The unofficial closing bells put the DJIA down more than 66 points to 11,954.94 (-0.55%), the NASDAQ fell nearly 33 points (-1.26%) to 2,579.27, and the S&P 500 fell -0.87% or nearly 11 points to 1,225.73.

There were several analyst upgrades and downgrades today, including Intel Corp. (NASDAQ: INTC) maintained ‘outperform’ but estimates cut at Credit Suisse and maintained ‘hold’ with a $24 price target at Canaccord Genuity. Other ratings actions today include Kaiser Aluminum Corp. (NASDAQ: KALU) started as ‘buy’ at BofA/Merrill Lynch; Noranda Aluminum Holding Corp. (NYSE: NOR) started as ‘buy’ at BofA/ML; Mastercard Inc. (NYSE: MA) and Visa Inc. (NYSE: V) both started as ‘buy’ at Nomura.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Best Buy Co. Inc. (NYSE: BBY) is down more than -15.5% at $23.68 (more details here); FactSet Research Systems, Inc. (NYSE: FDS) is down more than -8% at $87.01; FuelCell Energy Inc. (NASDAQ: FCEL) is down more than -15% at $0.93; The Pantry Inc. (NASDAQ: PTRY) is down more than -12% at $10.41, after posting a new 52-week low earlier today of $9.52; and Miller Energy Resources, Inc. (NYSE: MILL) is down nearly -11% at $2.90.

Other standouts from today include the following stocks:

LiveDeal Inc. (NASDAQ: LIVE) is up more than 236%, at $4.88. The customer acquisition company issued 1.6 million shares of new stock, raising its capital by by $2 million and enabling it to meet Nasdaq listing requirements.

Synovis Life Technologies, Inc. (NASDAQ: SYNO) is up more than 50%, at $27.78. The medical device maker agreed to be acquired by Baxter International Inc. (NYSE: BAX) for $28/share, a 52% premium to the stock’s Monday closing price. The deal is worth $325 million.

RADVision Ltd. (NASDAQ: RVSN) is up more than 14%, at $9.62. The communications equipment maker is said to be an acquisition target for Avaya at a price of around $200 million.

Endocyte Inc. (NASDAQ: ECYT) is down more than -65%, at $3.56, a new 52-week low. The pharmaceutical maker announced that trials of a new cancer drug have not shown that the drug helps patients live longer.

Ivanhoe Mines Ltd. (NYSE: IVN) is down nearly -22%, at $16.16. The junior miner lost a court decision to Rio Tinto plc (NYSE: RIO) which essentially kills Ivanhoe’s poison pill plan. Rio owns 49% of Ivanhoe and can maintain that stake regardless of new share issuances until April 2013.

Green Mountain Coffee Roasters, Inc. (NASDAQ: GMCR) is down more than -11%, at $50.03. The coffee merchant has lost some market share for its single-cup coffee products, and prices are also falling.

Forest Oil Corp. (NYSE: FST) is down nearly -13%, at $14.01. The oil & gas E&P company announced its outlook for 2012, and analysts were disappointed with the level of capital expenditures and cash flows.

Stay tuned for Wednesday. Dennis Lockhart, president of the Atlanta Federal Reserve Bank, is giving a speech in the morning. Here are some other noteworthy events on the schedule (all times Eastern):

• 7:00 a.m. – Mortgage Bankers Association purchase applications
• 10:30 a.m. – EIA weekly petroleum status report
• 1:00 p.m. – 30-year Treasury bond auction

