Texas Instruments (TXN), a chipmaker whose related companies include Intel (INTC) and Qualcomm (QCOM), reported results for the fourth quarter on Monday after the bell. Profit growth was incredible, but it's difficult to call the stock a buy at this time, at least based on price action.

Revenues increased a whopping 27%. Earnings came in at 52 cents per share. That was more than 100% better than the adjusted 21 cents per share earned in Q4 2008. Operational cash flow went down 10%, but overall, you've got to call this a much improved quarter (a note on cash flow: it pretty much covered capital expenditures, dividends, and share repurchases, which is good news).

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

• Aetna Inc. (AET) shares declined after the insurer issued a surprise earnings warning for 2010.
• Alcoa Inc. (AA) swung to a smaller-than-expected Q4 profit even as revenue declined, sending shares lower.
• Carter's Inc. (CRI) posted strong Q3 earnings that topped estimates and same-store sales growth.
• Chevron Corp. (CVX) shares declined slightly after the company issued a surprise earnings warning.
• Con-Way Inc. (CNW) was downgraded due in part to concerns about near-term earnings.

Analyst Upgrades

• ThinkEquity upgraded Intel (INTC) to buy from hold and has a $25 target on the stock. The firm believes guidance will prove conservative and strong execution, new product cycle, Win7 cycle and corporate PC-Server refresh will drive shares higher.
• Wells Fargo upgraded Holly Energy (HEP) to outperform from market perform after increasing its valuation ranges for small cap pipeline MLPs. The firm raised its valuation range for Holly to $43 to $45.
• SunTrust upgraded Watsco (WSO) to buy from neutral as it believes the carrier joint venture will serve as a long-term catalyst. The firm has a $67 price target on the stock. William Blair upgraded Watsco to outperform from market perform ahead of the company's Q4 results to reflect valuation and improving economic conditions.
• Staples (SPLS) and Office Max (OMX) were upgraded to overweight from neutral at JPMorgan.
• Kellogg (K) was raised to buy from neutral at BofA/Merrill.
• Advanced Micro (AMD) was upgraded to outperform from market perform at FBR Capital.

Chip-maker Intel (INTC), whose colleagues include Advanced Micro Devices (AMD) and Texas Instruments (TXN), issued fourth-quarter data yesterday after the bell. Shareholders must have loved the growth rates. Revenues increased 28% on a year-over-year basis. Adjusted net income on a dollar basis grew well over 200%. Adjusted per-share profit came in at 55 cents versus 15 cents in the comparable period.

As for expectations, Earnings.com says that the market was looking for 30 cents per share. Some coverage compared the 30-cent projection to the reported GAAP income number of 40 cents per share, instead of the non-GAAP number I mentioned above, which would make the earnings beat not as impressive. I usually deal with non-GAAP figures, but either way, Intel has gone above estimates in significant fashion.

Computer storage concern Xyratex (XRTX) reported Q4 results Tuesday after the bell. The tech company had a lot of pressure on its back going into the release. As Trey Thoelcke observed in his earnings preview, there were high expectations in terms of the bottom line. The market was looking for 38 cents per share.

Unfortunately, management wasn't able to deliver on those expectations, posting instead an adjusted per-share profit of 26 cents. The top line also had a tough time, decreasing roughly 15%.

Analyst Upgrades

• Citigroup upgraded Chevron (CVX) to buy from hold after raising its long-term oil price assumption to $80 per barrel from $65. The firm raised its target price for Chevron shares to $97 from $78 and said it expects oil prices to push towards $90 per barrel in the near-term. Note, Citi also upgraded BP (BP) and Petrobras (PBR) Monday morning to buy from hold.
• Jefferies upgraded Overseas Shipholding (OSG) and Nordic American Tanker (NAT) to buy from underperform as it expects crude oil tanker charter rates to improve in 2010 based on expectations for increased OPEC production levels. The firm raised its target on Overseas Shipholding to $60 from $22 and on Nordic American to $41 from $25.
• Goldman upgraded Corning (GLW) to buy from neutral as they believe the LCD cycle may have bottomed in 4Q09 vs. their previous expectation of 2H10. The firm raised its target to $23 from $18. Shares were also upgraded to buy from hold at Deutsche Bank on expectations that consensus estimates will trend higher due to robust TV demand and tight capacity. The firm raised its target price on shares to $24 from $19.
• Lam Research (LRCX) was upgraded to buy from neutral at UBS.
• Intel (INTC) was upgraded to hold from sell at Auriga.
• Regal Entertainment (RGC) was upgraded to overweight from market weight at Thomas Weisel.

The Federal Reserve's first Beige Book report of the year is due out this week. The report is a compilation of anecdotal information on current economic conditions from each of the 12 Federal Reserve Bank districts. The data comes from interviews with business contacts, economists, market experts, and other sources. The previous report, released in December, showed modest improvement in eight of the districts, while the October report confirmed that the economy was stabilizing after earlier declines.

Intel (INTC), the famous chip maker whose major competitors include Advanced Micro Devices (AMD), Microsoft (MSFT) and Texas Instruments (TXN), started the new year off on a great footing. According to Eric Buscemi's roundup Monday, the company received an upgrade from Baird which gave it a price target of $26. Intel closed on Monday at $20.88.

This should end up being a good call. When I covered Intel's third quarter earnings back in October, I noted the improvement in the fundamentals. I also mentioned the nice price action at the time, and suggested investors consider selling into the strength. The stock did retreat after that, but for those holding for the long term, it didn't much matter. The shares eventually rebounded and are currently not too far from their 52-week high that was made in reaction to the quarterly report.

Analyst Upgrades

• Baird upgraded Intel (INTC) to outperform from neutral and has a $26 target on the stock. The firm's checks indicate tier-one PC OEMs have raised their 1H10 procurement forecasts, which could lead to Intel outperformance.
• Citigroup upgraded UnitedHealth (UNH) to buy from hold on expectations the company will benefit from a sector rotation into Managed Care in 2010. The firm raised its price target on shares to $39 from $30.
• UBS upgraded Morgan Stanley (MS) to buy from neutral based on strong capital and liquidity positions, building investment banking pipelines, and expectations for a turn in EPS/ROE, among other reasons.
• Deutsche Bank upgraded the U.S. Refining group as it believes demand is improving and margins could expand in 2010. The firm raised its rating on Sunoco (SUN) to hold from sell and its target on shares to $25 from $18, and upgraded Tesoro (TSO) and Frontier Oil (FTO) to buy from hold.
• Boeing (BA) was raised to overweight from equal weight at Barclays.
• Wynn Resorts (WYNN) was upgraded at UBS to buy from neutral.
• Investors Bancorp (ISBC) was upgraded to buy from neutral at Janney Montgomery.