAQ: DNKN) is down -2.35% at $28.33; Lorillard Inc. (NYSE: LO) is up 9.8% at $124.46 after posting a new 52-week high of $127.68 earlier today; Pepsico Inc. (NYSE: PEP) is down -3.6% at $64.37 (our coverage here); Philip Morris International Inc. (NYSE: PM) is up 2.8% at $80.08 after setting a new 52-week high of $80.99 earlier today; Sirius XM Radio Inc. (NASDAQ: SIRI) is nearly flat at $2.19 (additional coverage here); and Teradata Corp. (NYSE: TDC) is up 10% at $63.85 after posting a new 52-week high earlier today of $64.97.

Other standouts from today include the following stocks:

Imperial Sugar Co. (NASDAQ: IPSU) is up more than 79% at $6.02. The sugar refiner and marketer said it is nearing a sale of one of its divisions.

Trina Solar Ltd. (NYSE: TSL) is up 20% at $11.08. The solar panel maker is getting a big boost from a report that China will add about 3,000 megawatts of solar PV generation this year, although some analysts think the total will be double that. Other Chinese solar panel makers are also getting a nice bump from the news. We have another view of the sudden rise here.

Diamond Foods Inc. (NASDAQ: DMND) is down more than -36% at $23.36 after posting a new 52-week low of $21.44 earlier today. The snack food maker will re-state accounting and that jeopardizes the deal to purchase the Pringles brand from Proctor & Gamble (NYSE: PG). See our coverage here.

Groupon Inc. (NASDAQ: GRPN) is down more than -15% at $20.82. The Internet coupon company posted weak earnings last night. See our coverage here.

Taleo Corp. (NASDAQ: TLEO) is up more than 17% at $45.62 after posting a new 52-week high of $45.71. The maker of cloud-based software is being acquired by Oracle Corp. (NASDAQ: ORCL). More coverage here and here.

Ceasars Entertainment Corp. (NASDAQ: CZR) is down about -3.8% at $14.80. The share price nearly doubled at yesterday’s IPO, to a high of $17.90, but the stock is coming back to earth today.

Stay tuned for Friday. Fed Chairman Ben Bernanke and Cleveland Fed president Sandra Pianalto are speakingWe have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – International trade report
• 9:55 a.m. – Reuters/University of Michigan consumer sentiment report
• 2:00 p.m. – US Treasury budget report

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Paul Ausick

We have compiled earnings preview on each company using Thomson Reuters consensus estimates and added color on each if applicable.  Some of these are market moving, some are sector moving, and some are just interesting for traders to watch around the earnings reports.

Activision Blizzard Inc. (NASDAQ: ATVI) estimates are $0.56 EPS and $2.2 billion in revenues. At $12.55, the maker of World of Warcraft has been very range bound.

Bunge Ltd. (NYSE: BG) estimates are $1.57 EPS and $13.73 billion in revenues.

Carbonite Inc. (NASDAQ: CARB) estimates are -$0.23 EPS and $16.78 million in revenues. This will be a first real look of a full quarter and unfortunately this one has been cut in half as investors have tempered expectations for the personal data backup service provider.

Large farm products companies like Archer Daniels Midland Co. (NYSE: ADM) and Bunge Ltd. (NYSE: BG) have watch corn and wheat prices decline by about -20% and -29% since peaks earlier this year. Fertilizer prices have risen and so have fuel prices. All have an impact on revenues and earnings.

Processing companies like Tyson Foods Inc. (NYSE: TSN), Smithfield Foods, Inc. (NYSE: SFD), Corn Products International Inc. (NYSE: CPO), and ConAgra Foods, Inc. (NYSE: CAG) package private label foods, provide commercial food, and even offer some branded products. The diversity of their customers gives them a bit of a barrier against a collapse in one or another of their markets.

Packaged food giants like Kraft Inc. (NYSE: KFT), Sara Lee Corp. (NYSE: SLE), General Mills, Inc. (NYSE: GIS), and Kellogg Company (NYSE: K) are all household names and depend on strong brands to carry them through slow economic times.

Data from Yahoo! Finance, and current share prices gathered about noon today.

Archer Daniels Midland Co. (NYSE: ADM) has a median target price of $35.00 from 13 brokers. Shares are trading today at $28.88, for an implied gain of $6.12, or 21%. ADM’s forward P/E is 8.52 and the company pays a dividend yield of 2.3%. The stock’s 52-week trading range is $23.69-$38.02, and at today’s price that’s about 22% above its 52-week low and 24% below the 52-week high. This year’s wheat harvest looks to be on a near-record pace, and wheat prices are expected to fall to below $6/bushel by the end of the year from a current price of around $6.36.