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Paul Ausick

Aruba Networks, Inc. (NASDAQ: ARUN) Started as Buy at UBS.
Cummins, Inc. (NYSE: CMI) Reiterated Outperform as Bull of the Day at Zacks.
Diamond Foods, Inc. (NASDAQ: DMND) Started as Buy at Jefferies.
Enzon Pharmaceuticals, Inc. (NASDAQ: ENZN) Cut to Underperform as Bear of the Day at Zacks.
Fortress Investment Group (NYSE: FIG) Raised to Outperform at Credit Suisse.
FuelCell Energy Inc. (NASDAQ: FCEL) Maintained Buy with $3 target at Canaccord Genuity.
Herbalife Ltd. (NYSE: HLF) Reiterated Buy and raised target to $63 at Argus.
Kraft Foods Inc. (NYSE: KFT) Started as Buy at Jefferies.
Myriad Genetics Inc. (NASDAQ: MYGN) Raised to Buy at Auriga.
NetApp Inc. (NASDAQ: NTAP) Raised to Outperform at Credit Suisse.
Oil States International, Inc. (NYSE: OIS) Reiterated Strong Buy as Value at Zacks.
Parametric Technology Corporation (NASDAQ: PMTC) Reiterated Buy with $28 target at Canaccord Genuity.
PetroChina Co. Ltd. (NYSE: PTR) Raised to Buy at BofA/ML.
Petroleum Development Corporation (NASDAQ: PETD) Raised to Overweight at JPMorgan.
Swift Transportation Co., LLC (NYSE: SWFT) Raised to Overweight at JPMorgan.

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

American International Group, Inc. (NYSE: AIG) Started as Buy at BofA/ML.
Black Hills Corporation (NYSE: BKH) Raised to Outperform but cut target to $33 at Credit Suisse.
Boston Properties Inc. (NYSE: BXP) Raised to Buy at Argus.
CIGNA Corporation (NYSE: CI) Raised to Outperform as Bull of the Day at Zacks.
CME Group Inc. (NYSE: CME) Raised to Buy at UBS.
FuelCell Energy Inc. (NASDAQ: FCEL) Maintained Buy but cut target to $3.00 at Canaccord Genuity.
James River Coal Co. (NASDAQ: JRCC) Cut to Strong Sell at S&P Equity Research (late-Thursday).
LDK Solar Co., Ltd. (NYSE: LDK) Reiterated Hold at Argus.
Maidenform Brands, Inc. (NYSE: MFB) Reiterated Strong Buy as Value at Zacks.
MEMC Electronic Materials Inc. (NYSE: WFR) Cut to Hold at Stifel Nicolaus.
Micron Technology Inc. (NYSE: MU) Raised to Outperform at Wells Fargo; Reiterated Buy and $14 target at Gleacher & Co.
Oracle Corporation (NASDAQ: ORCL) Reiterated Outperform as #1 pick with $42 target at Credit Suisse.
SciQuest, Inc. (NASDAQ: SQI) Started as Buy at Canaccord Genuity.
SodaStream International Ltd. (NASDAQ: SODA) Reiterated Buy as Aggressive Growth at Zacks.
StanCorp Financial (NYSE: SFG) Reiterated Underperform as Bear of the Day at Zacks.
Under Armour, Inc. (NYSE: UA) Raised to Buy at Stifel Nicolaus.
Zale Corporation (NYSE: ZLC) Cut to Neutral at BofA/ML.
Zipcar, Inc. (NASDAQ: ZIP) Raised to Overweight at JPMorgan.

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

We have added in Thomson Reuters estimates, added in price action, and added in color if appropriate on each. As a reminder, some of the days and estimates could have changed, and many may change before the actual reports.

Fuelcell Energy Inc. (NASDAQ: FCEL) is due on Monday and this one has been a disaster in alternative energy.  We do not even care about the losses nor do we interpret anything that the company says as being a sector-moving event. All that matters is whether or not the company can reach profits by 2013 or so.

The Pep Boys – Manny, Moe & Jack (NYSE: PBY) is just one more auto parts company with earnings, but it is one which some investors are hoping is a buyout.  Thomson Reuters has estimates of $0.30 EPS and $537.03 million in revenue; next quarter estimates are $0.25 EPS and $534.44 million in revenues.  With shares around $13.60, the 52-week range is $7.86 to $15.96.

Thor Industries Inc. (NYSE: THO) is not about the movie, but it is about RVs. Thomson Reuters has estimates of $0.67 EPS and $848.92 million in revenue; next quarter estimates are $0.83 EPS and $869.73 million in revenues.  With shares around $31.00, the 52-week range is $20.74 to $39.12.

Hovnanian Enterprises Inc. (NYSE: HOV) is due on Tuesday and we are not expecting anything of any merit other than from “other operations” as housing data just stinks now.  Thomson Reuters has estimates of -$0.51 EPS and $263 million in revenue; next quarter estimates are -$0.38 EPS and $341.35 million in revenues.  With shares around $2.46, the 52-week range is $2.31 to $6.19.

