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TheStreet.com's Jim Cramer says you can't give up on Tessera and SBA Communications based on one bad quarter.

Tessera (NASDAQ: TSRA) (Cramer's Take) and SBA Communications (NASDAQ: SBAC) (Cramer's Take) "blow up" last night and you have to think, "The tsunami's over," that the smartphone revolution's not occurring.

To which I say, no one likes the blowups, no one likes the guidedowns, but, like Qualcomm (NASDAQ: QCOM) (Cramer's Take), these are all multiyear stories that can't be judged on a quarter. The idea that we do not need more cell towers with smartphone data hogs like the iPhone out there, and the idea that miniaturization and cooler computers (Tessara's strengths) are played out, makes no sense to me.

TheStreet.com's Jim Cramer is not convinced that what was bad a week ago has suddenly turned good.

Feels almost too good to be true. Once again, did we dodge the more than 3% to 5% decline? Once again have we put the trouble behind us? Did we have just enough October scare to inoculate?

I remember a week ago thinking there weren't enough "October's the roughest month" articles perhaps because those who wrote the "sell in May" and "sell in September" pieces felt chastised. I thought that the word had come from editors on high-stop being so bearish already.

But then by Thursday we were all well aware of the power of Rocktober and next thing you know people were whispering crash by Friday.

TheStreet.com's Jim Cramer says the action that is linked to the futures markets, such as oil, is distorting rational analysis.

Maybe one day we can escape the commodity linkage and begin to trade on the fundamentals again, something that seems more distant now than any time I can recall. We are totally marching to gold, to oil, to copper, and not the fundamentals.

Throughout the era in which China has become a superpower and hedge funds have become the super arbiters or what goes up or down, we have been stuck with this fairly bogus linkage that corrupts trading and makes a mockery out of some of the most important financial analysis out there, the actual attempts to discover what's really happening at companies.

Bright and early Tuesday morning, Credit Suisse issued upgrades to Motorola (NYSE: MOT) and Research in Motion Limited (NASDAQ: RIMM), lifting both of them from Neutral to Outperform. The brokerage cited a recovery at MOT's mobile-phone division along with growing demand for RIMM's BlackBerry as reasons for the upgrades. In addition, Credit Suisse elevated the price targets on both, upping MOT to $9.50 from $7 and RIMM to $95 from $76.

Credit Suisse did not stop there, issuing downgrades to MOT and RIMM competitors QUALCOMM (NASDAQ: QCOM) and Alcatel-Lucent (NYSE: ALU) from Outperform to Neutral.

TheStreet.com's Jim Cramer says if the company you're looking at is a player in the mobile Internet space, it's probably a good bet.

Does it have smartphone exposure, or doesn't it? That is the question. When I look at what's moving in tech and what's become sullen and gloomy, there's only one compass: smartphones. Think about what's moved this week: Cree (NASDAQ: CREE) (Cramer's Take), Tellabs (NASDAQ: TLAB) (Cramer's Take) and ADC Telecom (NASDAQ: ADCT) (Cramer's Take). These are terrific plays in the smartphone food chain and are included in the "Mad Money" Mobile Internet Index.

ADC Telecom is Chinese Internet infrastructure, and we know that China's spending $40 billion to build out infrastructure that can allow aggressive adoption of smartphones. Tellabs has been waiting for next-generation telecom orders -- smartphones. I think the fact that it announced a giant buyback -- it matters when the stock is this small -- is the signal needed to suggest they are getting orders.

Apple (NASDAQ: AAPL) September at the money volatility is at 32, Cisco (NASDAQ: CSCO) is at 31, Hewlett Packard (NYSE: HPQ) is at 32, Qualcomm (NASDAQ: QCOM) is at 32, Research in Motion (NASDAQ: RIMM) is at 45 and IBM (NYSE: IBM) is at 23.

NASDAQ 100 - QQQQ overall implied volatility at 26; 26-week average is 32

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Texas Instruments (NYSE: TXN), whose peers include Qualcomm (NASDAQ: QCOM), Advanced Micro Devices (NYSE: AMD), and Intel (NASDAQ: INTC), reported results for the second quarter after the bell on Monday. As can be expected, the statistics weren't great. However, there were a couple silver linings.

Revenues declined 27%. Earnings per share dropped a whopping 55%, coming in at 20 cents. Excluding items, Texas Instruments made 25 cents per share. Reuters says this is two pennies above analyst expectations.

Analyst upgrades:

• Citigroup upgraded Sunoco Logistics (NYSE: SXL) to Buy from Hold on valuation and raised its target on shares to $60 from $56.50. The firm sees better value in Sunoco Logistics than Enbridge Energy Partners (NYSE: EEP), which it downgraded to Hold.
  
• BofA/Merrill believes Raytheon (NYSE: RTN) offers the most potential upside in the larget cap defense sector. The firm upgraded shares to Buy from Neutral and has a $62 target on the stock.
  
• Roth Capital upgraded Nvidia (NASDAQ: NVDA) to Buy from Hold based on seasonality, multiple product cycles, and valuation. Roth's target remains $15.
• Oracle (NASDAQ: ORCL) was upgraded to Buy from Hold at Societe Generale.
  
• EnerNOC (NASDAQ: ENOC) was upgraded to Outperform from Neutral at RW Baird.
  
