Trina Solar Limited (TSL) is having a little trouble this session getting a bid. Actually, it's having a lot of trouble. At the time of this writing, the company's American Depository Shares (ADSs) were down 7% to $22.21. Significant volume accompanied the sell-off.

Earlier today, the maker of solar photovoltaic items reported results for the third quarter. According to Reuters, sales went up over 100% to $508 million. Net income of $1.08 per ADS beat the consensus estimate by 21 pennies. The gross margin experienced an improvement on a year-over-year basis. Seems like a data set that should be bought, right?

Analyst Upgrades

• BMO Capital upgraded Procter & Gamble (PG) to outperform from market perform as it views P&G's valuation as attractive and expects growth to pick up in the March quarter. The firm has a $74 price target for shares.
• Goldman upgraded Tupperware (TUP) to buy from neutral and raised its target for shares to $60 from $48.
• Stifel Nicolaus upgraded Scansource (SCSC) to buy from hold. The firm believes that the company's growth is poised to accelerate, allowing the stock's multiple to expand or even rise slightly. The firm has a $43 target for shares.
• CA Technologies (CA) was upgraded to outperform from sector perform at RBC Capital.
• Brady (BRC) was upgraded to market perform from underperform at BMO Capital.
• Lukoil (LUKOY) was upgraded to overweight from neutral at JPMorgan.

Analyst Upgrades

• Wells Fargo believes Intuitive Surgical (ISRG) da Vinci procedures remain under penetrated and that consensus estimates are too low. The firm upgraded shares to outperform from market perform and raised its valuation range to $340 to $360.
• Cantor Fitzgerald upgraded Westamerica (WABC) to buy from hold due to the company's FDIC-assisted acquisition of Sonoma Bank and what the firm sees as Westamerica's defensive nature. The firm set a $62 target on the stock.
• Oppenheimer upgraded Corning (GLW) to outperform from perform based on valuation and the belief that downward revisions have peaked. The firm has a $20 target on the stock.
• Quality Systems (QSII) was upgraded to outperform from market perform at JMP Securities.
• OpenTable (OPEN) and Windstream (WIN) were upgraded to buy from neutral at BofA/Merrill.

Analyst upgrades:

• CLSA upgraded Freeport McMoRan (FCX) to Buy from Sell and has a price target of $85 based on expectations for improved copper prices. The analyst believes China is mostly done with tightening measures and that downside in copper prices is limited.
• Jefferies upgraded Concur Tech (CNQR) to Buy from Hold due to improvements in corporate travel and structural growth drivers from international and SMB. The firm has a price target of $55 on the stock.
• Deutsche Bank upgraded ESCO Technologies (ESE) to Buy from Hold on expectations the company will announce a contract with SoCal Gas within two months. The firm upped its target for shares to $35 from $33.
• Wells Fargo (WFC) was raised to Outperform from Market Perform at FBR Capital.
• Human Genome (HGSI) was upgraded to Outperform from Neutral at Baird.
• Brown & Brown (BRO) was upgraded to Neutral from Underweight at JP Morgan.

Analyst downgrades:

• Canaccord downgraded Netflix (NFLX) to Hold from Buy following the Q2 report and has a $107 price target on the stock. The firm is growing more cautious on ARPU pricing pressure, higher churn rates and higher SAC.
• Deutsche Bank downgraded Airgas (ARG) to Hold from Buy following the company's Q1 results due to valuation. The firm has a $65 price target for shares. Note shares were also downgraded at Soleil this morning.
• Goldman downgraded Piper Jaffray (PJC) to Neutral from Buy and lowered its price target to $35 from $46. The firm said Piper's ROE remains below peers.
• AMB Property (AMB) was downgraded to Neutral from Buy at BofA/Merrill.
• Odyssey Healthcare (ODSY) was downgraded to Negative from Neutral at Susquehanna.
• Trina Solar (TSL) was downgraded to Outperform from Strong Buy at Raymond James.

Analyst initiations:

• BofA/Merrill started Cognizant Technology (CTSH) with a Neutral rating.
• Stifel Nicolaus initiated Brigham Exploration (BEXP) with a Buy rating and $24 target.
• ThinkEquity assumed Dick's Sporting (DKS) with a Buy rating.
• Petrohawk Energy (HK) was initiated with a Perform rating at Oppenheimer.
• E.ON AG (EONGY) was initiated with a Buy rating at RBS.
• Atlas Energy (ATLS) was initiated with an Outperform rating at BMO Capital.

Analyst upgrades:

• UBS upgraded Salesforce.com (CRM) to Buy from Neutral based on positive feedback on the Chatter product and increasing confidence the company can beat FY11 guidance. The firm raised its price target to $111 from $90.
• Leerink upgraded Vivus (VVUS) to Outperform from Market Perform. The firm believes Qnexa issues raised by the FDA are labeling and marketing issues, and not approval issues. The firm expects a positive panel vote for Qnexa.
• Goldman upgraded AK Steel (AKS) to Buy from Netural citing lower iron ore prices. The firm has a $17 price target on the stock.
• Kinder Morgan Energy (KMP) was upgraded to Equal Weight at Morgan Stanley.
• Shire (SHPGY) was upgraded to Outperform from Neutral at Credit Suisse.
• Canadian National (CNI) was upgraded to Outperform from Market Perform at Raymond James.