Rising corn prices hit ADM hard in its most recent quarter, lowering profit in its biofuel (ethanol) division by -23% and in its sweetener and starches division by -81%. Corn prices are currently expected to remain about the same into next year, which won’t help ADM’s processing revenue. Fortunately for the company its trading profits will get a boost from the higher corn prices.

Bunge Ltd. (NYSE: BG) has a median target price of $74.00 from 11 brokers. Shares are trading today at $61.38, for an implied gain of $12.62, or 21%. Bunge’s forward P/E is 9.32 and the company pays a dividend yield of 1.6%. The stock’s 52-week trading range is $54.03-$76.13, and at today’s price that’s about 14% above its 52-week low and 19% below the 52-week high.

Bunge missed EPS estimates badly in its third quarter as the company ran afoul of volatility in the grain markets. The company painted a brighter picture for its fourth quarter, basing its view on the tightness of supply and the rising demand for food.

Tyson Foods Inc. (NYSE: TSN) has a median target price of $23.00 from 15 brokers. Shares are trading today at $19.27, for an implied gain of $3.73, or 19%. Tyson’s forward P/E is 9.53 and the company pays a dividend yield of 0.8%. The stock’s 52-week trading range is $14.79-$20.12, and at today’s price that’s about 30% above its 52-week low and 4% below the 52-week high.

Tyson will report earnings for its fourth fiscal quarter on November 21st. The consensus EPS estimate is $0.32, half as much as the same period a year ago. Rising feed costs have hammered revenues and earnings this year, and Tyson and other chicken producers are trying to get its customers to share commodity price risk by taking shorter term contracts tied to the cost of feed grains.

Fertilizer maker Potash Corp. of Saskatchewan, Inc. (NYSE: POT) reported third-quarter earnings this morning that were more than double earnings for the same period a year ago. But in this case, a hit may be as good as a miss. Analysts expected EPS of $0.94 on revenue of $2.17 billion. Potash Corp. delivered diluted EPS of $0.94 on revenue of $2.32 billion. Gross margin rose from 35% in the same period last year to 49% this year. The company also noted that its EPS outlook for the full fiscal year is $3.40-$3.80. The consensus estimate is $3.75. In other words, no upside surprises from Potash Corp.

At the other end of the food chain, food processor Bunge Ltd. (NYSE: BG) reported third-quarter adjusted EPS of $0.86 on revenue of $15.62 billion. The consensus estimates called for EPS of $1.62 on revenue of $14.32. Only Bunge’s fertilizer operations posted a quarterly gain over the same period last year, and that a scant $9 million. The company’s outlook did not include any specific forecasts for EPS or revenue, but Bunge does expect to fall short of its original estimate of sugar refining and sees continuing pressure on oilseed prices. The company expects its fertilizer business to improve, but that is historically its smallest revenue producer.

Ag company Archer Daniels Midland Co. (NYSE: ADM) reports earnings next Tuesday, and the consensus estimates are looking for EPS of $0.67 on $18.93 billion in revenue. The company posted EPS of $1.01 in the second quarter, and the estimate has fallen by 13% over the past three months.

Fertilizer makers Monsanto Co. (NYSE: MON) and Mosaic Co. (NYSE: MOS) recently reported earnings for the first quarter of their 2012 fiscal years, and the results were not particularly thrilling. Monsanto posted an EPS loss of -$0.22, though that was better than an expected loss of -$0.27. For the current quarter Monsanto is expected to post EPS of $0.12. Mosaic posted EPS of $1.17 in its quarter ended in August and analysts are expecting EPS of $1.39 for the current quarter. In its quarter ending in August 2010, Mosaic posted EPS of $1.85.

All the fertilizer makers expect to see a price hike for their products both in the current quarter and next year. The reasoning is that the global economic slowdown notwithstanding, people want and need to eat. Rising economic conditions in the developing world, especially in China and India, support food prices and because it is cheaper to increase yields by applying fertilizer than it is to bring new land into food production, the companies foresee continuing growth.

Potash Corp. noted in its earnings release that shipments of potash to China and India are set for the fourth quarter and the company expects volumes to increase and prices to rise beginning in the first quarter of 2012. Potash Corp. said that contract potash prices to India will rise by $60/metric ton beginning in January.

