Agilent Technologies (A), a business dedicated to electronics used in chemical and biological testing, issued its fiscal first-quarter numbers after the bell today. The initial market reaction following the release was bearish: the shares were off by 1.8% to $44.

That might be a disappointment to those who own the company. The 52-week low for the shares is $26.68 while the 52-week high is $45.42. The stock is obviously near its top point for the year, so there was arguably some optimism in the air for the prospects of the price movement during the extended-hours session. Looking at the chart, it can be seen that Agilent has been on a notable run-up for a while.

We're well into the quarter now and the earnings reports continue to roll out.

This week, Dell (DELL) highlights a handful of results from tech companies. Analysts surveyed by Thomson Reuters are looking for fourth-quarter earnings of 37 cents per share from the one of the world's top PC purveyors. That's up from 28 cents per share during the same period a year ago. Dell also is expected to report its revenue grew 5.5% year over year to $15.7 billion, for the three months that ended in January.

Analyst Upgrades

• Barclays upgraded Western Digital (WDC) to overweight from equal weight.
• LDK Solar (LDK) was upgraded to buy from hold at Needham.
• Legg Mason (LM) was upgraded to outperform from neutral at Macquarie.
• Agilent (A) was upgraded to buy from hold at Stifel Nicolaus.
• Wells Fargo upgraded Dean Foods (DF) to outperform from market perform and Developers Diversified (DDR) to market perform from underperform.
• Deutsche Bank also upgraded Developers Diversified, to buy from hold.
• Northrop Grumman (NOC) was upgraded to sell from conviction sell at Goldman.
• MYR Group (MYRG) was upgraded to buy from hold at BB&T.

Analyst Upgrades

• Piper Jaffray upgraded Salesforce.com (CRM) to overweight from neutral, citing valuation following the recent sell-off and strong business trends. The firm has a $115 price target for shares.
• Keefe Bruyette upgraded M&T Bank (MTB) to market perform from underperform on valuation after AIB sold its stake in the company. The firm has a $72 price target for shares.
• Jefferies upgraded OGE Energy (OGE) to buy from hold following the announcement that ArcLight will purchase 9.9% of OGE's interest in Enogex for $183M and believes this deal highlights the hidden value associated with Enogex. The firm raised its price target to $51.50 from $43.
• Thomas & Betts (TNB) was upgraded to outperform from perform at Oppenheimer.
• Bayer (BAYRY) was upgraded to buy from neutral at UBS.
• Texas Roadhouse (TXRH) was upgraded to outperform from neutral at Baird.

The conventional wisdom is that consumer spending is what drives the U.S. economy. And consumer spending arises out of consumer confidence. Unfortunately, the signals along the road to economic recovery are mixed, what with the rising GDP growth and the dismal unemployment numbers. Its enough to leave investors scratching their heads. What barometers of consumer confidence will the coming week bring?

The TIPP Economic Optimism Index for November is scheduled for Tuesday, and the University of Michigan Consumer Sentiment Index for November is due out Friday.

Agilent Technologies (NYSE: A), a manufacturer of equipment for scientific testing, reported third quarter earnings on Monday after the bell. It was a challenging quarter for the business, but estimates were beat, at least.

Revenues fell 27%. Earnings on an adjusted basis likewise took a severe tumble, coming in at 15 cents per share. Agilent made well over three times that amount in the year-ago quarter. Here's the saving grace: according to Reuters, the company earned four more pennies than the average estimate.

• Citigroup upgraded shares of Corning (NYSE: GLW) to Buy from Hold as it believes LCD glass production and sales have bottomed and will pick-up in Q2. The firm raised its target price to $16 from $11.25.
  
• Thomas Weisel upgraded Celera (NASDAQ: CRA) to Overweight from Market Weight based on valuation and its strong business model.
  
• ThinkEquity upgraded Varian Semi (NASDAQ: VARI) to Buy from Accumulate and raised its target to $32 from $20 based on valuation and weakness at its sole competitor.
• Sanofi-Aventis (NYSE: SNY) was upgraded to Hold from Underperform at Jefferies.
  
• Agilent (NYSE: A) was raised to Outperform from Neutral at Credit Suisse.
  
• Liberty Interactive (NASDAQ: LINTA) was upgraded at JP Morgan to Neutral from Underweight.

Analyst upgrades:

• Baird upgraded Agilent (NYSE:A) to Outperform from Neutral and raised its target to $24 from $22. The firm expects Agilent's YoY order declines to bottom in 1H09 and for growth to return in 1Q10.
  