Both Walmart (WMT) and BJ's Wholesale Club (BJ) reported strong quarterly results last week, suggesting that discount retailers are still doing well even as the economy seems to be coming around. This week, Costco (COST) and Big Lots (BIG) take their turns in the earnings spotlight, and analysts surveyed by Thomson Reuters expect a strong showing from them as well.

And we'll round out this preview of the coming week with a look at expectations for AutoZone (AZO), Canada's big banks, and Trina Solar (TSL).

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

• Aeropostale Inc. (NYSE: ARO) strong Q2 results beat expectations due to rising same-store sales.
• Agilent Technologies Inc. (NYSE: A) Q3 earnings topped low expectations and revenue declined.
• Analog Devices Inc. (NYSE: ADI) posted better-than-expected Q3 results but shares fell on weaker margins.
• Baidu Inc. (NASDAQ: BIDU) CEO said its new advertising efforts will boost sales over the long run.
• Barnes & Noble Inc. (NYSE: BKS) had a better-than-expected Q2 profit but same-store sales fell.
• BJ's Wholesale Club Inc. (NYSE: BJ) reported solid Q2 numbers and raised its full-year guidance.

Trina Solar (NYSE: TSL), a maker of solar photovoltaic products and a colleague of Suntech Power Holdings (NYSE: STP), issued second-quarter results on Monday after the market closed. According to Reuters, Trina Solar beat market expectations.

Revenues decreased over 26% year-over-year (according to the actual press release, revenues increased over 13% on a sequential basis). Net income was 71 cents per American depositary share (ADS). Analysts were betting on 37 cents per ADS being the likely profit figure.

Analyst upgrades:

• JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
• Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
• Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
• ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
• China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

Nissan Motor Co. (NASDAQ: NSANY) reported a $904 million quarterly loss and said it expects this year to be its first annual loss in nine years. Nissan is cutting 20,000 jobs, or 8.5% of its workforce. NSANY shares declined over 6.5% in premarket trade.

Barclays PLC (NYSE: BCS) reported Monday that its net profit for 2008 fell just 1% after several major one-off gains helped compensate for over 8 billion pounds ($11.8 billion) of write-downs. The bank's balance sheet, meanwhile, ballooned 67% to 2.05 trillion pounds. Pretax profit for the year dropped 14% to 6.08 billion pounds, well ahead of analyst estimates. Barclays said it will resume dividend payments in the second half of the year. Shares in Barclays soared over 12% in premarket trade.

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

• AnnTaylor Stores Corp. (NYSE: ANN) posted dismal Q3 results as same-store sales sank.
• Autodesk Inc. (NASDAQ: ADSK) declined to release an outlook for next year due to the economic turmoil.
• BASF AG (OTC: BASFY) profit warning resulted in analysts' upgrades and downgrades both.
• Dell Inc. (NASDAQ: DELL) handily beat Q3 expectations due in part to share buybacks.
• GameStop Corp. (NYSE: GME) missed Q3 earnings expectations and same-store sales declined.
• Hewlett-Packard Co. (NYSE: HPQ) forecast Q4 results above estimates on cost cutting and global reach.
• Home Depot Inc. (NYSE: HD) reported better-than-expected Q3 results though sales had declined.
• LDK Solar Co. Ltd. (NYSE: LDK) Q3 earnings more than doubled and revenued surged 70%.
• Lowe's Cos. Inc. (NYSE: LOW) posted better-than-expected Q3 results though same-store sales slipped.
• McDonald's Corp. (NYSE: MCD) 2009 earnings prospects resulted in an analyst's upgrade.
• Nokia Corp. (NYSE: NOK) earnings warning resulted in upgrades from a few analysts.
• PetSmart Inc. (NASDAQ: PETM) topped expectations and forecast full-year profits higher than estimates.
• Suntech Power Holdings Co. (NYSE: STP) fell short of earnings expectations and lowered its guidance.
• Trina Solar Ltd. (NYSE: TSL) Q3 earnings quadrupled and revenue more than tripled on increased demand.

Increasing demand for solar energy and solar products proved to be a boon for Trina Solar Ltd. (NYSE: TSL) and LDK Solar Co. Ltd. (NYSE: LDK) as both companies reported Wednesday that their earnings soared in the third quarter. Investors were not impressed, however, pushing shares lower.

Trina Solar, a maker of solar photovoltaic products, said its net income quadrupled to $32.1 million, or $1.17 per American Depository Share, from the same period of the previous year. These results included a foreign currency exchange loss of $4.9 million. Revenue more than tripled to $290.7 million.

