"I expect Vimpel-Communications (VIP) -- Russia's major mobile phone operator -- to perform strongly over the next couple of months," says international expert Nicholas Vardy.

In his Global Bull Market Alert, the advisor explains, "VimpelCom's fundamentals are strong and improving." Here's his bullish outlook on the shares.

"The company increased its mobile subscribers by 1.7 million between the second and third quarters, bringing its total number of subscribers to 65.4 million. That's 13% more than last year.

Vimpel-Communications (NYSE: VIP), a Russian telecom and wireless provider, has announced that the offering period of its indirectly wholly-owned subsidiary, Lillian Acquisition, for all outstanding shares of Golden Telecom, Inc. (NASDAQ: GLDN), has completed.

It noted that approximately 94% of Golden Telecom's common stock have been tendered for $105.00 per share during this period, allowing a "short-form" merger without stockholder vote approval. As soon as deemed appropriate, Lillian Acquisition with VimpelCom Finance will merge Lillian Acquisition with Golden Telecom, paying the remaining 6% of Golden Telecom $105 per share.

This merger completion was expected and you can tell by Golden Telecom trading at $104.97 this morning. The 52 week range is $47.00 to $114.85, and this had been one of the strong performers in recent years with shares up exponentially in the last 5-years. Vimpel-Com was down $0.05 to $37.65 this morning, and its 52-week trading range is $15.07 to $45.48.

MOST NOTEWORTHY: The software sector, Ericsson, Paccar, Eni SpA and Valueclick were today's noteworthy downgrades:

• Bear Stearns downgraded the software sector to Underweight from Market Weight, citing valuations and increased risk to 2008 IT budgets.
  
• Ericsson (NASDAQ: ERIC) was downgraded to Equal Weight from Overweight at Lehman and to Neutral from Overweight at JP Morgan following the company's Q3 profit warning.
  
• Paccar (NASDAQ: PCAR) was downgraded to Underperform from Market Perform at Wachovia. The firm believes Street estimates are too high due to weaker-than-expected North American unit production.
  
• ABN Amro downgraded shares of Eni SpA (NYSE: E) to Sell from Hold as they expect the company to invest significantly more in its upstream activities than guidance suggests due to cost pressures.
  
• Oppenheimer downgraded ValueClick (NASDAQ: VCLK) to Neutral from Buy following the Q3 pre-announcement and guidance.

OTHER DOWNGRADES:

• Merrill downgraded Equity Lifestyle Properties (NYSE: ELS) to Neutral from Buy.
  
• Autodesk (NASDAQ: ADSK) was downgraded to Neutral from Buy at UBS.
  
• JP Morgan downgraded ACA Capital Holdings (NYSE: ACA) To Neutral from Overweight.
  
• Citigroup downgraded Vimpel Communications (NYSE: VIP) to Sell from Hold.
  
• Yahoo! (NASDAQ: YHOO) was downgraded to Hold from Buy at Gabelli.