Amgen Inc. (NASDAQ: AMGN) Added to Strong Buy List at Zacks Investment Research.
AT&T Inc. (NYSE: T) Cut to Neutral at JPMorgan.
Baxter International Inc. (NYSE: BAX) Reduced to Outperform from the “Top Pick” and target lowered to $58 from $61 by RBC Capital Markets.
BHP Billiton Ltd. (NYSE: BHP) cut to Underperform and named as Bear of the Day at Zacks Investment Research.
F5 Networks, Inc. (NASDAQ: FFIV) Raised to Outperform from Perform at Oppenheimer.
HomeAway, Inc. (NASDAQ: AWAY) Started as Neutral at Credit Suisse.
Macy’s Inc. (NYSE: M) named as value stock of the day at Zacks Investment Research.
Mid-America Apartment Communities Inc. (NYSE: MAA) Raised to Outperform at Keefe Bruyette & Woods.
Novellus Systems, Inc. (NASDAQ: NVLS) Cut to Neutral from Overweight at JPMorgan.
OpenTable Inc. (NASDAQ: OPEN) Started as Outperform with a $49.00 price target objective at Credit Suisse.
Smithfield Foods Inc. (NYSE: SFD) named as Bull of the Day at Zacks Investment Research.
Urban Outfitters Inc. (NASDAQ: URBN) Raised to “Top Pick” from Outperform at FBR Capital Markets.
Web.com Group, Inc. (NASDAQ: WWWW) Started as Overweight at JPMorgan.

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JON C. OGG

Arcelor Mittal (NYSE: MT) Started as Equal Weight at Barclays.
Avanir Pharmaceuticals, Inc. (NASDAQ: AVNR) Reiterate as “Buy” with a $6 price target by Canaccord Genuity.
Citi Trends, Inc. (NASDAQ: CTRN) Maintained Underperform as Bear of the Day at Zacks.
Ethan Allen Interiors Inc. (NYSE: ETH) Started as Hold at Argus.
Intel Corporation (NASDAQ: INTC) Maintained Outperform but cut estimates at Credit Suisse; maintained Hold with $24 price target objective at Canaccord Genuity.
International Game Technology (NYSE: IGT) resumed with “Outperform” rating at Wells Fargo.
Kaiser Aluminum Corporation (NASDAQ: KALU) Started as Buy at BofA/Merrill Lynch.
Las Vegas Sands Corporation (NYSE: LVS) resumed with “Outperform” rating at Wells Fargo.
Mastercard Incorporated (NYSE: MA) Started as Buy at Nomura.
MGM Resorts International (NYSE: MGM) resumed with “Outperform” rating at Wells Fargo.
Momenta Pharmaceuticals Inc. (NASDAQ: MNTA) reiterate as Buy with a $23 price target objective by Canaccord Genuity.
Noranda Aluminum Holding Corp. (NYSE: NOR) Started as Buy at BofA/Merrill Lynch.
Smithfield Foods Inc. (NYSE: SFD) named as Value stock of the day at Zacks Investment Research.
Southern Co. (NYSE: SO) Cut to Hold from Buy for short-term coverage but maintained a Buy for long-term at Argus.
Spectra Energy Corporation (NYSE: SE) Maintained Outperform as Bull of the Day at Zacks Investment Research.
Urban Outfitters Inc. (NASDAQ: URBN) Maintained Neutral and lowered estimates at Credit Suisse; Maintained Underperform with $17 price target objective by Jefferies.
Visa, Inc. (NYSE: V) Started as Buy at Nomura.
Wynn Resorts Ltd. (NASDAQ: WYNN) resumed with “Market Perform” at Wells Fargo.

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The unofficial closing bells put the DJIA down more than 198 points to 11,997.93 (-1.63%), the NASDAQ fell nearly 53 points (-1.99%) to 2,596.38, and the S&P 500 fell -2.11% or nearly 27 points to 1,234.35.

There were several analyst upgrades and downgrades today, including Cisco Systems Inc. (NASDAQ: CSCO) reiterated as ‘buy’ with a price target of $24 at Argus. Other ratings actions today include Diamond Offshore Drilling Inc. (NYSE: DO) started as ‘sell’ with a target price of $70 at Goldman Sachs; Las Vegas Sands Corp. (NYSE: LVS) cut to ‘neutral’ at Janney; Lululemon Athletica Inc. (NASDAQ: LULU) restarted as ‘buy’ at Sterne Agee; Philip Morris International, Inc. (NYSE: PM) cut from ‘buy’ to ‘neutral’ at Nomura; and Schlumberger Ltd. (NYSE: SLB) started as ‘neutral’ at Goldman Sachs.

