NEW YORK (

TheStreet

) -TheStreet Ratings' stock model upgraded

Qualcomm

(QCOM) - Get Report

to 'Buy' from 'Hold'. Net income at this $62 billion market cap wireless telecom equipment company increased in its fiscal third quarter ending June 27 by 3.9% to $767 million over the year earlier quarter.

TheStreet Ratings released rating changes on 16 additional U.S. common stocks for August 17, 2010. In total, seven stocks were downgraded and 10 stocks have been upgraded by our stock model. The number of upgrades coming from our model's analysis continues to exceed downgrades today as more companies complete their quarterly earnings reports.

Gross sales at Qualcomm slipped by 1.8% to $2.71 billion from $2.75 billion in the year earlier quarter. The company continues to think globally by partnering with local companies in India, South Africa, & Brazil.

Another large company being upgraded to 'Buy' from 'Hold' is

Illinois Tool Works

(ITW) - Get Report

. This $21 billion market capitalization, industrial equipment company, improved its top-line revenue by 20% to $4.1 billion in second quarter over the second quarter of 2009. Net income more than doubled to $421 million from $177 in the year earlier period. The company has reiterated its forecast of next quarter's earnings growth on a stable worldwide market for the metal fasteners and polyester coatings.

-- Reported by Kevin Baker in Jupiter, Fla.

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Kevin Baker became the senior financial analyst for TheStreet Ratings upon the August 2006 acquisition of Weiss Ratings by TheStreet.com, covering mutual funds. He joined the Weiss Group in 1997 as a banking and brokerage analyst. In 1999, he created the Weiss Group's first ratings to gauge the level of risk in U.S. equities. Baker received a B.S. degree in management from Rensselaer Polytechnic Institute and an M.B.A. with a finance specialization from Nova Southeastern University.