Hershey Sale Rumor Refuted

Editor's Note: In this feature from Stockpickr, we highlight lists of stocks that have been upgraded by analysts, are experiencing activist situations or some other market moving events.

Rumors of the Day: According to Reuters, Hershey's(HSY Quote) controlling shareholder said he is committed to maintaining control of the company. Hershey Trust Chairman Leroy Zimmerman made comments in response to a Deutsche Bank note, which suggested the company may reconsider its position on a sale. The stock lost 11 cents to $46.43.

Jefferies initiated coverage of The Cooper Cos.(COO Quote) with a hold rating. The firm offered a price target of $48.

"Contrary to the Street, we do not consider COO a realistic near-term takeout candidate," Jefferies analyst Peter Bye wrote. "We also believe the Street has adopted an overly optimistic stance on the U.S. Biofinity launch and COO's ability to spur a meaningful shift in the U.S. lens market toward daily disposables. Though we recognize the value of COO's quality-focused lens portfolio, we believe the company is facing numerous challenges that will negatively impact its sales and EPS for the next several years." Cooper shares fell $1.95 to $50.

Today's Hot List: GameStop(GME Quote) reports second-quarter earnings of 14 cents a share, 5 cents better than estimates. Revenue came in at $1.34 billion, vs. the consensus of $1.19 billion. The company now sees third-quarter earnings of between 19 cents and 21 cents a share, vs. the consensus of 18 cents a share, and full-year earnings of between $1.45 a share and $1.48 a share, vs. the consensus of $1.46 a share. GameStop surged $4.54 to $47.96.

Analyst Downgrades: Merrill Lynch downgraded Associated Banc-Corp(ASBC Quote) to sell from neutral. It also cut its estimates to reflect higher loss assumptions and a less aggressive buyback program. Shares dipped 78 cents at $27.95.

Analyst Upgrades: Wachovia and Friedman Billings upgraded Countrywide Financial(CFC Quote) to market perform, from underperform. The company still has some near-term earnings risk, but the capital infusion should prevent a liquidity catastrophe. The stock closed up 21 cents to $22.03.