Today felt like one of those slow long pre-holiday trading days where many gainers and losers were seen with low volume. There was no real economic data to absorb and no real earnings reports to pick apart.

That let us only react to a small recovery from the fears that the US could ultimately have the same credit rating fears that were brought up about England yesterday. Here were today's unofficial closing bell levels:

Dow 8,278.04 -14.09 (-0.17%)
S&P 500 887.33 -1.00 (-0.11%)
Nasdaq 1,693.91 -1.34 (-0.08%)

Top Analyst Upgrades & Downgrades

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

• Adobe Systems Inc. (NASDAQ: ADBE) reported better-than-expected Q1 results due to cost cutting.
• Best Buy Inc. (NYSE: BBY) received several upgrades ahead of its Q4 report on the demise of Circuit City.
• Blockbuster Inc. (NYSE: BBI) crushed analyst's expectations for Q4 as same-store sales rose.
• China Direct Industries Inc. (NASDAQ: CDII) Q4 earnings prospects resulted in an analyst's dowgrade.
• Darden Restaurants Inc. (NYSE: DRI) posted better-than-expected Q3 earnings and lifted its 2009 guidance.
• Energy Conversion Devices Inc. (NASDAQ: ENER) was downgraded after it lowered its guidance.
• FedEx Corp. (NYSE: FDX) fell short of Q3 earnings and revenue expectations due to economic conditions.

After days of rallying, the market decided that bank stocks had gone much too far. With no first quarter earnings out, the fact is that the current quarter could still be tough. Financial shares could still reset lower. The market reacted accordingly.

The unofficial numbers for the day broke out like this:

Dow 7,278.38 -122.42 (-1.65%)
S&P 500 768.54 -15.50 (-1.98%)
Nasdaq 1,457.27 -26.21 (-1.77%)

TOP ANALYST CALLS

Analyst upgrades:

• Citigroup upgraded WebMD (NASDAQ: WBMD) shares to Buy from Hold on valuation following the company's Q4 results and outlook. The firm maintains a $25 target on the stock.
  
• Goldman upgraded Verizon (NYSE: VZ) and AT&T (NYSE: T) to Buy from Neutral based on valuation and expectations for 2010 earnings growth.
• Roth upgraded Maxwell Tech (NASDAQ: MXWL) to Buy from Hold following the company's Q4 results to reflect strong ultracapacitor sales growth and gross margin improvement. The firm maintains a $12 target on the stock.
• Nara Bancorp (NASDAQ: NARA) was raised to Market Perform from Underperform at Friedman Billings.
• Cubic (NYSE: CUB) was upgraded to Neutral from Overweight at JP Morgan.
  
• Terex (NYSE: TEX) was lifted to Outperform from Market Perform at Wachovia.

U.S. stocks are poised to open lower as investors were spooked by bearish economic data from the U.K. that showed the economy there is in its worst shape since 1980 when Margaret Thatcher was Prime Minister. Concerns continue to linger about the U.S. economy and the potential nationalization of banks.

Markets may be bolstered by the in-line earnings report from General Electric Co. (NYSE:GE). Chief Executive Jeff Immelt reaffirmed the company's commitment to a "AAA" rating and its dividend. Investors were skeptical that either would be maintained. The conglomerate's results overall were poor.

Profit from continuing operations fell 43% to $3.87 billion, or 36 cents per share. Revenue fell 4.8% to $46.2 billion. Bloomberg News notes that GE shares traded at their lowest level since 1996 as investors worried about the impact of the economic slowdown on the company, in particular GE Finance.

Other stocks that may move include Google Inc. (NASDAQ: GOOG), which reported better-than-expected earnings allaying concerns that decliniing advertising spendnig would hurt the world's largest search engine. Whether the company will continue to weather the storm well remains to be seen. Google has been cutting costs as well, recently eliminating some recruiter postions and closing offices.