Here are today’s post-earnings news reactions with prices during the last half-hour of trading: Ciena Corp. (NASDAQ: CIEN) is up 2.7% at $12.23; Costco Wholesale Corp. (NASDAQ: COST) is down -1.3% at $86.33; Smithfield Foods, Inc. (NYSE: SFD) is down -2.6% at $24.29; Layne Christensen Co. (NASDAQ: LAYN) is down -4.1% at $23.61; and Korn/Ferry International (NYSE: KFY) is down -8% at $15.77.

Other standouts from today include the following shares:

DemandTec, Inc. (NASDAQ: DMAN) is up nearly 56% at $13.15. The cloud-software company has accepted a takeover bid from IBM Corp. (NYSE: IBM) of $13.50/share, a 57% premium over yesterday’s closing price.

Affymax, Inc. (NASDAQ: AFFY) is up more than 38% at $8.10. The US FDA has approved the company’s anemia drug for dialysis patients suffering from chronic kidney failure.

E-Commerce China Dangdang Inc. (NYSE: DANG) is up nearly 24% at $5.76. The Chinese e-commerce company has announced that it will issue an e-reader later this month and split content revenue with producers, keeping 40% for itself.

Invacare Corp. (NYSE: IVC) is down more than -25% at $15.39, after posting a new 52-week low earlier today. The medical supplies maker is in danger of having the US FDA close down some of its operations because Invacare has failed to comply with quality standards.

Pinnacle Airlines Corp. (NASDAQ: PNCL) is down about -23% at $1.47, after posting a new 52-week low of $1.40 earlier today. The regional airlines has initiated a program to cut costs and raise liquidity.

Tesla Motors Inc. (NASDAQ: TSLA) is down nearly -3.5% at $30.75. The electric car maker’s stock was downgraded by Morgan Stanley from ‘overweight’ to ‘underweight’ and the target price was slashed from $70 to $44.

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

• 8:30 a.m. – International trade report for October
• 9:55 a.m. – Reuters/University of Michigan consumer sentiment report

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Paul Ausick

Annaly Capital Management, Inc. (NYSE: NLY) Cut to Market Perform at KBW.
Aruba Networks, Inc. (NASDAQ: ARUN) Raised to Buy at Janney.
Cabot Oil & Gas Corporation (NYSE: COG) named Bull of the Day at Zacks.
The Coca-Cola Company (NYSE: KO) Started as Buy at Jefferies.
Cree Inc. (NASDAQ: CREE) Started as Buy at Goldman Sachs.
Darden Restaurants, Inc. (NYSE: DRI) Cut to Equal-Weight at Morgan Stanley.
Hewlett-Packard Co. (NYSE: HPQ) Raised to Buy at Stern Agee.
Honda Motor Company (NYSE: HMC) named Bear of the Day at Zacks.
Lennar Corporation (NYSE: LEN) Cut to Neutral at Citigroup.
Pepsico Inc. (NYSE: PEP) Started as Hold at Jefferies.
Quaker Chemical Corporation (NYSE: KWR) named Value stock of the day at Zacks.
Smithfield Foods Inc. (NYSE: SFD) Raised to Outperform at Credit Suisse.
Veeco Instruments Inc. (NASDAQ: VECO) Started as Neutral at Goldman Sachs.

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JON C. OGG

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.