Ciena Corporation (NASDAQ: CIEN) is due Wednesday and the equipment maker could have some very volatile shares as traders will have very little else to focus on.  Thomson Reuters has estimates of -$0.10 EPS and $428.1 million in revenue; next quarter estimates are $0.06 EPS and $456.42 million in revenues.  With shares around $25.30, the 52-week range is $11.86 to $29.24.

Lululemon Athletica Inc. (NASDAQ: LULU) is due next Thursday and it has been impossible to not notice that the chart is becoming strained after a monster run up in the yoga and athletic-wear retailer.  Thomson Reuters has estimates of $0.38 EPS and $180.91 million in revenue; next quarter estimates are $0.40 EPS and $196.95 million in revenues.  With shares around $87.25, the 52-week range is $31.08 to $102.83.  We do not expect that investors will be happy with a “meet and reaffirm guidance” quarter.  As a reminder, we saw this as one of the top analyst calls of last week based upon its chart and valuation.

National Semiconductor Corporation (NYSE: NSM) is due next Thursday and we want to remind that this is only being evaluated for the Texas Instruments Inc. (NYSE: TXN) angle. Thomson Reuters has estimates of $0.27 EPS and $365.15 million in revenue; next quarter estimates are $0.29 EPS and $374.9 million in revenues.

Finisar Corporation (NASDAQ: FNSR) is due with earnings next Friday morning. Thomson Reuters has estimates of $0.33 EPS and $242.89 million in revenue; next quarter estimates are $0.38 EPS and $253.9 million in revenues.  With shares around $21.57, the 52-week range is $11.98 to $46.09.  Keep in mind that this one got killed last quarter as shares fell from $40 to $25 and its shares have traded in a range of $21 to $25 almost ever since.

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

The ultra-clean electricity generated by the power plant will interconnect into the existing SCE distribution grid without a commensurate investment in the transmission and distribution grid. An aim is to cut the reliance on the power grid and the DFC1500 installation will use natural gas as the fuel source to generate this ultra-clean electricity with virtually zero pollutants.

California State San Bernardino will become the fifth California university with a DFC installation, representing eight megawatts in total power generation capacity.  The unit is expected to be operational in early 2012.

No financial terms were disclosed.  Shares are still showing thin trading volume right before the open.  The initial news pop appeared to be up by double-digit percentages, but shares are up 4% at $1.82 right before the open.  The 52-week trading range is $0.98 to $3.40 and the market cap was $215 million at yesterday’s close.

JON C. OGG

Allied Irish Bank Group (NYSE: AIB) Cut to Hold and Target Cut to 1.02 (Euro) at RBS; Started as Outperform at Credit Suisse.
Applied Materials Inc. (NASDAQ: AMAT) Cut to Neutral at UBS.
Bank of Ireland (NYSE: IRE) Started as Outperform at Credit Suisse.
Energizer Holdings Inc. (NYSE: ENR) Raised to Overweight at Morgan Stanley.
FuelCell Energy Inc. (NASDAQ: FCEL) Started as Hold at Needham.
GeoEye, Inc. (NASDAQ: GEOY) Cut to Neutral at JPMorgan.
HSBC Holdings plc (NYSE: HBC) Cut to Hold at RBS.
Smith & Nephew plc (NYSE: SNN) Cut to Equal-weight at Morgan Stanley.
Telefonica, S.A. (NYSE: TEF) Cut to Hold at Citigroup.
VIVUS Inc. (NASDAQ: VVUS) Cut to Sell at Brean Murray.
WuXi PharmaTech Inc. (NYSE: WX) Raised to Buy at Jefferies.

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

JON C. OGG

The company sold 24 million in a public secondary offering this morning.  The $1.25 per share price raises about $30 million gross for the company, or about $28 million after fees.  Lazard Capital Markets is the sole book-running manager; Canaccord Genuity Inc. was co-manager.   It could bring in additional gross proceeds of close to $4.5 million if its overallotment option is exercised in full.

