Apple Inc. (NASDAQ: AAPL) was a large gain by Appaloosa Management, with a gain of more than 500,000 shares up to 685,000 shares worth some $303 million. This of course was worth more in April. Farallon put up a new position of just over 192,000 worth some $116 million. Janus only lowered its stake by 0.5% and Apple is still its largest holding at over $3.8 billion, while Vanguard lifted its stake by about 5% worth over $23 billion.

Caesars Entertainment Corporation (NASDAQ: CZR) was a strange position on the surface, but easy to explain later. Paulson & Co. was shown to have lifted its stake to 12.37 million shares from NO SHARES at the end of 2011. The problem is that Paulson owned Caesars shares already before the IPO but it was not public before the end of 2011.

Computer Sciences Corporation (NYSE: CSC) was a 2.4 million share stake by Greenlight Capital (under David Einhorn) worth $72 million, and that was a new position. With an activism flare, maybe this can light some fire under what has been a dead tech-value stock. Another firm, Highbridge Capital Management LLC, added more than 1 million shares as a new position in the first quarter.

DaVita Inc. (NYSE: DVA) was a key addition of Warren Buffett’s Ted Weschler who grew his stake to 6,000,000 from almost 2.7 million shares. This was a doubling of the stake, but we would note that this stock has slid 10% since the end of the quarter. The overall position may be closer to break-even here, but this has a huge portion of the kidney dialysis market as of today.

Dollar General Corporation (NYSE: DG) was a surprise for us considering that we thought Warren Buffett’s new manager Todd Coombs would have added to this position rather than cutting it. Maybe the valuation premium just became too much. The March 31 stake was 3.63 million shares versus the 4.497 million shares at the end of 2011.

El Paso Corporation (NYSE: EP) saw more than one move higher. Farallon Capital added another 50% or so to end with 22.49 million shares worth $235 million in the first quarter; Paulson & Co. doubled its stake in the first quarter to 8 million shares worth over $118 million.

Encana Corporation (NYSE: ECA) is a standout because it looks small, but it is a good whale watching stock. BP Capital’s T. Boone Pickens initiated a new position of more than 1.13 million shares worth some $22.3 million.

Express Scripts Holding Co. (NASDAQ: ESRX) was a very large gain by Farallon Capital, where the position rose to over 5.65 million shares as of March 31 from only 1.17 million shares at the end of 2011. Paulson & Co. also doubled its stake in the first quarter to 3.24 million shares worth over $87 million shares. With the merger now closed, others have been looking at this despite Walgreen’s issues.

General Motors Co. (NYSE: GM) was another new position of 10 million shares worth more than $250 million. Frankly, we might have guess that Ford would have been chosen. Is it possible that this was a “politically motivated or influenced” as Buffett is such a supporter of Obama? That admittedly seems like a stretch, but if we were looking for auto exposure it would have probably been with Ford.

SIRIUS XM Radio Inc. (NASDAQ: SIRI) saw SAC Capital grow from only over 3 million shares at the end of 2011 to 98.2 million shares worth almost $217 million in the first quarter, SAC wheels and deals in shares all the time, so they could have been in and out of a lot more or less shares before, during, and after that point.

Skyworks Solutions Inc. (NASDAQ: SWKS) scored a new large stake in the first quarter by Maverick Capital. The new holdings came to over 5.8 million shares worth some $161 million at the end of the quarter, likely as an “Apple play.”

United Continental Holdings (NYSE: UAL) was hard not to miss in the whale hunting as well as Appaloosa grew its position by 500% or so up to over 7.9 million shares worth over $146 million.

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JON C. OGG

The unofficial closing bells put the DJIA down nearly 97 points to 12,835.44 (-0.75%), the NASDAQ fell more than11 points (-0.39%) to 2,934.71, and the S&P 500 fell 0.67% or more than 9 points to 1,354.61.

There were several analyst upgrades and downgrades today, including American International Group Inc. (NYSE: AIG) raised to ‘buy’ at Goldman Sachs; ConocoPhillips (NYSE: COP) resumed as ‘neutral’ at Credit Suisse; The Hershey Co. (NYSE: HSY) raised to ‘buy’ at Argus; Phillips 66 (NYSE: PSX) started as ‘outperform’ at Credit Suisse; and Demand Media Inc. (NYSE: DMD) raised to ‘buy’ at Citigroup.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: AOL Inc. (NYSE: AOL) is up 3.8% at $26.55; Agrium Inc. (NYSE: AGU) is down -2.2% at $82.69 (more coverage here); Dollar Thrifty Automotive Group Inc. (NYSE: DTG) is up 0.2% at $80.68; Macy’s Inc. (NYSE: M) is down -3.6% at $38.07 (more coverage here); Melco Crown Entertainment Ltd. (NASDAQ: MPEL) is down -0.2% at $13.96; Toyota Motor Corp. (NYSE: TM) is up 3.1% at $80.58; and SodaStream International Ltd. (NASDAQ: SODA) is up 28% at $37.35.