• Despite downgrading the Equity REIT industry to Underweight from Market Weight, Friedman Billings upgraded Home Properties (NYSE:HME) to Outperform from Market Perform to reflect the company's exposure to Washington, D.C. The firm thinks Washington has the potential for stable demand fundamentals.
  
• Keefe Bruyette raised Education Realty (NYSE:EDR) to Outperform from Market Perform to reflect the company's improved liquidity outlook.
• Cullen/Frost (NYSE:CFR) was upgraded to Overweight from Equal Weight at Barclays.
  
• Pfizer (NYSE:PFE) was raised to Neutral from Sell at Goldman.
  
• FPIC Insurance (NASDAQ:FPIC) was lifted at Piper Jaffray to Buy from Neutral.

• Credit Suisse downgraded Deutsche Telekom (NYSE:DT) to Neutral from Outperform and France Telecom (NYSE:FTE) to Underperform from Neutral in conjunction with cutting the European Telecommunications Services sector to Market Weight from Overweight.
  
• Goldman downgraded Harley-Davidson (NYSE:HOG) to Sell from Neutral and added shares to its Conviction Sell List. The firm, which lowered its target to $11 from $30, said HOG shares do not fully reflect the impact from unprecedented headwinds in global luxury motorcycle demand and credit.
  
• Jefferies downgraded Precision Cast (NYSE:PCP) to Hold from Buy following the recent rally as they believe near-term EPS growth will be challenging. The firm lowered its target to $72 from $75.
• AutoZone (NYSE:AZO) was downgraded to Market Perform from Outperform at Bernstein.
• Tenneco (NYSE:TEN) was cut to Market Perform from Outperform at Wachovia.
• Burlington Northern (NYSE:BNI) was lowered to Underweight from Equal Weight at Morgan Stanley.
• Friedman Billings downgraded the Equity REIT sector to Underweight from Market Weight.

• Ladenburg initiated Pentair (NYSE:PNR) with a Buy rating and $32 target. The firm believes the company's cost reduction and growth strategies will limit earnings declines from weak end markets.
  
• Fiat (Other OTC:FIATY) was initiated with a Hold rating at ING Group.
  
• Raymond James resumed coverage of Tailsman Energy (NYSE:TLM) with a Market Perform rating.

Analyst upgrades:

• Keefe Bruyette upgraded IberiaBank (NASDAQ: IBKC) to Market Perform from Underperform following the company's capital raise, which the firm believes strengthens IberiaBank's balance sheet. Baird upgraded IberiaBank to Outperform from Neutral based on valuation following weakness related to the $100M capital raise.
  
• Pali upgraded shares of Urban Outfitters (NASDAQ: URBN) to Neutral from Sell on valuation as they believe the company's comp slowdown is largely priced in at current levels.
  
• Morgan Keegan upgraded Casey's General Store (NASDAQ: CASY) to Outperform from Market Perform based on valuation, healthy SSS, and easing comps.
• Cabot OIl & Gas (NYSE: COG) and Royal Dutch Shell (NYSE: RDS.A) were added to Goldman's Conviction Buy List.
  
• American Capital (NASDAQ: ACAS) was raised to Market Perform from Underperform at Friedman Billings.
  
• CIBC lifted Manulife (NYSE: MFC) to Sector Outperformer from Sector Performer.

• Goldman downgraded Caterpillar (NYSE: CAT) to Sell from Neutral based on expectations for reduced capex spending by mining and oil & gas companies and the impact from the credit crunch.
  
• Deutsche Bank downgraded auto companies and suppliers as they believe the failed government bailout increases risks. Ford (NYSE: F), American Axle (NYSE: AXL), Magna International (NYSE: MGA) and Lear (NYSE: LEA) were downgraded to Sell from Hold.
  
• SAP (NYSE: SAP) was cut to Hold from Buy at Jefferies to reflect the "deteriorating" corporate IT spend environment.
• Waters (NYSE: WAT) was downgraded to Neutral from Overweight at JP Morgan.
  
• Agilent (NYSE: A) was lowered to Equal Weight from Overweight at Barclays; the firm also downgraded Varian (NASDAQ: VARI) to Underweight from Equal Weight.

• Jefferies believes Core Laboratories (NYSE: CLB) is well positioned to benefit from the increasing need for reservoir optimization services. Shares were initiated with a Buy rating and $70 target.
  