The litany of job cut announcements continue. Harley-Davidson Inc. (NYSE: HOG) plans to cut 1,100 over the next two years. after reporting worse-than-expected earnings. Playboy Enterprises Inc. (NYSE: PLA) is firing an unspecified number of workers to cut costs. There is no word if this move includes founder Hugh Hefner's former girlfriends from "The Girls Next Door." Xerox Corp. (NYSE: XRX) reported disappointing results after taking a big writedown for layoffs.

This week's rough week is not going to get any easier.

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

• American Eagle Outfitters Inc. (NYSE: AEO) saw lower Q3 results in the tough retail envirnoment.
• Analog Devices Inc. (NYSE: ADI) Q4 profit surged but it lowered its Q1 forecast due to slowing orders.
• Borders Group Inc. (NYSE: BGP) had dismal Q3 results and said it had ceased its quest to sell itself.
• Campbell Soup Co. (NYSE: CPB) solid Q1 results beat estimates but shares fell despite a market rally.
• Deere & Co. (NYSE: DE) fell short of Q4 profit expectations and guidance was below estimates.
• Dollar Tree Inc. (NASDAQ: DLTR) had a bigger-than-expected Q3 profit and raised its full-year outlook.
• D.R. Horton Inc. (NYSE: DHI) reported a wider Q4 loss as home sales revenue declined by 50%.
• Hewlett-Packard Co. (NYSE: HPQ) posted strong Q4 numbers that didn't quite match the preliminary results.
• Salesforce.com Inc. (NYSE: CRM) had strong results and an optimistic forecast despite economic conditions.
• Starbucks Corp. (NASDAQ: SBUX) lowered its fiscal 2009 forecast and warned of further restructuring.
• Tiffany & Co. (NYSE: TIF) Q3 earnings declined but topped expectations, and it announced staff reductions.
• Warner Music Group Corp. (NYSE: WMG) Q4 earnings beat expectations though revenues fell slightly.
• Xerox Corp. (NYSE: XRX) forecast a full-year profit in line with estimates and said it is confident in its liquidity.

Upcoming earnings releases include Sears (NASDAQ: SHLD), Staples (NASDAQ: SPLS), Aeropostale (NYSE: ARO), Del Monte Foods (NYSE: DLM), Guess (NYSE: GES), Novell (NASDAQ: NOVL), Toll Brothers (NYSE: TOL), Big Lots (NYSE: BIG), Royal Bank of Canada (NYSE: RY).

Visit AOL Money & Finance for more earnings coverage.

There was a short blurb about Xerox (NYSE: XRX) in the news on Monday. Management at the company wanted investors to know that it won't be needing to beg for the green stuff. Cash flow from operating activities, existing credit facilities, and a leaner business will carry the technology company through the current difficult period. Xerox gave a wide earnings range for 2009, saying it should book between $1 and $1.25 per share. Analysts are counting on $1.15 per share.

Well, that range makes it kind of difficult to predict how things will turn out in terms of whether the company will beat Wall Street or not; might as well flip a quarter. The more important thing to focus on is that Xerox will be profitable and that it is confident in its liquidity. The stock was up almost 18% at the close yesterday on nice volume. With the recent rally, should you look at Xerox as an investment, or a trade?

Xerox isn't one of my favorite stocks. I have no interest in it on a long-term basis. It just isn't a leading innovator these days, and there are way better alternatives out there if you want a core, long-term holding in the tech sector. Microsoft (NASDAQ: MSFT), Hewlett-Packard (NYSE: HPQ), and Apple (NASDAQ: AAPL) are three names off the top of my head I'd look at first.

Unemployment in September was 6.1%. That is higher than the 5% or so where it was late last year. But it is not a recession level. During the downturn that began in 1973, the number was closer to 9%.

It is clear that the pace of lay-offs is accelerating. Xerox (NYSE: XRX) laid off 5% of its staff. Rumors are that Goldman Sachs (NYSE: GS) will cut 10%. Given that these companies are at different ends of the spectrum of the U.S. economy, the news speaks volumes.

