* JP Morgan (NYSE:JPM) upgraded shares of Sallie Mae (NYSE:SLM) to “overweight,” citing improved earnings visibility from its transition to primarily a loan service providers, which will lower interest-rate and funding risks

* Quantas Airlines cancelled orders for 15 Boeing (NYSE:BA) 787 Dreamliners scheduled for 2014-2015 delivery, and deferred orders for 15 more, citing the tough economic environment

* Potash (NYSE:POT) lowered its earnings guidance for the second quarter from $1.10-$1.50 to 70 cents, citing substantially lower than expected potash sales volume on deferrals by its global customers and lower realized prices for phosphate fertilizers

* UBS (NYSE:UBS) warned of a second quarter net loss, announcing $3.48 billion in capital-raising with a 293.3 million share offering at $11.91, a 6.9% discount to yesterday’s close

* Goldman Sachs (NYSE:GS) lowered its 2010 earnings estimate and price target on Monsanto (NYSE:MON), citing lower glyphosate profits and lower seed price gains. The 2010 estimate was cut 50 cents to $4.30, and 45 cents for 2011 to $4.65, with the price target lowered to $80. The firm held its “neutral” rating

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