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Is Yahoo!-Microsoft Still Alive?

A Bear Stearns note revived hope for a deal and boosted both stocks.

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

: In a note on



this morning, Bear Stearns named the stock a "Top Pick" and said



may still be interested in the company. The firm also said Yahoo! may gain 78 cents per share from a planned IPO for, a Chinese ecommerce company in which Yahoo! owns a 40% stake. Yahoo! shares jumped $1.24 to $23.97, while Microsoft was up 19 cents at $28.92.



, which makes semiconductors for solid state lighting, was surging in preopen trading on



takeover chatter. Cree's option volume was heavy on 16,373 contracts on Friday, and its overall option-implied volatility of 48 is above the six-month average of 39, according to Track Data, suggesting larger price fluctuations. However, reports from

Dow Jones

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TheStreet Recommends

confirmed that GE isn't interested in purchasing Cree. Cree was recently trading up only 47 cents to $27.07, while GE was 5 cents lower to $38.82.

Today's Hot List

: Advanced Semiconductor Engineering and

ASE Test Limited


, a majority-owned subsidiary of ASE, have reached an agreement through which ASE will acquire the remaining ASE Test ordinary shares it does not directly or indirectly own. The stock surged $2.60, or 22.1%, to $14.37.

Analyst Downgrades

: Goldman Sachs downgraded

Bristol-Myers Squibb


to sell from neutral and lowered its price target to $30. The firm noted unappealing valuation and said that although management has made attractive moves to lower costs and invest in pipeline, valuation continues to run ahead of fundamentals. Bristol-Myers was up 10 cents to $29.25.

Analyst Upgrades

: Cowen & Co. upgraded

American Eagle


to outperform from neutral. The retail apparel company posted strong August sales and should be able to deliver 15% earnings growth. Shares were lower by 9 cents at $25.74.

Latest Activist Situations

: In a regulatory filing after the close, ValueAct Capital disclosed a 5.7% stake in

Exterran Holdings


. The firm did not make any direct requests on the company but said it will monitor its investment and may enter discussions with management. The stock gained 30 cents to $77.80.

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