According to Reuters, "As companies look at their prospects for the final quarter of the year and begin to see increasingly grim outlooks for 2009, they are cutting jobs from many different parts of their businesses."

Total employment in the U.S. is about 144 million people. That means if unemployment rise another 3%, another 4.5 million people could be out of work.

Leaving aside the human suffering, the amount of money the government would have to pay to support these people would be incredible. That number of people out of work would also increase foreclosures, credit card and auto defaults.

Looked at through the prism of the work force the recession is going to be very deep and very long.

Douglas A. McIntyre is an editor at 24/7 Wall St.

U.S. stock futures once again were lower this morning, albeit more moderately, pointing to another lower start and possibly another down day following Wednesday's declines. Investors concern over the economy remained unabated, especially in light of recent and future corporate profits. This morning, weekly initial jobless claims will be released an hour ahead of the opening bell, and the numbers are expected to show yet another increase. Meanwhile, investors will continue to eye oil prices, which rebounded from a 16-month low to above $67, and foreclosures, which grew by 71% in the third quarter compared with the same period in 2007.

Sony Corp. (NYSE: SNE) drastically lowered profit and sales forecasts for the fiscal year Thursday, blaming weaker electronics sales and the stronger yen.

Goldman Sachs Group Inc (NYSE: GS) is joining many other companies recently announcing layoffs as it also plans to cut about 3,260 jobs, representing about 10% of its total staff.

Amazon.com Inc. (NASDAQ: AMZN) reported a 48% climb in profit in the third quarter on strong sales of electronics, beating analyst estimates. But the company reduced its full-year profit outlook. AMZN shares traded down 14% in after-hours action.

Analyst upgrades:

• RBC Capital upgraded Sciele Pharma (NASDAQ: SCRX) to Sector Perform from Underperform following the acquisition by Shionogi.
  
• Merrill believes Alcoa (NYSE: AA) may pursue an acquisition of Alumina Ltd (NYSE: AWC) following recent share weakness. Shares of Alumina were upgraded to Buy from Underperform.
  
• Stanford upgraded shares of Google (NASDAQ: GOOG) to Buy from Hold after channel checks indicated U.S. search market trends have stabilized as they believe GOOG's market share gains are broadening, Q3 expectations are modest and the valuation is near lows. The firm has a $550 target on the stock.
• Lowe's (NYSE: LOW) was raised to Buy from Neutral at Goldman.
  

Analyst downgrades:

• WestLB downgraded shares of Ericsson (NASDAQ: ERIC) to Reduce from Hold as they believe the company's Q3 earnings could miss expectations.
  
• Lehman downgraded Intersil (NASDAQ: ISIL) to Equal Weight from Overweight based PC exposure and market share loss in notebook power. The company's target was lowered to $24 from $29.
• Dean Foods (NYSE: DF) was lowered to Equal Weight from Overweight at Morgan Stanley.
  
• Gilead Sciences (NASDAQ: GILD) was cut to Neutral from Buy at Banc of America.
• JP Morgan lowered Bank of Nova Scotia (NYSE: BNS) to Underperform from Sector Perform.

Analyst initiations:

• Citigroup initiated Eastman Kodak (NYSE: EK) with a Sell rating and $13 target. The firm believes 2008 consensus estimates and guidance are too high given the company's headwinds.
  
• GT Solar (NASDAQ: SOLR) was assumed with a Neutral rating and $16 target at Banc of America. The firm believes the risk/reward is balanced at current levels with no significant new polysilicon opportunity. Shares were also initiated at Thomas Weisel with an Overweight rating and $18 target and at UBS with a Buy rating and $19 target.
• Citigroup initiated Xerox (NYSE: XRX) with a Buy rating and $20 target and Electronics for Imaging (NASDAQ: EFII) with a Hold rating and $18 target.

In a conversation with an attorney friend of mine, who happens to be a woman, she asked for some general financial guidance. During the course of the conversation it occurred to me that women need to save more than men. There are many reasons for this, here are a few:

The first and most obvious reason women need to save more than men is that they live longer -- often without the support of a significant other. Living longer and living alone cost more money.