The problem is that FuelCell is doing this capital raise when shares are at a 52-week low.  The stock closed at $1.50 yesterday, and this is almost a 17% discount to that low.  The high of the last year is $4.61.  Looking at the stock’s chart shows that $1.50 is actually a low not seen in five years.

FuelCell Energy plans to use the funds for product development, project financing, expansion of manufacturing capacity, and general corporate purposes.

Before the effects of this secondary, the market cap was listed as almost $128 million.  Thomson Reuters expects the company to have 2010 and 2011 revenues of about $74 million this year and $142.4 million next year.

Raising capital for a company of this size is not unusual.  Management should have just used a little more foresight here and not punished their already suffering shareholders.  The company had more than $27 million in cash and short-term investments and almost $27 million more in longer-term investments.  It carries little long-term debt.

If FuelCell really needed this cash, this would likely have been known for some time.  Management should have done this at a more opportune time.

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

JON C. OGG

Sponsor: 26 Cheap Stocks to Sell – Cheap stocks have been on a tear recently, but nine out of ten stocks are circling the drain!

These will be utility-owned fuel cells on the campuses of California State University East Bay and San Francisco State University.  The company noted that this follows the recent approval by the California Public Utilities Commission for PG&E to install fuel cells at two California universities.

This is a win considering what were many delays on fuel cell orders due to the economy and the lower cost of fossil fuels.  To show that drop, the company had $88 million in revenues for the October fiscal year-end for 2009 versus $100.7 million in 2008 and above the $48 million in 2007.  Thomson Reuters estimates are for $96.78 million for this year’s revenues. It sees losses continuing for the future.

FuelCell has a market cap of $179.9 million based on yesterday’s close of $2.13.  This morning shares are up 7.5% at $2.29 and the 52-week range is $2.00 to $5.47.

This was a $10.00 stock back at the peak of the energy and alternative energy craze.

JON C. OGG

Claymore/MAC Global Solar Energy (NYSE: TAN) at $6.38 is down 4.35%, and the PowerShares WilderHill Clean Energy (NYSE: PBW) is down 4.56% at $8.44.  Many of the component companies in these ETFs and some of the other alternative energy stocks we follow in our own universe of stocks in the sector are down well over 5%.  We wanted to take a look at ten of the biggest losers in our alternative energy universe:

LDK Solar Co. Inc. (NYSE: LDK) is down 5.10% at $5.58.

Evergreen Solar, Inc. (NASDAQ: ESLR) is down 5.66% at $0.91.

JA Solar Holdings, Co., Ltd. is down 5.5% at $4.84.

Canadian Solar Inc. (NASDAQ: CSIQ) is down 3.67% at $11.56.

Akeena Solar, Inc. (NASDAQ: AKNS) is down 8.25% at $0.89.

Hoku Corporation (NASDAQ: HOKU) is down 5.41% at $2.80.

Zoltek Companies, Inc. (NASDAQ: ZOLT) is down 7.8% at $9.68.

FuelCell Energy, Inc. (NASDAQ: FCEL) is down 9.87% at $2.10.

Capstone Turbine Corporation (NASDAQ: CPST) is down 10.3% at $1.04.

American Superconductor Corporation (NASDAQ: AMSC) is giving back some as well with shares down a surprising 6.8% at $28.78.

This is not always the case, but generally the riskier the alternative energy company the more  the company has to lose in general with fossil fuels getting cheaper and cheaper.  The more solid players tend to have more and more orders in place where at least the existing orders already on the books are deemed less at-risk.

The odd thing is that some of these moves are on somewhat weak volume, so some is just a buyer’s strike while each is trying to find equilibrium (if that really exists).  Still, throw in European woes (large alternative energy clients) and a growing sense that there is a higher chance that the contagion will make economic recovery much less than expected and you have a ballgame.

JON C. OGG

The spreading oil slick in the Gulf of Mexico and its threat to the Gulf’s fishing grounds put into sharp relief the thin line between the US demand for energy and the country’s demand for food and a clean, safe environment. Those technologies and companies that reduce these threats could get a significant boost from the harm that the Gulf oil spill is wreaking on the environment.