• Deutsche Bank initiated Capital One (NYSE: COF) with a Sell rating and $24 target, citing the difficult economic environment and the potential for higher credit losses.
  
• Soleil started Hexcel (NYSE: HXL) with a Buy rating and $10 target and expects the company's military business to remain strong through 2010.
• On Semiconductor (NASDAQ: ONNN) was assumed with a Neutral rating and $3.80 target at UBS.
  
• Cbeyond (NASDAQ: CBEY) was initiated at Oppenheimer with a Perform rating.
• Brocade (NASDAQ: BRCD) was started with a Neutral rating at Piper Jaffray.

This post was written by Minyanville contributor Sean Udall.

Aglient Technologies (NYSE: A) just reported this morning and again the company is simply one of the best tech and science shops, which few talk about.

It guided lower but it was minor compared to most tech names of late. Also, A's stock is down about 35% vs. a space down 50% with many names down 65-80% off of highs so the value and durable earnings quality of A is providing some cover.

Circling back to market dynamics, I've contended many times about my view on the markets' four key problems and the difficulty in gaining traction while these are not yet solved. I won't reiterate this whole theme; however, it is noteworthy that we are so willing to spend $350 billion of the TARP while not addressing FAS 157 as well as the uptick rule. Changing these two issues costs the world "nothing". And they are either done with a "pen stroke or a few key strokes".

Yet changing these rules -- might just save the world billions in additional spending, doesn't require Congressional approval, doesn't require the Fed to expand the balance sheet, and lastly doesn't require more rates cuts which could prove quite inflationary.

• Abercrombie & Fitch Co. (NYSE: ANF) reported lower quarterly profit, but beat estimates. It also cut its full-year outlook. ANF shares were down 7.4% in premarket trading (8:45 am). ANF shares traded over 4% lower at 10:12.
  
• J.C. Penney (NYSE: JCP) also reported lower quarterly profit -- fell by nearly 53% -- but beat estimates by a penny. Sales fell 8.7% in the quarter. JCP gave full year guidance much lower than analysts' expectations. Shares were down 4.6% in premarket trading (8:33 am). JCP traded 2.4% lower 45 minutes after the open.
  
• Agilent Technologies (NYSE: A) -- keeping the same theme, Agilent [reported higher profit], managed to beat estimates but gave outlook below expectations. Shares were 2% lower in premarket trading (8:23 am). Agilent shares traded 3.3% higher 45 minutes after the open.
  

"One group of stocks that has always intrigued us are those whose symbols have one letter," notes George Putnam. The editor of The Turnaround Letter explains, "Odd as this idea may at first seem, it actually makes some sense for a deep value investor. These are often old-line companies with well-known brand names. In some cases the single letter symbols were awarded many decades ago."

After reviewing the 19 stocks with single letter symbols (7 are currently unused), Putnam offers six that he says, have been "beaten down pretty badly and now look particularly appealing."'

"Agilent Technologies (NYSE: A), which makes electronic and bio-analytic measuring devices, was spun out of Hewlett-Packard in 1999. Revenues surged in 2000 as did the stock price, reaching a lofty 162.

"But the company subsequently suffered along with its customers in the communications and technology sectors. However, the financials are sound, including strong cash flow that is supporting a $2 billion share buyback, and management has been restructuring and realigning operations for long-term growth.

Agilent Technologies (NYSE: A) provides electronic measurement and bio-analytical solutions to the communications, electronics, life sciences and chemical analysis industries. Its Electronic Measurement segment offers such instruments as data generators, multimeters, and oscilloscopes. The Bio-Analytical Measurement unit sells instruments, software, consumables and services for quantifying the physical and biological properties of substances. Customers include Cisco Systems (NASDAQ: CSCO) and Merck (NYSE: MRK). The firm was a 1999 spin-off of Hewlett-Packard (NYSE: HPQ).

Agilent pleased investors last week, when it announced fiscal Q2 EPS of 51 cents and revenues of $1.46 billion. Analysts had been looking for 48 cents and $1.43 billion. Management also guided Q3 EPS to 52-56 cents (55 cent consensus), Q3 revenues to $1.44-$1.49 billion ($1.46B consensus), FY08 EPS to $2.07-$2.15 ($2.08 consensus) and FY08 revenues to $5.82-$5.93 billion ($5.83B consensus). Needham subsequently reiterated its "buy" recommendation and boosted its price target to $42. Standard & Poor's raised its Agilent outlook from "stable" to "positive".