On Wednesday we are scheduled to get earnings from AMC Networks Inc. (NASDAQ: AMCX), ArcelorMittal (NYSE: MT), Express Scripts Holding Co. (NASDAQ: ESRX), Molycorp Inc. (NYSE: MCP); Nordstrom Inc. (NYSE: JWN); Nuance Communications Inc. (NASDAQ: NUAN); Harvest Natural Resources Inc. (NYSE: HNR); Kohl’s Corp. (NYSE: KSS); and Pacific Ethanol Inc. (NASDAQ: PEIX).

Other standouts from today include the following stocks:

Cost Plus Inc. (NASDAQ: CPWM) is up 21.9% at $21.92 after posting a new 52-week high earlier today. The company is being acquired by Bed Bath & Beyond Inc. (NASDAQ: BBBY) for $495 million.

Amyris Inc. (NASDAQ: AMRS) is down -21.7% at $1.98 after posting a new 52-week low of $1.89 earlier today. The biofuels and biotech company posted much higher-than-expected shortfalls in both EPS and revenues.

Arch Coal Inc. (NYSE: ACI) is up 10.1% at $8.37. The coal miner had no news today, but investors are piling in at a very low price. Volume today topped 25 million shares, more than double Arch’s daily average.

Stay tuned for Thursday. Fed Chairman Ben Bernanke and Minneapolis Fed President Naryana Kocherlakota are giving speeches. We have noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – International trade report
• 8:30 a.m. – New claims for unemployment benefits
• 10:30 a.m. – EIA weekly natural gas storage report
• 1:00 p.m. – 30-year note auction
• 2:00 p.m. – Treasury budget
• 4:30 p.m. – Federal Reserve balance sheet and money supply

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Paul Ausick

Catalyst shareholders will receive $28.00 in cash and 0.6606 shares of SXC stock for each Catalyst share, which implies a purchase price of $81.02 per Catalyst share and a premium of approximately 28% based on the closing stock prices of SXC and Catalyst on April 17, 2012 .

The deal is a response to last month’s $29 billion merger of Express Scripts Holdings Co. (NASDAQ: ESRX) and Medco Health. The combined market cap of SXC and Catalyst is $10 billion, a little more than a third of Express Scripts’ $28.5 billion market cap.

Shares of SXC are up about 9.8% at $88.10, which would be a new 52-week high if it holds. Shares of Catalyst are up almost 33% at $84.50, another 52-week high.

Paul Ausick

The unofficial closing bells put the DJIA down nearly 65 points to 13,199.55 (-0,49%), the NASDAQ fell more than 6 points (-0.20%) to 3,113.57, and the S&P 500 fell -0.41% or nearly 6 points to 1,413.29.

There were several analyst upgrades and downgrades today, including Apple Inc. (NASDAQ: AAPL) started as buy at Auriga and target raised to $715 at Morgan Stanley; Express Scripts Inc. (NASDAQ: ESRX) started as ‘overweight’ at JPMorgan; Goldcorp Inc. (NYSE: GG) started as ‘neutral’ at Citigroup; Netflix Inc. (NASDAQ: NFLX) cut to ‘equal weight’ at Barclays; and Schlumberger Ltd. (NYSE: SLB) raised to ‘buy’ at Sterne Agee.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Comverse Technology Inc. (NASDAQ: CMVT) is down -6.4% at $6.41; International Speedway Corp (NASDAQ: ISCA) is down -0.14% at $28.31; and Frisch’s Restaurants Inc. (AMEX: FRS) is down -0.04% at $27.29. After markets close today we get earnings from Team Inc. (NYSE: TISI) and Mitcham Industries Inc. (NASDAQ: MIND) markets. Before markets open tomorrow we’ll get earnings from Monsanto Co. (NYSE: MON) and Acuity Brands Inc. (NYSE: AYI).

Other standouts from today include the following stocks:

SmartHeat Inc. (NASDAQ: HEAT) is up 93% at $5.29. The Chinese maker of heat exchangers reported weak earnings, but promised to cut costs and do better. More coverage here.