• American Express (NYSE: AXP) was upgraded to Neutral from Underweight at JP Morgan.
  

TheStreet.com's Jim Cramer says a revenue beat from the world's largest chipmaker reminds us why we own stocks.

Intel (NASDAQ: INTC) (Cramer's Take) still has it. It has the ability to galvanize like no other stock on the Nasdaq. It can energize and fulfill and make people feel all is right in the world.

The signs for this one were everywhere. Samsung last week saying that it is the new bull market in semis. Taiwan Semi (NYSE: TSM) (Cramer's Take) saying it. Advanced Micro Devices (NYSE: AMD) (Cramer's Take) saying it. SanDisk (NASDAQ: SNDK) (Cramer's Take), with its flash memory cards, saying it. Texas Instruments (NYSE: TXN) (Cramer's Take) saying it. Analog Devices (NYSE: ADI) (Cramer's Take) saying it. Qualcomm (NASDAQ: QCOM) (Cramer's Take) saying it.

But nobody was listening.

Analyst upgrades:

• JPMorgan upgraded Franklin Resources (NYSE: BEN) to Overweight from Underweight to reflect performance and sales improvements, as well as benefits from the weakening U.S. dollar. The firm has a $94 target on the stock.
• Oppenheimer upgraded FormFactor (NASDAQ: FORM) to Outperform from Perform after channel checks indicated orders are recovering. The firm raised its target on shares to $30 from $22.
• KeyBanc upgraded Oshkosh (NYSE: OSK) to Buy from Hold citing the company's MRAP-ATV contract win, which they view as a "game changer." The firm has a $30 target on the stock.
• Novellus (NASDAQ: NVLS) was upgraded to Neutral from Underperform at Credit Suisse.
• Ternium (NYSE: TX) was upgraded to Buy from Neutral at Goldman.
• Cathay General (NASDAQ: CATY) was upgraded to Buy from Neutral at B. Riley.

Here are some highlights from this past week's earnings coverage from BloggingStocks:

• American Capital Agency Corp. (NASDAQ: AGNC) earnings prospects earned it an analyst's upgrade.
• Broadpoint Securities Group Inc. (NASDAQ: BPSG) earnings prospects improved with recent acquisitions.
• Clorox Co. (NYSE: CLX) was upgraded on the belief that its fiscal year outlook is too conservative.
• Deutsche Bank (NYSE: DB) earnings prospects resulted in an upgrade from JPMorgan.
• Lululemon Athletica Inc. (NASDAQ: LULU) Q1 profit and same-store sales fell and it offered a weak outlook.
• Movado Group Inc. (NYSE: MOV) bested Q1 expectations and forecast a considerable profit for the full year.

Today marked intra-day 2009 for the S&P 500 and NASDAQ, although these might not have closed on the highs for the year. Also that won't be known until the formal 4:30-ish closing reset adjustment. This came on the heels of slightly less-bad jobs data and on some confusing retail gains. Unlike earlier Treasury auctions, today's 30-year Treasury Bond auction was a help to the markets as yields reached a high enough level that investors jumped in. Here are today's unofficial closing bell levels:

Dow 8,770.92 +31.90 (0.37%)
S&P 500 944.88 +5.73 (0.61%)
Nasdaq 1,862.37 +9.29 (0.50%)

Top Analyst Upgrades
Top Analyst Downgrades

Texas Instruments (NYSE: TXN), whose colleagues include Qualcomm (NASDAQ: QCOM), Advanced Micro Devices (NYSE: AMD), and Intel (NASDAQ: INTC), gave shareholders quite a boost in morale on Monday. The chip company issued a nice outlook for the bottom line.

Here are the stats. Net sales in Q2 should come in between $2.3 billion and $2.5 billion versus the old guidance of between $1.95 billion and $2.4 billion. The bottom line should come in between 14 cents per share and 22 cents per share, versus previous estimates of between 1 cent per share and 15 cents per share.

Analyst upgrades:

• Keefe Bruyette upgraded Morgan Stanley (NYSE: MS) to Outperform from market Perform after transferring coverage to a new analyst. The firm expects Morgan to benefit from the pending joint venture with Smith Barney and improvements in its operating environment.
• FBR Capital upgraded Winn-Dixie (NASDAQ: WINN) to Outperform from Market Perform as it believes the company is executing well and shares are cheap at current levels. The firm keeps a $16.50 target on the stock.
• Baird believes Polaris's (NYSE: PII) consensus expectations and valuation are too low and that the company will expand beyond powersports. The firm upgraded shares to Outperform from Neutral and raised their target to $37 from $32.
• J. Crew (NYSE: JCG) was upgraded to Neutral from Sell at Goldman.
• Lexmark (NYSE: LXK) was upgraded to Equal Weight from Underweight at Barclays.
• Global Hunter upgraded Big Lots (NYSE: BIG) to Buy from Neutral.

TheStreet.com's Jim Cramer says markets are up big worldwide, and hedge funds will be scrambling to keep up.

Let's say you're a hedge fund manager. You check your screens in the morning. You look around the world. And you know what you see? Green arrows everywhere. Markets up huge: Canada up 27%, Mexico up 16%, Brazil up 62%, Hong Kong up 26%, U.K. up 10%, China up 59% and just about every Asia market up gigantically.

Oh, and the Nasdaq up 11%.

Double digits everywhere.

And you realize, "Oh boy, am I behind."