AECOM Technology Corp. (NYSE: ACM) Reiterated Buy with $33 target at Argus.
American International Group, Inc. (NYSE: AIG) Raised to Market Perform at KBW.
Berkshire Hathaway Inc. (NYSE: BRK-A) Raised to Overweight at Barclays.
Boston Scientific (NYSE: BSX) Raised to Outperform as Bull of the Day at Zacks.
CBS Corp. (NYSE: CBS) Raised to Buy with $31 target at Argus.
First Solar Inc. (NASDAQ: FSLR) Maintained Buy but cut target to $140 at Argus.
Humana Inc. (NYSE: HUM) Raised to Buy at Goldman Sachs.
McDonald’s Corporation (NYSE: MCD) Raised to Conviction Buy List at Goldman Sachs.
Merck & Co. Inc. (NYSE: MRK) Raised to Buy at Jefferies.
Pfizer Inc. (NYSE: PFE) Raised to Buy at Goldman Sachs.
PPG Industries, Inc. (NYSE: PPG) Reiterated Buy as Value at Zacks.
StanCorp Financial Group (NYSE: SFG) Cut to Underperform as Bear of the Day at Zacks.
Tyco International Ltd. (NYSE: TYC) Raised to Buy at Goldman Sachs.
Wells Fargo & Company (NYSE: WFC) Raised to Outperform at FBR.
Wynn Resorts Ltd. (NASDAQ: WYNN) Raised to Hold at Citigroup.

You are invited to join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Berkshire Hathaway Inc. (NYSE: BRK-A) Raised to Outperform at KBW.
The Coca-Cola Company (NYSE: KO) Raised to Conviction Buy List at Goldman Sachs.
Compania Cervecerias Unidas S.A. (NYSE: CCU) Cut to Underperform at Credit Suisse.
E.I. DuPont de Nemours (NYSE: DD) Maintained Outperform as Bull of the Day at Zacks.
EMC Corp. (NYSE: EMC) Raised to Buy at Auriga.
EOG Resources, Inc. (NYSE: EOG) Raised to Buy at Citigroup.
Gardner Denver, Inc. (NYSE: GDI) Reiterated Buy as Value at Zacks.
HomeAway, Inc. (NASDAQ: AWAY) Started as Hold at Stifel Nicolaus; Started as Overweight at JPMorgan; Started as Overweight at Morgan Stanley.
JB Hunt Transport Services Inc. (NASDAQ: JBHT) Cut to Neutral at Robert W. Baird.
KLA-Tencor Corporation (NASDAQ: KLAC) Raised to Overweight at Morgan Stanley.
NetApp, Inc. (NASDAQ: NTAP) Raised to Buy at Auriga.
Procter & Gamble Co. (NYSE: PG) Raised to Outperform at Bernstein.
Starbucks Corporation (NASDAQ: SBUX) Raised to Outperform at Robert W. Baird.
Starwood Hotels & Resorts Worldwide Inc. (NYSE: HOT) Raised to Outperform at Bernstein.
Tessera Technologies Inc. (NASDAQ: TSRA) named as Bear of the Day at Zacks.
Texas Instruments Inc. (NYSE: TXN) Cut to Market Perform at FBR.
Weight Watchers International, Inc. (NYSE: WTW) Started as Overweight with $80 target at Credit Suisse.
Yum! Brands, Inc. (NYSE: YUM) Raised to Outperform at Robert W. Baird.

• You can also see the top analyst calls of last week here, which have a much longer-term impact rather than just a day or two. Stocks noted: BAC, BRCD, DNDN, DG, LNKD, HK, POT, RSH, SNDK, SYMC, MCD, TEVA, TA, WMT, and YHOO.

You are invited to join our free daily email distribution list to hear more about analyst upgrades and downgrades, top day trader and active trader alerts, dividend trends, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Reuters said Exxon (XOM) investors voted to keep the chairman and CEO jobs together.

Reuters reports that China will put in a windfall profits tax to keep prices from rising.

The Fed may raise rates to keep inflation down.

Clear Channel (CCU) said its buy-out would close in Q3.

The Wall Street Journal writes that oil production from exporters can no match demand.

The Wall Street Journal writes that Dow Chemical (DOW) increased prices of some products up to 20%.

The Wall Street Journal writes that the SEC will propose rules for credit rating agencies to create a new set of graded for complex financial  instruments.

The Wall Street Journal writes that Heinz will raise its forecasts.

The Wall Street Journal reports that the head of United (UAUA) will meet with the head of US Air (LCC).

The Wall Street Journal writes that GM (GM) is preparing to cut costs.

The Wall Street Journal reports that the FCC may ask the winner of future airwave auctions to offer free interenet.

The Wall Street Journal writes that Boston Scientific (BSX) will pay Medtronic for patent infringement.

