• JP Morgan (NYSE:JPM) upgraded General Electric (NYSE:GE) to “overweight” from “neutral,” and lifted its price target to $17, on relative valuation measures

• AIG (NYSE:AIG) was downgraded to “underperform” at Credit Suisse (NYSE:CS), with its price target lowered to $15 from $30, and 2009 estimate cut to a $13.98 loss, with 2010 initiated at an estimate of $5.70

• Smithfield Foods (NYSE:SFD) reported a fiscal first quarter loss of 56 cents a share, three cent under expectations versus last year’s 17 cent loss, on revenues of $2.7 billion, off estimates of $2.8 billion

• Kraft (NYSE:KFT) advised its will continue to pursue its unsolicited offer for Cadbury (NYSE:CBY), after Cadbury rejected the firm’s $16.7 billion cash and stock bid

• Airbus turned positive, projecting an air passenger volume rebound. In 2009 passenger volume is estimated to drop 2%, in 2010 to climb 4.6%, and in 2011 to soar 7%

• Goldman Sachs (NYSE:GS) upgraded Red Hat (NYSE:RHT) to “buy,” and raised the price target to $28 from $18

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