Intercontinental Exchange-ICE target lowered to $143 from $168@BOFA
Banc of America lowered their target but finds current valuation levels attractive for long-term investors. They believe ICE’s growth catalysts outweigh the risks and keep a Buy rating on the stock.

GTXI expects to file Toremifene NDA in Q4 with the FDA

Apple-AAPL initiated with a Buy, target $195@UBSW
UBS believes AAPL has a competitive advantage and their checks indicate new Macs, new iPhone colors and potentially new iPods may come early on in the second half of 2008.

Intercontinental Exchange-ICE: Weakness overdone@FBCO
Credit Suisse said weakness following the Q2 report is overdone. The firm said Q2 results were healthy and that outlook is intact. Shares of ICE are the firm’s top pick in the group. Price target lowered to $170 from $185. Shares are Outperform rated.

(Important note on how to use this upgrade/downgrade list with analyst comments and news….you must parse out the factual data (Factual data is the most important) from the opinionated data and always take all analyst comments with a grain of salt. Do not follow blindly with their recommendations. Remember that technicals are the most powerful force in short term direction for stock prices due to the law of supply and demand.)

Jim Cramer’s “Mad Money”
Monday’s show had Cramer outlining 25 rules that he says will help investors play the markets defensively to avoid big losses and keep their money safe. 1. Stay Diversified- He advocated not having more than 20% of your portfolio in any sector and avoiding having “two-of-a-kind” at all costs. 2. Buy and sell slowly. 3. Your first loss is your best loss. 4. Dividends limit losses. 5. It’s always good to have some cash. 6. Don’t own too many volatile stocks. 7. Know what you own. 8. Don’t own low-dollar stocks. 9. Accounting irregularities equals sell. 10. Stay away for two good quarters following an earnings shortfall. 11. When your broker stops talking about a stock, it’s time to sell. 12. After a big run, get defensive. 13. If a stock’s dividend yield is twice that of Treasuries, sell it. 14. If a company has a new CEO, stay away. 15. Never turn a trade into an investment. 16. Never sell call or put options. 17. Never use margin. 18. Never buy a stock at its all-time high; wait for a 5% to 8% pullback before pulling the trigger. 19. Play with the house’s money. 20. Keep your head clear. 21. Contribute to retirement accounts throughout the year. 22. Mutual funds should be diversified, too. 23. Playing defense is crucial in volatile markets. 24. Invest in stocks with buyback programs. 25. Don’t stop looking at your monthly statement - you won’t know how bad things really are. Keep your eyes open and stay current.

Fast Money position recap- First Moves: Karen likes MSFT, Tim is adding to his EEV, Jeff likes COST, Guy likes JNJ.
Finerman’s Firm Is Short (IYR) (IJR) (MDY) (SPY) (IWM) (COF) (BBT) (XLF), Finerman’s Firm And Finerman Own (C) Leaps, Finerman Owns (GS), Finerman’s Firm Owns (MO) (MSFT) (PM) (SUN) (TSO) (VLO), Macke Owns (MSFT) (WMT) (COST), Macke Is Short (TM), Adami Owns (AGU) (C) (BTU) (GS) (INTC) (MSFT) (NUE), Seymour Owns (AAPL) (CSCO) (INTC) (MER) (MSFT) (TSO) (EEM) (F) (SHLD), Seygem Asset Management Owns (EEV), Joe Terranova Owns (BNI), Jon Najarian Owns (EMC) Calls, Jon Najarian Owns (CSCO) Calls.

Art Cashin says he is looking for a goldilocks statement from the Fed which is that inflation is moderating and the economy is stabilizing. Commodities got walloped yesterday and it could be more of the same as the commodity unwind continues. This is good for economy as lower commodity prices reduces the drag on the economy.
The story could be about financials and the dollar today so I will be keeping an eye on both especially after the Fed decision. Keeping light on my feet going into the Fed statement. Pick plays with a high probability of success, have focus and patience, run technicals through support and resistance. Great luck and HappyTrading.