First Solar Inc. (NASDAQ: FSLR) is down about -8% at $22.56 after posting a new 52-week low of $22.42 earlier today. The solar panel maker is simply dying a slow death. More coverage here.

Vringo Inc. (AMEX: VRNG) is up 5.8% at $3.28 after posting a new 52-week high of $4.05 earlier today. The ringtone company is merging with a patent protection firm and this is the second day in a row that shares have posted a new high. Here’s our story from yesterday.

A123 Systems Inc. (NASDAQ: AONE) is down more than -16% at $0.85, the second consecutive day for the shares to put up a new 52-week low. The battery maker is still getting walloped over a recall and its relationship with Fisker Automotive. Here’s our story from yesterday.

Merge Healthcare Inc. (NASDAQ: MRGE) is down more than -16% at $4.95. The healthcare kiosk provider has agreed to sell $2.75 million worth of kiosks to a company controlled by Merge’s chairman.

Conn’s Inc. (NASDAQ: CONN) is up about 14.5% at $18.88 after posting a new 52-week high of $19.75. The regional electronics retailer busted through earnings expectations.

Stay tuned for Wednesday. San Francisco Fed President John Williams is giving a speech. We have also noted the following events on the schedule (all times Eastern):

• 7:00 a.m. – Mortgage Bankers’ Association purchase applications
• 7:30 a.m. – Challenger Gray & Christmas layoff report
• 8:15 a.m. – ADP employment report
• 10:00 a.m. – Institute for Supply Management non-manufacturing index
• 10:30 a.m. – EIA weekly petroleum status report

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Apple Inc. (NASDAQ: AAPL) Started as Buy at Auriga; target raised to $715 at JPMorgan

Carnival Corporation (NYSE: CCL) named as Bear of the Day at Zacks.

Clean Energy Fuels Corporation (NASDAQ: CLNE) Started as Neutral at Macquarie.

Discover Financial Services (NYSE: DFS) named as Bull of the Day at Zacks.

Express Scripts Inc. (NASDAQ: ESRX) Started as Overweight at JPMorgan.

GNC Holdings Inc. (NYSE: GNC) Raised to Outperform at BMO.

Goldcorp Inc. (NYSE: GG) Started as Neutral at Citigroup.

Groupon, Inc. (NASDAQ: GRPN) Started as Neutral at Stern Agee.

Kinross Gold Corporation (NYSE: KGC) Started as Buy at Citigroup.

Netflix, Inc. (NASDAQ: NFLX) Cut to Equal-weight at Barclays.

Newmont Mining Corporation (NYSE: NEM) Cut to Neutral at Citigroup.

Philip Morris International, Inc. (NYSE: PM) Cut to Neutral at Credit Suisse.

Schlumberger Limited (NYSE: SLB) Raised to Buy at Stern Agee.

The Timken Company (NYSE: TKR) named as Value stock of the day at Zacks.

Urban Outfitters Inc. (NASDAQ: URBN) Raised to Neutral at Citigroup.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox.  We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

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JON C. OGG

CEO pay jumps for last year as stock options rise. (Reuters)

Avon (NYSE: AVP) turns down a $10 billion offer from Coty. (Reuters)

Strong U.S. economic data push Brent crude above $125. (Reuters)

Christian Brothers Investment Services, a News Corp. (NASDAQ: NWS) shareholder, wants an independent chairman. (Reuters)

Fund Third Point presses its proxy war against Yahoo! (NASDAQ: YHOO). (Reuters)

The Securities and Exchange Commission probes a Groupon (NASDAQ: GRPN) restatement of financials prior to last year’s IPO. (WSJ)

Avon becomes a target for takeover by several companies. (WSJ)

Express Scripts (NASDAQ: ESRX) and Medco (NYSE: MHS) get government approval for their merger. (WSJ)

People’s Bank of China Governor Zhou Xiaochuan says the global recession has not ended. (WSJ)

Illumina (NASDAQ: ILMN) rejects a new offer from Roche. (WSJ)

Vehicle sales rise 78% in Japan in March, compared to in the month of last year’s earthquake. (WSJ)

U.S. consumer demand helps the fortunes of U.S. factories. (WSJ)

China eases a ban on Twitter-like messages. (WSJ)

Poor manufacturing and employment data show a deepening eurozone recession. (WSJ)

Dell (NASDAQ: DELL) will buy Wyse Technology, a cloud tools company. (WSJ)

NYSE Euronext (NYSE: NYX) cuts a cost reduction plan after a failed merger with Deutsche Borse. (WSJ)

Some large investors may buy homes by the thousands. (NYT)