ARM Holdings plc (NASDAQ: ARMH) Raised to Buy at Citigroup.
CareFusion Corporation (NYSE: CFN) Raised to Buy at BofA/ML.
ConocoPhillips (NYSE: COP) Cut to Underperform at Macquarie.
Edison International (NYSE: EIX) Added to US Focus List at Credit Suisse.
General Mills, Inc. (NYSE: GIS) Added to Conviction Buy List at Goldman Sachs.
Goldman Sachs Group Inc. (NYSE: GS) estimates cut to expect a loss by Citigroup.
PDL BioPharma, Inc. (NASDAQ: PDLI) Cut to Sector Perform at RBC.
SAP AG (NYSE: SAP) Started as Buy at Citigroup.
Smithfield Foods Inc. (NYSE: SFD) Raised to Buy at BofA/ML.
Sprint Nextel Corporation (NYSE: S) Cut to Hold at Argus; Removed from U.S. Focus List at Credit Suisse.
Stryker Corporation (NYSE: SYK) Raised to Buy at BofA/ML.
Telefonica, S.A. (NYSE: TEF) Cut to Neutral at Goldman Sachs.
Telecom Italia SpA (NYSE: TI) Cut to Sell at Goldman Sachs.
Tyson Foods Inc. (NYSE: TSN) Raised to Buy at BofA/ML.
Valero Energy Corporation (NYSE: VLO) Raised to Overweight at Barclays.

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We have been searching for deep value stocks of late now that the market sell-off has taken out a large bite from the value of many major companies.  Some analysts group food differently than beverages, but our screen includes all of the following to identify the best value: Campbell Soup Co. (NYSE: CPB); The Coca-Cola Company (NYSE: KO); ConAgra Foods, Inc. (NYSE: CAG); Dr. Pepper Snapple Group, Inc. (NYSE: DPS); General Mills, Inc. (NYSE: GIS); Hormel Foods Corporation (NYSE: HRL); Kellogg Company (NYSE: K); Kraft Foods Inc. (NYSE: KFT); Pepsico, Inc. (NYSE: PEP); Tyson Foods, Inc. (NYSE: TSN); and Smithfield Foods Inc. (NYSE: SFD).

We are looking at food and beverages separately today in identifying the best value for investors looking for safe havens in the storm.  This sector is already very defensive in nature, and we found that the defensive sector of consumer products actually has a market premium due to investors seeking safety.  The good news is that the food and beverage sector has a few differences.

Campbell Soup Co. (NYSE: CPB) recently traded at $30.85 and its market cap is $10 billion.  The stock’s 52-week trading range is $29.69 to $36.99.  The current value is trading at a price-to-book ratio of about 9 to 1.  Its forward price earnings multiple is 12.2 and its return on equity is 78.8%.  The canned soup company currently pays a dividend yield of about 3.8% to investors.  Thomson Reuters has a consensus price target of $34.00, implying roughly 10.2% upside to the most recent price.  Campbell is under a new CEO and undergoing some change.  It is hard to imagine that this is a luxury good or a health food group stock, but the company has been under fire from private-label soups in the past and it is now going to add more salt and flavors to regain some market share.  Due to the correction, there is almost a turnaround element here.

The Coca-Cola Company (NYSE: KO) recently traded at $69.37 and its market cap is $159 billion.  The stock’s 52-week trading range is $56.01 to $71.77.  The current value is trading at a price-to-book ratio of about 4.5 to 1.  Its forward price earnings multiple is 16.1 and its return on equity is 41.29%.  The beverage giant currently pays a dividend yield of 2.71% to investors.  Thomson Reuters has a consensus price target of $77.86, implying roughly 12.2% upside to the most recent price. What is so interesting about Coca-Cola is that it just the magic 52-week high list right after Labor Day.  Coke and water, you gotta drink!  This is a huge position for Warren Buffett, but chances are that it will be that way in a decade from now (or for his successor).

Ethanol makers Valero Energy Corp. (NYSE: VLO) and Green Plains Renewable Energy, Inc. (NASDAQ: GPRE) also got a boost, but Pacific Ethanol, Inc. (NASDAQ: PEIX) dropped to a new 52-week low of $0.45/share. Pacific Ethanol faces higher costs for corn than either ADM which grows some of its own and Green Plains which benefits from being located in the Midwest, near the nation’s corn-growing region.

Some analysts are projecting a price for corn at above $8/bushel, busting through the all-time high of just over $7.99/bushel set in June. The impact on food prices is likely to vary as some food makers absorb the price increases and others pass the increases along to consumers.

Kraft Foods Inc. (NYSE: KFT), J.M. Smucker Co. (NYSE: SJM), General Mills, Inc. (NYSE: GIS), and Kellogg Co. (NYSE: K) are all trading higher than they were a year ago, but have pulled back from annual highs set earlier this summer. Meat processors Tyson Foods Inc. (NYSE: TSN), Hormel Foods Corp. (NYSE: HRL), and Smithfield Foods, Inc. (NYSE: SFD) will likely switch at least part of their feed supply to cheaper wheat, helping keep prices down for chicken, beef, and pork.