Photovoltaic solar maker First Solar, Inc. (NASDAQ: FSLR) has battled oversupply and lower demand for the past year, but the company reported a stellar first quarter and its acquisition of NextLight Renewable Power gives it a solid backlog of projects going forward. The expected decline in demand from Germany resulting from a cut in the country’s feed-in tariff is currently depressing solar makers’ share prices, but that cut is not likely to have a severe or lasting impact on PV installations in Germany or the rest of Europe. First Solar is well-positioned to take advantage of a growing PV market.

Wave technology pioneer Ocean Power Technologies, Inc. (NASDAQ: OPTT) is currently building a 500-watt power-generating buoy with help from a grant from the US Department of Energy. The company’s buoys harness wave action and convert it to electricity. Ocean Power is not the only company working on this technology, but it was the first and it is still the only publicly traded company in the business.

SunPower Corp. (NASDAQ: SPWRA) manufactures a variety of solar PV products using polysilicon wafers. The company has had its ups and downs in the past year, but is suffering now from margin compression and a pushing out of orders to the second half of the year. The company has been a solid low-cost provider of polysilicon-based PV solar devices and, even though it is struggling now, it’s future should brighten as demand for PV solar grows.

Energy Conversion Devices, Inc. (NASDAQ: ENER) is another thin-film solar PV maker that has fallen victim to delayed orders. The company is expecting to turn the corner later this year. All the solar companies face the difficult situation of reducing production costs while at the same time maintaining margins. If prices fall too fast as costs decline, margins get squeezed and that his what has happened to ECD and SunPower. But, like all other alternative energy companies, ECD could get a significant boost as public reaction to the oil spill could lead to the adoption of policies that support the development and installation of alt energy.

GT Solar, Inc. (NASDAQ: SOLR) builds that machines that solar PV makers use to produce wafers, cells, and modules. Its fortunes have followed the solar companies, but GT is working on new technology to reduce the cost of making raw polysilicon. As demand for solar panels grows, manufacturing capacity will grow right along with it, and that’s good for GT.

For a company like Real Goods Solar, Inc. (NASDAQ: RSOL), which offers integration services to residential and commercial customers, the lower prices for PV solar and more generous support from government offer a chance to boost revenues and margins. The company even offers a pre-built solar home for $95,000-$120,000 in its most recent catalog. It may take a while for that idea to catch on, but offering turnkey solutions to consumers at a reasonable price is a good long-term strategy.

Zoltek Companies, Inc. (NASDAQ: ZOLT) participates in the expanding market for wind power generation, making the carbon fibers used in building wind turbines. Demand from the company’s largest company, and world’s largest producer of advanced wind turbines, Vestas Systems of Denmark has picked up again and is expected to continue through the rest of this year.

FuelCell Energy, Inc. (NASDAQ:FCEL) uses of natural gas to power its fuel cells makes it attractive to businesses and utilities looking to boost renewable portfolio generation. The company just won a contract with the state of California to install 5.6 megawatts of fuel cell power plants at four state universities. The plants will use waste heat and water from electricity generation to heat swimming pools and irrigate landscaping.

For the past year or so, Clean Energy Fuels Corp. (NASDAQ: CLNE) and its founder, T. Boone Pickens, have been touting the advantages of natural gas as a transportation fuel. The company is building out a refueling infrastructure, a very risky proposition indeed. However, the low cost of natural gas, its seeming abundance, and the fact that natural gas reducing carbon emissions by about a third from gasoline all work in this company’s favor. Plus, having Pickens out in front guarantees that Clean Fuels will get noticed.

American Superconductor Corp. (NASDAQ:AMSC) supplies wind turbine technology and control systems. The company recently increased its guidance for the rest of 2010 on revenues and margins. Because wind power is the alternative energy of choice in many parts of the world, American Semi is on a path to solid growth even beyond this year.

The opportunities in the alternative energy field vary, of course, but wind should continue to be strong and solar should strengthen as public demand for cleaner energy sources grows following the disaster in the Gulf.  Whether or not these companies can seize the day will likely be on a case by case basis.  Some have not performed well and some face continued pressures ahead.   Maybe these companies have an edge for more projects similar to when oil was well above $100.00 as raw cost comparisons may not be the only measurement ahead.  Opportunity is there.

Paul Ausick