The New York Times writes that UPS (UPS) and DHL may have a joint cargo shipment deal.

The FT writes that investors are preparing for a US rate increases.

The FT writes that banks are launching a central clearing house for derivatives.

The FT writes that company treasurers are turning to money managers for better returns.

Douglas A. McIntyre

Leaving aside the ethics of the matter, although that is hardly fair, the $51.8 billion which was offered for BCE was expensive. It was, according to the Guinness Book Of World Records and other sources, the largest deal of its kind, ever.

Now, banks, including Citigroup (C), which does not have much of a reputation left at any level, want better terms including higher interest rates. According to The New York Times "The negotiations over the Bell Canada buyout began to fray late Friday."

The whole matter is likely to end up in court with the LBO firms in the deal, which include Providence Equity Partners and Madison Dearborn Partners, filing suits to close the deal. BCE may take legal actions as well.

A BCE lawsuit may be the wild card in the fight. That suit could be brought in Canada, giving the company a home court advantage. There is question of whether Canadian courts would be less forgiving than their counterparts in the US. That means the banks could be in for more trouble than the expected.

When the BCE deal was announced, shares got above $44. If the courts in Canada start to move in the direction of forcing a deal to be closed on terms similar to those in the original contract, the final price may not be far from that number.

Douglas A. McIntyre

Reuters writes that Carl Icahn may mount a proxy fight for control of Yahoo! (YHOO)

Reuters reports that Greenspan says the US may be in a mild recession.

Reuters writes that Merrill Lynch (MER) say tax rebates will not end recession.

Reuters says that Sony (SNE) posted a surprise loss but forecast growth.

Reuters reports that BHP Billiton (BHP) might add more cash to it bid for Rio Tinto (RTP)

The Wall Street Journal reports that a growing number of economists say the US is not in a recession.

The Wall Street Journal reports that the International Energy Agency cut its projection for oil demand.

The Wall Street Journal writes that GM (GM) may try to raise additional cash.

The Wall Street Journal writes that MBIA (MBI) and Ambac (ABK) could lose their Aaa ratings.

The Wall Street Journal writes that Wal-Mart (WMT) will start to hold its toy suppliers to higher standards.

The Wall Street Journal writes that EA (ERTS) posted a loss but revenue grew sharply.’

The New York times writes that oil refineries are seeing their profits drop despite high gas prices.

The New York Times writes that delivery of the Airbus A380 has been delayed again.

The FT writes that Moody’s (MCO) will stick to its current ratings scale.

The FT reports that IAC (IACI) and Liberty Media have reached an agreement on the break-up of Barry Diller’s company.

Douglas A. McIntyre

Reuters writes that AIG (AIG) says it sees no reason to follow the request of its ex-CEO to the company”s annual meeting.

Reuters writes that Staples (SPLS) has raised its hostile bid for Corporate Express.

Reuters reports that Nissan reported a large drop in earnings and said that the next year would be disappointing due to higher commodities prices and weak US market..

Reuters writes that Microsoft (MSFT) has launched WorldWide Telescope, free software for exploring outer space.

The Wall Street Journal writes that Dell (DELL) is trying to reinvenet its high end game computer business.

The Wall Street Journal writes that Exxon (XOM) management has asked investors to reject a move to have the company elect a separate chairman and CEO.

The Wall Street Journal writes that Beazer (BZH) will restate is results for nine years.

The Wall Street Journal reports that Merrill Lynch (MER) tried to convince investors that it has enough capital and will not have to raise money.

The Wall Street Journal reports that Clear Channel (CCU) is near a deal to complete its LBO.

The Wall Street Journal writes that Dish Network (DISH) is losing subscriber growth momentum.

The New York Times writes that Nissan will sell an electric car in the US by 2010.

The New York Times writes that Wachovia (WB) faces a inquiry over auction-rate securities.

The FT writes that UBS (UBS) sees further problems in the US housing business.

Bloomberg writes that Toyota (TM) will cut discounts on its Prius hybrid as the cost of gas rises

Douglas A McIntyre

The LBO firms doing the deal, Thomas H. Lee Partners and Bain Capital, decided not to let its banks walk and took them to court, The case looked like a winner.

According to The Wall Street Journal, the banks backed down and got a very small concession in the process. The paper writes "Under the proposed settlement terms, the banks would fund Clear Channel’s buyout at $36 per share, down from the original price of $39.20." CCU says No settlement has been reached by the parties and there can be no assurance that any settlement will be reached. Clear Channel will not comment on any potential settlement terms or the likelihood that a settlement agreement will be reached." Sounds a bit legal.