Corn yields per acre are now expected to be 153 bushels/acre, down from a previous USDA estimate of 159 bushels/acre. But if hot temperatures continue, especially at night, yields could fall below 150 bushels/acre. That’s a 10% decline in the crop, and could push prices even higher.

For the ethanol makers, corn prices above $7.50/bushel make ethanol production unprofitable at the current price of around $2.60/gallon. Some wheat can be substituted for corn, but the price for ethanol will have to rise, to some extent cancelling any relief for consumers from lower oil prices.

Corn futures are trading slightly lower in Chicago this morning, after closing at $7.14/bushel yesterday. Soybeans and wheat also rose after the USDA’s report was released yesterday.

The Market Vectors Agribusiness ETF (NYSE: MOO) closed at $49.17 yesterday, up more than 4% on the day, and within a 52-week range of $41.83-$57.93. The PowerShares DB Agriculture Fund (NYSE: DBA) rose about 2.5% yesterday, to close at $32.21, within its 52-week range of $25.63-$35.58.

Paul Ausick

Goldman predicts that prices will remain high this fall, but that by December 2011 the price of a basket of farm products will be lower than it was 12 months earlier by an estimated 7%. By the looks of today’s prices for corn and wheat, Goldman may have gotten this one right.

Corn is down nearly 6%, at $6.11/bushel and has fallen below the price of wheat, which is currently trading at about $6.15/bushel. Corn has been trading higher than wheat for about two weeks or so, a condition so unusual that it’s happened only twice before in nearly 30 years.

Falling prices for grains could be good news for food processors like Archer Daniels Midland Co. (NYSE: ADM), Bunge Ltd. (NYSE: BG), and privately held Cargill. Producer/distributors like Tyson Foods, Inc. (NYSE: TSN) and Smithfield Foods Inc. (NYSE: SFD) could also profit, along with consumer products makers like Kraft Foods Inc. (NYSE: KFT), ConAgra Foods Inc. (NYSE: CAG), General Mills Inc. (NYSE: GIS) and Kellog Co. (NYSE: K).

All these companies are showing share price gains for the first six months of 2011, with ADM up just marginally and ConAgra up near 15%. For the past year, Smithfield share price rose about 50%, Bunge about 39%, and the laggard, General Mills, about 5%. And that’s with higher prices all along the value chain.

If Goldman is right about a price drop, however, the fourth quarter of 2011 and the first half of 2012 could be even better for Smithfield, Tyson, ConAgra and the other consumer products makers because the costs will fall faster than their prices. Retail prices are sticky compared to commodities prices, and that could even give ADM and Bunge a little boost as they try to hold onto higher prices as their costs drop.

Now the real weather watching begins because the crops are in the ground and the right mix of rain and sunshine can mean the difference between a big crop and a mediocre one. If the crop year produces the harvests that Goldman expects, these food companies could see some good harvests of their own.

Paul Ausick

Research In Motion Ltd. (NASDAQ: RIMM) is the obvious big one, but there are others like Best Buy Co. Inc. (NYSE: BBY) and Kroger Co. (NYSE: KR) that can move their sectors and related sectors.  We have compiled data from Thomson Reuters consensus as well as shown pricing data and added color on each if applicable.

Majesco Entertainment Co. (NASDAQ: COOL) is due with earnings on Monday and this small-cap video game company has come back like a champ as it has focused on small format and “freemium” games in social media or mobile gaming.  It just this week announced an NBA format game as well.  Thomson Reuters has estimates of $0.07 EPS and $25.5 million in revenue; the estimates for the coming quarter are -$0.02 EPS and $17.5 million in revenue.  Be advised that Majesco is very thin on analyst coverage so those figures may differ greatly from real results. Shares are trading around $4.08 and its 52-week range is $0.49 to $4.19 and its market cap is still only $153 million.