Analysts surveyed by Thomson Reuters, on average, had expected a profit of $1.21 per share on revenue of $276.9 million.

However, the company lowered its full-year 2008 revenue estimate to range between $800 and $850 million because the company expects fewer product shipments for the year than previously forecast.

Shares of Trina Solar fell to a 52-week low of $6.81 Wednesday. The share price is 86.8% lower than a year ago.

General Motors (NYSE: GM), Ford (NYSE: F) and Chrysler executive will return to Congress on Wednesday. After facing less than a receptive Senate Tuesday, they will appear before a House committee today to plead for a "bridge loan" to give them a massive infusion of cash they need to stay afloat in their race against the clock. GM's CEO Wagoner "warned that the failure of the U.S. auto industry could lead to a loss of 3 million jobs within the first year and ripple throughout communities around the country," saying it would be a "catastrophic collapse." GM shares traded 2.9% lower and Ford's 2.4% lower in premarket action (8:04 am). GM shares have been plunging over 15% by midday trading and Ford's by nearly 25% as Senate lowers bailout expectations, seeking to compromise.

Boeing Co. (NYSE: BA) is delaying jet deliveries by as much as 10 weeks as it attempts to recover from a strike by its machinists, according to a report in the Wall Street Journal. BA shares were down 2.6%, with the market, by midday trading.

Toyota (NYSE: TM) -- The troubles in the auto industry don't affect just American carmakers.Toyota said Wednesday it will reduce production in the U.S. to cope with slowing sales there. It will stop production at all its plants in the U.S. and Canada for two extra days next month, and cut about half of 500 temporary workers at a plant in Georgetown, Kentucky by March. It will also reduce production of two models. TM shares were down 4% by midday trading.

Last week, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) posted a quarterly loss and lowered its guidance. But as interest in alternative energy continues to grow, analysts polled by Thomson Financial are still looking for good things from solar energy concerns scheduled to report earnings this week.

Strong growth at Trina Solar Ltd. (NYSE: TSL) in the third quarter prompted it to lift its guidance back in October. Analysts expect the Chinese company to post profits that are 76.3% higher than a year ago, or $1.18 per share on revenues of $268.4 million (+225.0%). Though Trina Solar missed estimates in the second quarter, analysts on average recommend buying TSL. Shares are down 81.4% from a year ago and trading near an all-time low.

Earnings of rival LDK Solar Co. Ltd. (NYSE: LDK) are expect to have risen 47.9% to $0.71 per share on revenues of $486.7 million (+206.6%). Also based in China, LDK has not missed estimates in recent quarters; in fact, it blew past expectations in the second quarter. Yet the consensus recommendation is to hold LDK. Like Trina Solar, LDK's shares are trading near an all-time low; the share price has fallen 50.0% in the past year.

Analysts anticipate third-quarter earnings for Canadian Solar Inc. (NASDAQ: CSIQ) to be a whopping 96.3% higher than a year ago, or $0.54 per share on revenues of $248.0 million (+154.5%). The company easily topped estimates in the previous quarter. ReneSola Ltd. (NYSE: SOL) and Suntech Power Holdings Co. Ltd. (NYSE: STP) are also expected to report earnings growth of 29.7% ($0.37 per share) and 23.8% ($0.42 per share), respectively. All three of these stocks reached 52-week lows last week, and all are considered buys.

President-elect Barack Obama has often repeated his stance on alternative energy. He plans to spend $150 billion over 10 years on alternative energy, not only as part of his energy independence plan, but also in order to help clean the environment, and perhaps most important of all, to create 5 million new jobs.

With Obama winning in the polls, it is no wonder that on Tuesday solar stock prices soared: SunPower Corporation (NASDAQ: SPWRA) finished the day up 14.6%, Suntech Power (NYSE: STP) also closed 13.5% higher, Evergreen Solar (NASDAQ: ESLR) closed 12.8% higher, Canadian Solar (NASDAQ: CSIQ) was up 14.7% while Trina Solar (NYSE: TSL) gained 9.1%, First Solar (NASDAQ: FSLR) 9.6% and LDK Solar (NYSE: LDK) 4.8%. In fact, over the past week, these solar stocks added about 50% to their value: ESLR +104%, FSLR +55%, STP +53%, SPWRA +51%, LDK +48%, CSIQ +45% and TSL +41%. [Solar stocks are down this morning, seems to me a "sell on the news" decline.]

With these kind of gains recently you might think you're too late, but solar stocks have actually been beaten mercilessly in the past year. While the S&P 500 declined some 31% year-to-date and the Nasdaq declined 33%, solar stocks plunged even worse: STP -75%, TSL -73%, ESLR -69%, SPWRA -61%, CSIQ -56%, LDK -50% and FSLR -34%.

Congress passed a bill that approved about $18 billion of renewable-energy tax credits after repeated failed attempts to do so this year, and now there will be an administration that -- if it sticks to its claims -- will be more supportive of alternative energy. The only question investors should ask, so which do I pick?