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These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Tuesday morning.

Alkermes, Inc. (NASDAQ: ALKS) Raised to Outperform at Leerink Swann.
American Eagle Outfitters, Inc. (NYSE: AEO) Cut to Neutral at Janney.
Archer Daniels Midland Company (NYSE: ADM) Cut to Underperform at BofA/ML.
BHP Billiton Ltd. (NYSE: BHP) Started as Buy at RBS.
Cisco Systems, Inc. (NASDAQ: CSCO) Started as Buy at boutique firm BGC Financial.
The Dow Chemical Company (NYSE: DOW) Maintained Strong Buy as Value at Zacks.
GAMCO Investors, Inc. (NYSE: GBL) Raised to Buy at BofA/ML.
Illinois Tool Works (NYSE: ITW) Raised to Outperform as Bull of the Day at Zacks.
The Jones Group Inc. (NYSE: JNY) Cut to Sell at Goldman Sachs.
Merck & Co. Inc. (NYSE: MRK) Reiterated Buy and $41 target at Argus.
Philips Electronics NV (NYSE: PHG) Cut to Neutral at JPMorgan.
Quest Diagnostics, Inc. (NYSE: DGX) reiterated Outperform but on Focus List at Credit Suisse.
Regis Corporation (NYSE: RGS) Kept at Underperform as Bear of the Day at Zacks.
Rio Tinto plc (NYSE: RIO) Started as Buy at RBS.
Saks Incorporated (NYSE: SKS) Raised to Neutral from Sell at Goldman Sachs.
Tyson Foods Inc. (NYSE: TSN) Cut to Underperform at BofA/ML.
Viacom, Inc. (NYSE: VIA-B) Raised to Buy at Argus.

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JON C. OGG