Owens Corning - Upgrades & Downgrades

NEW YORK (TheStreet) -TheStreet Ratings' stock model upgraded Owens Corning(OC) to 'Buy' from 'Hold'. The net income at this building materials company increased by 2739% when compared to the same quarter one year prior, rising from $33 million to $937 million.

TheStreet Ratings released rating changes on 26 additional U.S. common stocks for August 6, 2010. In all, nine stocks were downgraded and 18 stocks have been upgraded by our stock model. The number of upgrades exceeding downgrades by a two-to-one margin today continues to be a bullish signal from our model for continued economic recovery.

Since the same quarter one year prior, revenues at Owens Corning rose by 13% to $1.4 billion from $1.2 billion in second quarter of 2009. The company added another 10 million shares to its share buyback program on top of the 1.9 million currently eligible to be bought back as a sign of confidence in their business outlook for the remainder of 2010.

Another company being upgraded to 'Buy' from 'Hold' is Pepco Holdings(POM). This power utility reported a net loss of $54 million in the second quarter. However, with $130 million loss from discontinued operations, such as their former Conectiv Energy wholesale power generation unit, the company is rallying on the otherwise good quarterly results.

-- Reported by Kevin Baker in Jupiter, Fla.

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