Best Buy Co. Inc. (NYSE: BBY) is due to report earnings on Tuesday and the current expectation during the slowdown looks very “Blah!” from where we sit today.  The good news is that the stock is now very cheap and it does screen out as a “value stock” even if the bias is negative ahead of earnings.  Thomson Reuters has estimates of $0.33 EPS and $10.69 billion in revenue; the estimates for the coming quarter are $0.54 EPS and $11.41 billion in revenue.  Shares are trading around $28.70 and its 52-week range is $28.09 to $45.63; Thomson Reuters has a consensus price target objective of almost $36.25.

Capstone Turbine Corporation (NASDAQ: CPST) is due to report on Tuesday.  This is another non-market mover and it won’t even be a sector-mover.  It is still a cult stock in the alternative and green (or less dirty) energy.  We might not even have cared, but a fresh call from FBR Capital brought attention here when it was started with an analyst rating of “Outperform.”  We would caution that it is thinly covered by Wall Street.  Thomson Reuters has estimates of -$0.03 EPS and $25.97 million in revenue; the estimates for the coming quarter are -$0.02 EPS and $24.7 million in revenue.  Shares are trading around $1.66 and its 52-week range is $0.62 to $2.14.

Finisar Corporation (NASDAQ: FNSR) is due to report Wednesday.  Thomson Reuters has estimates of $0.33 EPS and $242.89 million in revenue; the estimates for the coming quarter are $0.38 EPS and $253.9 million in revenue.  Shares are trading around $18.30 and its 52-week range is $11.98 to $46.09.  Needless to say, this one was bashed at its last earnings.  This one got hit this last week when CIENA Corporation (NASDAQ: CIEN) was hit after earnings.  Don’t quote us on this (unless it recovers), but if Finisar can meet its lowered expectations it is actually now showing up as a “value stock” for investors looking at companies that trade at under 10-times forward earnings.  Needless to say, this one has not exactly gone too well in 2011.

China Finance Online Co. Ltd. (NASDAQ: JRJC) has not escaped the China-bash trade, particularly since this company provides online financial and listed company data and information in China.  We only have one real estimate so this one is likely more of a “language” report than a “meet or beat” report. Its earnings report is due Thursday.  Thomson Reuters has estimates of $0.06 EPS and $14.99 million in revenue; the estimates for the coming quarter are $0.04 EPS and $15.06 million in revenue.  Shares are trading around $3.91 and its 52-week range is $3.65 to $8.59.

Kroger Co. (NYSE: KR) is due to report on Thursday.  Thomson Reuters has estimates of $ EPS and $ in revenue; the estimates for the coming quarter are $ EPS and $ in revenue.  Shares are trading around $23.40 and its 52-week range is $19.56 to $25.48.  With cost pressures still persisting, the low margins are something to watch here as companies are not yet able to pass on major price hikes in retail food sales.

Pier 1 Imports Inc. (NYSE: PIR) is due Thursday.  Thomson Reuters has estimates of $0.12 EPS and $334.96 million in revenue; the estimates for the coming quarter are $0.13 EPS and $333.97 million in revenue.  Shares are trading around $11.05 and its 52-week range is $5.67 to $12.75.  As you should have noticed, Pier 1 is back to making money and the stock has held up fairly well since its recovery when you consider that it was an at-risk brand during the recession.

Research In Motion Ltd. (NASDAQ: RIMM) is the Big Kahuna due to report this coming Thursday.  Needless to say, after the warnings and after the rise of Apple and Google, the expectations are low.  R-I-M is one company which could even find itself at-risk in the years ahead if the trends of today are not rectified.   Thomson Reuters has estimates of $1.32 EPS and $5.15 in revenue; the estimates for the coming quarter are $1.42 EPS and $5.51 billion in revenue.  Shares are trading around $36.75 and its 52-week range is $$36.08 to $70.54.  While this looks cheap and sounds cheap from an earnings valuation standpoint, keep in mind that many downgrades have been seen since its earnings warning.  R-I-M is likely a value trap rather than a value stock as shares have continued to slide far worse than when it first warned.  Our take… RIM should try to merge with Nokia Corporation (NYSE: NOK).

Smithfield Foods Inc. (NYSE: SFD) is supposed to be defensive in nature because it is food, but input costs and transportation costs have weighed on the fresh meat and packaged meat producer. Thomson Reuters has estimates of $0.82 EPS and $3.24 billion in revenue; the estimates for the coming quarter are $0.71 EPS and $3.23 billion in revenue.  Shares are trading around $18.95 and its 52-week range is $13.34 to $24.93.

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