Second of all, women still do not have complete earnings parity with men. Some of this has to do with job type and some with history. But nevertheless, we are not there yet. If there is a 15% disparity, then a woman is starting at a disadvantage whether saving for her retirement in the future or for buying a gallon of gas today. This can only be made up by saving more and investing more. This is a worthy goal except that with less resources the difficulty is exacerbated.

In this series, we take a look at the 25 stocks on the S&P 500 Index (SPX) that have turned in the worst performance during the past decade -- what went wrong, and what happens next.

Google should allow the sad fate of Xerox Corporation (NYSE: XRX) to serve as a cautionary tale: the use of your company's name as a common verb in the popular lexicon does not guarantee long-term success.

I can remember an age when I thought "xerox" was a legitimate action verb. But I couldn't tell you the last time I made a "xerox." You may remember from our discussion of Gannett Co. (NYSE: GCI) that people don't read the paper anymore. Well, it's actually a little more serious than that -- people don't even like to use paper anymore.

What went wrong? At number 18 on our list of SPX laggards, XRX shed 73% of its value during the 10 years that ended June 30, 2008. The stock tapped a high of $63.94 back in May 1999, shortly after G. Richard Thoman succeeded Paul Allaire as CEO. As The New York Times noted, Thoman was taking the helm "...at a time of unprecedented change for Xerox," with digital technology transforming traditional copier and printer usage.

IKON Office Solutions (NYSE: IKN) provides document management systems and services to business and government clients. The firm leases/sells name-brand office equipment and provides associated office supplies, equipment maintenance programs, technical support and lease financing. It also offers document management outsourcing, electronic file conversions, facilities management and training. IKON operates from over 400 locations in North America and Western Europe. Xerox (NYSE: XRX) is a major competitor.

The firm pleased investors earlier in the week, when it guided fiscal Q3 EPS to the range 35-37 cents and Q3 revenues to $1.05 billion. Analysts had been expecting 30 cents and $1.05 billion. The solid outlook was driven by better than anticipated revenue and gross margin in Customer Service and Supplies and by a higher gross margin in Managed and Professional Services. Management also issued FY08 EPS guidance of $1.00-$1.05 (97 cent consensus).

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

• Abbott Laboratories Inc. (NYSE: ABT) first-quarter profit soared on overseas demand for Humira.
• Advanced Micro Devices Inc. (NYSE: AMD) posted a bigger-than-expected loss, its sixth straight.
• Coca-Cola Co. (NYSE: KO) posted better-than-expected first-quarter results on strength overseas.
• CSX Corp. (NYSE: CSX) first-quarter profit soared on strong demand for grain, ethanol, and coal.
• eBay Inc. (NASDAQ: EBAY) beat first-quarter expectations but the outlook was uninspiring.
• Google Inc. (NASDAQ: GOOG) first-quarter profit soared 42%, beating Wall Street estimates.
• Intel Corp. (NASDAQ: INTC) first-quarter earnings slipped but exceeded expectations.
• Intuitive Surgical Inc. (NASDAQ: ISRG) beat first-quarter estimates and offered a disappointing outlook.
• J.B. Hunt Transport Services Inc. (NASDAQ: JBHT) missed first-quarter estimates on rising fuel prices.
• Nokia Corp. (NYSE: NOK) first-quarter profit missed expectations and it warned of a coming decline.
• Pfizer Inc. (NYSE: PFE) first-quarter profits fell and missed analysts' expectations.
• Reliance Steel & Aluminum Co. (NYSE: RS) lowered its second-quarter outlook.
• Royal Philips Electronics posted a bigger-than-expected fall in profit on weak North America TV sales.
• Wolverine World Wide Inc. (NYSE: WWW) beat earnings estimates but shareholders were not impressed.
• Xerox Corp. (NYSE: XRX) posted a first-quarter loss that matched analysts' estimates.

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