If the settlement works, for Citigroup (C), Deutsche Bank (DB), Morgan Stanley (MS), Credit Suisse (CS), Royal Bank of Scotland Group (RBS) and Wachovia (WB) it is a set-back, but no one gave them permission to stick it to CCU. Now, the get to reap the fruits of that.

Douglas A, McIntyre

Reuters writes that banks being sued by Clear Channel (CCU) have asked for a delay of a Texas trial.

Reuters reports that share of Visa (V) fell on quarterly results

Reuters reports that Lewis Ranieri who helped create the current mortgage market says that house prices are off more than most analysts think.

Reuters writes that the Fed is thinking about paying interest on bank reserves.

Reuters reports that big US media companies are expected to have good first quarters because of their cable properties.

The Wall Street Journal writes that the CEO of Calpers will step down.

The Wall Street Journal also writes that a former senior Fed official blasted the bail-out of Bear Stearns (BSC).

The Wall Street Journal writes that airlines are trying to push their fares up.

The Wall Street Journal writes that the Fed will propose new and tighter policies for issuing credit cards.

The Wall Street Journal reports that Take-Two’s (TTWO) Grand Theft Auto IV game is expected to post record sales.

The Wall Street Journal reports that GM (GM) will idle some of its truck and SUV plants.

The Wall Street Journal reports that the FDA turned down a major new Merck (MRK) drug.

The Wall Street Journal writes that Blockbuster (BBI) is seeking a stake in Viacom’s (VIA) new premium cable TV venture.

The Wall Street Journal reports that Citigroup (C) may cover some of the losses at two hedge funds.

The Wall Street Journal writes that circulation at most large newspapers dropped sharply.

The New York Times writes that rising oil prices are not stimulating new production.

The New York Times reports that United (UAUA) is in merger talks with US Airways (LCC).

The New York Times writes that the WB TV network will return as a website.

The FT reports that Deutsche Bank (DB) had its first loss in five years.

The FT writes that the Saudis will launch a $5.3 billion sovereign fund.

The FT writes that the Rockefeller family is pushing for Exxon (XOM) to have a more independent board.

Bloomberg reports that profits at BP (BP) rose sharply.

Douglas A. McIntyre

Reuters writes that Google (GOOG) is using Frank Quattrone as its investment bank advisor.

Reuters reports that banks involved in the Clear Channel (CCU) buy-out argued that the case against them should be dismissed.

Reuters reports that Delta (DAL) and its pilot’s union have reached an agreement that will let a merger with Northwest (NWA) move forward.

The Wall Street Journal writes that most observers believe that a Microsoft (MSFT) deal to buy Yahoo! (YHOO) is the most likely outcome of the struggle between the two companies.

The Wall Street Journal writes that Fontier Airlines (FRNT) has filed for Chapter 11.

The Wall Street Journal reports that a poll of economists shows they believe the economy will ger worse.

The Wall Street Journal writes that Verizon (VZ) is in a legal dispute with Time Warner Cable (TWC) about connection speeds of the two company’s broadbands offerings

The Wall Street Journal reports that Lehman (LEH) repackaged some of its unsold buyout loans into a new security that it used as collateral to obtain cash loans from the Fed.

The Wall Street Journal writes that profits at Genentech (DNA) rose on solid revenue gains.

The New York Times writes that George Soros has given a dire forecast for the economy.

The New York Times reports that March retail sales for most big chains were weak.

The FT writes that AMR (AMR) has cancelled another 1,500 flights.

The FT reports that Wal-Mart (WMT) had strong March sales and lifted its outlook.

The FT writes that a number of airlines want compensation for delays in Boeing’s (BA) 787.

Bloomberg writes that GE’s (GE) push for revenue overseas may help the company weather the US downturn.

Douglas A. McIntyre

• AthenaHealth (NASDAQ: ATHN) started as Outperform at JMP Securities.
• Bed Bath & Beyond (NASDAQ: BBBY) cut to Sell at Piper Jaffray.
• Canadian Natural Resources (NYSE: CNQ) raised to overweight at Lehman Brothers.
• Clear Channel (NYSE: CCU) cut to Hold at Stanford Research.
• Corinthian Colleges (NASDAQ: COCO) cut to Neutral at Piper Jaffray
• Estee Lauder (NYSE: EL) cut to Sell at Piper Jaffray.
• ITT Educational (NYSE: ESI) cut to Neutral at Piper Jaffray.
• Salesforce.com     (NYSE: CRM) cut to Market Perform at Bernstein.
• Southern Copper (NYSE: PCU) started as Sell at Citigroup.
• Urban Outfitters (NASDAQ: URBN) cut to Neutral at Piper Jaffray.

Jon C. Ogg
April 9, 2008

Jon Ogg produces the Special Situation Investing Newsletter.  He can be reached at jonogg@247wallst.com and he does not own securities in the companies he covers.