While the general trend of the news is positive, volatility in the food and fertilizer markets seems to have been discounted in the outlooks for the coming year. The other big problem is the unreliability of information from China regarding stockpiles and demand. One trader has said that 80% of the information out of China is misleading, and that finding the 10%-20% that is accurate and useful is more difficult than it should be. That means that counting on China for growth can be risky, at best.

Shares in Potash Corp. are trading up about 2.4% in the pre-market this morning, at $50.70, in a 52-week range of $39.54-$63.97. Bunge stock is trading up less than 1%, at $60.00, in a 52-week range of $54.03-$76.12. The Market Vectors Agribusiness ETF (NYSE: MOO) is up about 1.67%, at $50.55, in a 52-week range of $39.86-$57.93.

Paul Ausick

Which U.S. industries and companies stand to get hit the hardest in the event a trade war gets started? The U.S. Census Bureau provides data on the dollar amounts of U.S. imports from and exports to China that we have looked at to see where the impacts could be the largest.

According the Census Bureau data, in 2010 the U.S. imported goods from China worth about $365 billion, while exporting goods worth about $92 billion. If the U.S. were to implement tariffs on imports, the likeliest targets would be the goods with the largest dollar value. These imports include computer, semiconductors and telecom gear worth about $88 billion in 2010, clothing and other household goods worth an aggregate of about $71 billion, toys and similar items worth about $27 billion, televisions and other video equipment worth about $15 billion.

If all that sounds like the stuff you can buy at Wal-Mart Stores (NYSE: WMT) or Target (NYSE: TGT) or any number of other U.S. department stores, then be prepared to pay more for these items. Because comparatively little clothing or TVs or toys are manufactured in the U.S. any longer, an import duty on these items would hurt U.S. consumers without providing a lot of help to U.S. manufacturers. Hopes that a new manufacturing segment might spring up are not likely to be realized among large companies but smaller manufacturers could gain some benefit.

However, if China responds with import tariffs of its own, several major U.S. industries could get seriously hurt. Raw materials exports such as coal, copper, iron ore, lumber, and other metals are particularly vulnerable. So are agricultural products like soybeans, cotton, and corn. Industrial and agricultural machinery exports could also face penalties. Another substantial U.S. export is automobiles.

Coal miners like Peabody Energy (NYSE: BTU) and Arch Coal (NYSE: ACI) could get hit, as could copper miners Freeport-McMoran Copper & Gold (NYSE: FCX) and Rio Tinto (NYSE: RIO). Lumber companies Weyerhaeuser (NYSE: WY) and Plum Creek Timber (NYSE: PCL) could face higher duties on log exports.

Agricultural products companies such as Archer Daniels Midland (NYSE: ADM) and Bunge (NYSE: BG) could be in China’s sights if duties are applied to food exports. Caterpillar (NYSE: CAT) and Deere & Co. (NYSE: DE) are likely to see prices for their equipment rise with a concomitant loss of sales to competitors from Japan and Korea.

General Motors (NYSE: GM) and Ford Motor (NYSE: F) both look to China as a growth opportunity. In 2010 U.S. car sales in China totaled more than $3 billion. Slapping a tariff on U.S. cars could really chill the hopes of the U.S. automakers. General Electric (NYSE: GE) could also face tariffs on industrial engines and parts, as well as aircraft parts and other equipment.

China has been fighting inflation for most of this year by restricting bank lending and raising interest rates. Absent a significant currency adjustment, this does little good for the global economy and not much long-term good for China’s domestic economy. If the yuan were allowed to float freely, it could appreciate by as much as 30%. That would quickly eliminate the inflation threat in China, bringing the cost of the country’s goods more into line with foreign costs, slowing the country’s exports, and giving other economies a chance to fill the gap and begin growing again.

But that outcome does not appear likely. Instead, China appears willing to fight the Senate legislation with a trade war. The war of words is likely to last well into next year, but the first real shot is already being primed.

Paul Ausick

Copper prices peaked in February, about a month behind copper miners Freeport-McMoran Copper & Gold Co. (NYSE: FCX), Southern Copper Corp. (NYSE: SCCO) and a little earlier than BHP Billiton plc (NYSE: BHP) and Rio Tinto plc (NYSE: RIO). The decline in share prices was gradual from about April through July, but beginning in August shares turned more sharply down, as did the price of copper itself.

