Upgrades/Downgrades: FDX, UPS, EL, PKI, MRVL
Tuesday, June 23, 4:36 PM ET

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In afternoon trading, shares of Fedex climbed over two percent on the upgrade from JP Morgan.

Keeping with the package delivery angle, Jesup & Lamont upgraded UPS (NYSE:UPS) from Hold to Buy on valuation. The firm expects the economy to show signs of recovery by the fourth quarter of 2009 or the first quarter of 2010, and expects UPS to follow.

Shares of UPS edged higher by about one and one half percent.

Beauty products leader, Estee Lauder (NYSE:EL) received a boost this morning when Barclays upgrade the company from Underweight to Equal Weight. Barclays sees the company's marketing investments paying dividends as consumer spending comes back and feels the company is putting more resources towards the better revenue drivers.

This afternoon, shares of Estee Lauder climbed a litte more than two and a half percent on above average volume.

Shares of health care technology company PerkinElmer (NYSE:PKI) fell this morning when Barclays downgraded the company from Equal Weight to Under Weight. Barclays believes the company's product are too focused on industrial clients and not as diversified as their peers. This puts the company's growth at risk if the industrial sector of the economy does not grow as fast when the economy rebounds.

Shares of PerkinElmer fell almost three percent on heavy volume this afternoon.

And Deutsche Bank downgraded shares of Marvell Technologies (NASDAQ:MRVL) from Buy to Hold on valuation concerns today. The stock has climbed more than sixty percent since the beginning of the year and the firm sees few signs that shares will be able to outperform the general market. The firm maintained their $13 price target and sees the company as a good long-term core holding going forward.

Shares of Marvell fell a little more than one percent this afternoon.

For MarketNewsVideo.com, I'm Nichole Dossous.