Update report / drush up issue
When the update manager reports 'no release found', it typically means you installed from a git (formerly CVS) checkout. If you did do this, you'll need to run the Git deploy module to properly track module versions.

If you didn't use direct git checkouts, but rather, downloaded normal releases from Drupal.org, it may be a bug, which should be reported with as much detail about your setup as possible in the Drupal 7 issue queue.

Edit: you may also be experiencing this Drush issue.