Several Germany towns would suffer greatly if Opel closes plants. (NYT)

Total (NYSE: TOT) says natural gas leaks in the North Sea cost it $2.5 million a day. (NYT)

The SEC wants boards of banks to be more accountable for risk. (FT)

Douglas A. McIntyre

Then there is another one from Pharmacists United for Truth and Transparency, an independent watchdog organization dedicated to exposing the role PBMs play in driving up prescription drug costs for consumers and employers. This group noted that drug costs will rise and the group denounced the deal as a license to price-gouge the consumer. Specifically, its press release cited the following: “The FTC has given the PBMs the green light to consolidate their outsized power and continue driving up the costs of prescription drugs. The decision will negatively impact plan sponsors that contract with PBMs and consumers looking for affordable medication.”

Investors who made bets on this merger are certainly happy. We are not exactly convinced that this merger’s “savings” will be passed on directly to the consumer as much as the companies have represented. We will see …

JON C. OGG

The Federal Trade Commission voted 3 to 1 to approve the deal saying its own probe showed that the prescription benefit manager market has numerous vigorous competitors which are expanding and taking away business from traditional market leaders.  The stance of the FTC is that the competitive landscape will not change and that a combined Express/Medco will not represent a monopolistic pricing power situation.

What is interesting here is that the merger has been pending for months and months for an extended review.  Both companies have a pre-merger valuation of nearly $30 billion each.

It is interesting that Express Scripts’ CEO noted that this is a good deal for the country that will lower consumer costs, improve patient health, and drive out waste in healthcare costs.  Let’s just say that we are not alone in being at least a bit skeptical on these ‘benefits’ being discussed as far as whether or not that will ultimately save the consumer.  We have received multiple emails from multiple groups calling for this merger to be blocked as anti-competitive.

Express Scripts is up 4.7% at $56.71 and Medco Health Solutions is up 2% at $71.71.

JON C. OGG

It appears that the FTC bought the argument from Express Scripts and Medco that the combined company would have more clout with pharmacies and drug makers to reduce prices to consumers. Critics argued that allowing the merger would reduce competition and drive up costs to consumers.

In a dissenting opinion, commissioner Julie Brill argued that no court has ever approved a merger that created a “duopoly” in a market and that the merger should have been enjoined and gone to trial in federal court. Caremark CVS Corp. (NYSE: CVS) is the other large pharmacy benefits management firm Brill referred to as part of the duopoly.

Express Scripts shares are up about 4.9% shortly after opening this morning at $56.81 in a 52-week range of $34.47-$60.89.

Alcatel-Lucent S.A. (NYSE: ALU) Maintained Sell with $2.00 target at S&P.

Amazon.com, Inc. (NASDAQ: AMZN) Started as Buy at ThinkEquity.

Apollo Group Inc. (NASDAQ: APOL) Cut to Hold at Argus.

ArcelorMittal (NYSE: MT) Raised to Neutral at BNP Paribas.

AT&T Inc. (NYSE: T) Cut to Neutral at Baird.

Cypress Semiconductor Corporation (NASDAQ: CY) Raised to Buy at Lazard (late Wednesday call).

Delek US Holdings Inc. (NYSE: DK) Raised to Outperform at Credit Suisse; named as value stock of the day at Zacks.

eBay Inc. (NASDAQ: EBAY) Started as Buy at ThinkEquity.

Express Scripts Inc. (NASDAQ: ESRX) Reiterated Buy and raised target from $65 to $67 at BofA/ML.

Google Inc. (NASDAQ: GOOG) Started as Buy at ThinkEquity.

HollyFrontier Corporation (NYSE: HFC) Cut to Neutral at Credit Suisse.

Janus Capital Group, Inc. (NYSE: JNS) Cut to Hold at Jefferies.

Las Vegas Sands (NYSE: LVS) Reiterated Buy and raised target from $60 to $65 at BofA/ML.

Logitech International (NASDAQ: LOGI) named Bear of the Day at Zacks.

Nordstrom Inc. (NYSE: JWN) Raised to Buy at Goldman Sachs.

Potash Corp. of Saskatchewan (NYSE: POT) Started as Buy at Stifel Nicolaus.

Verizon Communications Inc. (NYSE: VZ) Cut to Neutral at Baird.

The Washington Post Co. (NYSE: WPO) named Bull of the Day at Zacks.

Whole Foods Market, Inc. (NASDAQ: WFM) Cut to Neutral at Goldman Sachs.

Yahoo! Inc. (NASDAQ: YHOO) Started as Hold at ThinkEquity.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox.  We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

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JON C. OGG