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 Yahoo! ( YHOO) this morning, Bear Stearns named the stock a "Top Pick" and said Microsoft ( MSFT - Get Report) may still be interested in the company. The firm also said Yahoo! may gain 78 cents per share from a planned IPO for Alibaba.com, 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. Cree ( CREE - Get Report), which makes semiconductors for solid state lighting, was surging in preopen trading on GE ( GE - Get Report) 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 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 ( ASTSF), 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 ( BMY - Get Report) 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 ( AEO - Get Report) 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 ( EXH). 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.