Corn prices hit a peak in June, and are still about 20% higher than they were in October 2010. None of the big ag stocks are near that high except fertilizer maker Monsanto Co. (NYSE: MON), up 31% in the past 12 months. Archer Daniels Midland Co. (NYSE: ADM) shares are off -23% in the past year, Bunge Ltd. shares are off about -3%, Potash Corp. of Saskatchewan shares are down about -11%, and Mosaic Co. is off nearly -18%. Ethanol producers Valero Energy Corp. (NYSE: VLO) is up about 2%, while Pacific Ethanol Inc. (NASDAQ: PEIX) is barely breathing, off -96%.

The decline in the copper price began when orders from China began to cool off as a result of the country’s efforts to slow down its GDP growth. By some reports the country has an over-supply of housing that tops 65 million units. If the number is even half that, demand for copper in China could fall dramatically. And it’s possible to argue that a housing glut in China drove the copper price to new heights because construction in the US and other developed countries has stalled.

But the current global economic malaise is not entirely attributable to China. Eurozone sovereign debt and questions about the zone’s banks have pushed markets down hard and could be just as responsible for the falling price of copper as softer demand from China. In other words, copper could be following, not leading, a macroeconomic decline.

The falling price of corn can be attributed to better crop forecasts and the recent ‘discovery’ of more than 200 million bushels in US stocks has put even more pressure on corn prices. Unlike copper, though, corn prices get some demand help from a large alternative market. If corn is a leading indicator, then the effect of ethanol production, which consumes about 40% of the US corn crop, distorts its influence.

Ethanol production is highly profitable at the current price of around $6/bushel. Corn prices would have to rise to unprecedented heights over $9.50/bushel before demand from ethanol makers would start to decline. Even without the $0.45/gallon federal subsidy, corn prices would need to top $8/bushel before they would pinch the ethanol makers.

Something similar to the ethanol prop to corn prices doesn’t exist for copper. Some 70% of copper demand comes from construction and electrical/electronic industries. Of the remaining 30%, about 12% comes from the transportation industry and 9% comes from makers of industrial machinery. None of those sectors is large enough to prop up copper prices as ethanol props up corn prices.

The iPath Dow Jones-UBS Copper Subindex Total Return ETF (NYSE: JJC) is down more than -1.5% in the first half hour of trading this morning at $39.46, barely above its 52-week low of $39.08. The 52-week high is $61.69. The First Trust ISE Global Copper Index Fund (NASDAQ: CU) is up about 2.25%, at $26.37, in a 52-week range of $23.60-$46.85.

Agricultural ETFs are up slightly this morning. The Teucrium Corn Fund (NYSE: CORN) is up about 0.5%, at $40.09, in a 52-week range of $31.37-$50.69. The PowerShares DB Agriculture Fund (NYSE: DBA) is up about 0.6%, at $29.90, in a 52-week range of $26.60-$35.58. The Market Vectors Agribusiness ETF (NYSE: MOO) is up about 0.9%, at $42.30, in a 52-week range of $39.86-$57.93.

Paul Ausick

AMC Networks Inc. (NASDAQ: AMCX) Started as Sell at Stifel Nicolaus.
Ashford Hospitality Trust Inc. (NYSE: AHT) Started as Outperform at Credit Suisse.
Bunge Limited (NYSE: BG) Raised to Buy at Citigroup.
Citi Trends, Inc. (NASDAQ: CTRN) named Bear of the Day at Zacks.
DENTSPLY International (NASDAQ: XRAY) named Bull of the Day at Zacks.
Eastman Kodak Co. (NYSE: EK) Reiterated Hold at Argus.
Equity One Inc. (NYSE: EQY) Raised to Hold at Citigroup.
F5 Networks, Inc. (NASDAQ: FFIV) Started as Hold at Jefferies.
Ivanhoe Mines Ltd. (NYSE: IVN) Raised to Outperform at Credit Suisse.
Maidenform Brands, Inc. (NYSE: MFB) named Value stock of the day at Zacks.
Precision Drilling Corporation (NYSE: PDS) Started as Outperform at Credit Suisse.
Riverbed Technology, Inc. (NASDAQ: RVBD) Started as Underperform at Jefferies.
Ryanair Holdings plc (NASDAQ: RYAAY) Cut to Neutral at Goldman Sachs.
Sanderson Farms, Inc. (NASDAQ: SAFM) Added to Conviction Buy List at Goldman Sachs.
Tudou Holdings Limited (NASDAQ: TUDO) Started as Buy at Deutsche Bank.

With gold and silver bouncing after what looked like a bursting bubble, here is a list of the top-rated precious metals funds expected to win in uncertain times from Zacks.

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JON C. OGG