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Notable Market Action: October 13, 2009

Oct 14, 2009 - 7:24 AM EDT

Some notable analyst changes and stock activity:

• Goldman upgraded Posco (PKX) to buy and added them to their conviction buy list. They also increased their target price to $150.

• Lazard upgraded Dryships (DRYS) from a hold to a buy.

• Meredith Whitney downgrades shares of Goldman Sachs (GS) from buy to neutral with a $186 price target.

• Goldman Sachs downgrades Meredith Whitney after her 15 minutes of fame run out.

• Deutsche Bank initiates coverage on Citibank (C) with a buy and a $5.50 price target.

• Credit Suisse upgrade credit card companies Visa (V) and Mastercard (MA) from neutral to outperform. They clearly feel better about consumer spending.

• Some big money is flowing into call options of Costco (COST):

COST – Costco Wholesale Corp. – Shares of the merchandise warehouse operator rose nearly 1.5% during the trading session to $58.77. A chunk of calls purchased in the front-month today indicates some investors expect continued upward movement in shares by expiration this Friday. Approximately 8,000 calls were purchased at the October 60 strike for 15 cents apiece. Shares of COST must increase at least 2% to $60.15 for investors to amass profits.

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Source: Seeking Alpha (Oct 14, 2009 - 7:24 AM EDT)