NEW YORK ( TheStreet) -TheStreet Ratings' stock model upgraded Caterpillar ( CAT) to 'Buy' from 'Hold'. This Dow Jones Industrial Average member is benefiting not just from growth in the U.S. economy but also the continuation of the recovery elsewhere around the globe stokes demand for construction equipment.

TheStreet Ratings released rating changes on 26 additional U.S. common stocks for July 22, 2010. In total, only four stocks were downgraded and 23 stocks have been upgraded by our stock model. This can be interpreted as a generally bullish commentary on second quarter earnings season.

The net income at Caterpillar increased by 90.6% when compared to the same quarter one year prior, rising to $707 million from $371 million. Over the same period, revenues rose by 30.5%.

Shares in air freight logistics company Forward Air ( FWRD) are trading near a new 52-week high after gaining 45% in the last year. The company exceeded second quarter earnings estimates and grew earnings-per-share by 170% and revenue by 22.5% over the year ago quarter. The company has been upgraded by our stock model to 'Buy' from 'Hold'.

Continuing yesterday's airline theme, US Airways Group ( LCC) has been upgraded to 'Hold' from 'Sell' today. Likewise, Alaska Air Group ( ALK) climbs to 'Buy' from 'Hold'.

-- 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.