It looks like buyers are stepping up to the plate in a small way so far today. We have energy data out at 10:30 that will be a key to how the averages move as well. Let's take a look at where the action may be today.

Story Stocks

Amgen ( AMGN): Biotech giant is flying higher this morning (up 15%) on positive drug news.

Pepsi Bottling Group ( PBG): shares are lower following earnings results.

Google ( GOOG): Stock is higher on news it will develop operating system to compete with Microsoft ( MSFT).

Family Dollar Stores ( FDO): Shares are nearly 6% higher after company guided estimates higher.

NRG Energy, Inc. ( NRG): Shares are higher after company raises outlook and also rejects unsolicited offer from Exelon ( EXC).

PACCAR Inc. ( PCAR): Shares are lower following company cutting dividend in half.

Tractor Supply Company ( TSCO): Stock is higher after company raises guidance.

Upgrades to Watch

First Solar ( FSLR): ThinkEquity upgrades stock to a buy.

Air Products ( APD): KeyBanc raises stock to a buy. $80 price target.

SAP AG ( SAP): Jefferies raises stock to a buy.

Amdocs Limited ( DOX): Goldman raises stock target price to $24.

Peabody Energy ( BTU): Goldman upgrades stock to a buy. $45 target price.

Cigna ( CI): UBS raises target price to $29.

Dryships ( DRYS): Credit Suisse upgrades stock to outperform. $8 target price.

DreamWorks ( DWA): Thomas Weisel initiates stock with an overweight rating. $35 price target.

XL Capital ( XL): Credit Suisse upgrades stock to an outperform. $18 price target.

Research in Motion ( RIMM): Calyon Securities initiates stock with a buy rating. $85 price target.

Freeport McMoran ( FCX): Citigroup upgrades stock to a buy. $58 price target.

Qualcomm ( QCOM): Morgan Keegan initiates stock with an outperform.

Southern Peru Copper ( PCU): Citigroup upgrades stock to a hold from a sell. $22 price target.

Vertex Pharmaceuticals ( VRTX): Goldman raises target price to $36.

Downgrades to Watch

Massey Energy ( MEE): Goldman Sachs lowers target price to $30.

Burger King ( BKC): UBS cuts estimates. $17 price target.

Starwood Hotels ( HOT): Baird cuts stock to an underperform.

Chattem ( CHTT): Jefferies cuts stock to a hold. $72 price target.

Arch Coal ( ACI): Goldman Sachs cuts stock to a neutral. $21 price target.

Applied Materials ( AMAT): Kaufman Bros. cuts estimates. $11 price target.

Themes/Plays

Ultrashort Plays: SRS, SKF, DUG are still on the radar and I will recommend that traders keep the stops firmly in place in the event we see a pullback.

Treasuries ( TLT): Bonds are slightly higher in the early going.

Gold ( GLD): The yellow metal is falling in price as the action heats up.

Oil ( USO): Trading slightly lower as we await some important energy data at 10:30 am.

The big focus is on the action in the Ultrashort plays. Amgen will be a key name to watch as well. Lots of upgrades to watch again, if we do see any buying momentum return. I would wait to see some evidence of that before embracing the long side here. I'll be back with more.

Be sure to visit our complete recommended list of the Best Dividend Stocks as well as a detailed explanation of our ratings system.
At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.

Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.

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