• UBS upgraded Safeway (NYSE:SWY) to Buy from Neutral based on valuation.
  
• AthroCare (NASDAQ:ARTC) was raised to Neutral from Negative at Susquehanna on valuation.
• BT Group (NYSE:BT) was raised to Neutral from Underperform at Credit Suisse.
  
• Leap Wireless (NASDAQ:LEAP) was upgraded at Goldman to Buy from Neutral.
  
• China Mobile (NYSE:CHL) was upgraded to Buy from Neutral at Merrill Lynch.

• Jefferies downgraded shares of Albany Molecular (NASDAQ:AMRI) to Underperform from Hold on concerns regarding the company's exposure to small biopharma as their checks suggest biopharmaceutical companies that rely on the capital markets to fund operations are cutting back significantly on R&D projects. The firm lowered their target to $8 from $10.
• Baird downgraded Sirona Dental (NASDAQ:SIRO) to Neutral from Outperform and lowered their target to $15 from $21 due to lack of catalysts and better options in dental.
  
• Stephens cut Hub Group (NASDAQ:HUBG) to Equal Weight from Overweight on the expectation that weaker volumes will lead to pricing pressure. The firm lowered their target to $24 from $36.
• Teco Energy (NYSE:TE) was downgraded to Hold from Buy at KeyBanc.
  
• RF Micro Devices (NASDAQ:RFMD) was lowered to Underperform from Buy at Merrill Lynch.
  
• Energy Conversion (NASDAQ:ENER) was cut to Underweight from Equal Weight at Barclays.

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

• Albany Molecular Research Inc. (NASDAQ: AMRI) topped estimates and raised its full-year guidance.
• Applied Materials Inc. (NASDAQ: AMAT) Q3 earnings and revenues tumbled but beat low expectations.
• Deere & Co. (NYSE: DE) fell short of Q3 earnings expectations due to rising materials costs.
• Estee Lauder Cos. Inc. (NYSE: EL) posted strong Q4 results that led shares to a new 52-week high.
• Fossil Inc. (NASDAQ: FOSL) posted better-than-expected Q2 earnings and lifted its full-year forecast.
• JCPenney Co. Inc. (NYSE: JCP) Q2 profit slipped but still topped analysts' expectations.
• LDK Solar Ltd. (NYSE: LDK) Q2 net income soared, easily beating analysts' estimates.
• Liz Claiborne Inc. (NYSE: LIZ) rebounded from its tumble after its disappointing Q2 report.
• MBIA Inc. (NYSE: MBI) posted strong Q2 results despite downgrades of its financial ratings.
• Newcastle Investments Corp. (NYSE: NCT) despite negative earnings, it announced a quarterly dividend.
• Nvidia Corp. (NASDAQ: NVDA) posted dismal Q2 results and announced a share buyback program.
• Sysco Corp. (NYSE: SYY) Q4 earnings topped expectaitons on demand for bulk food products.
• TJX Cos. (NYSE: TJX) strong Q2 results fell short of expectations, as did the Q3 earnings forecast.
• Wal-Mart Stores Inc. (NYSE: WMT) topped Q2 estimates due to bargain seekers and international sales.

Also, Jim Cramer warns against bearishness on the financials and also suggests that the collapse of commodities will buoy earings.

For more highlights from this week, see: Abercrombie, Macy's, Kohl's, Sirius, UBS, Wachovia and others

Upcoming quarterly reports include Lowe's (NYSE: LOW), Home Depot (NYSE: HD), Hewlett-Packard (NYSE: HPQ), Target (NYSE: TGT), La-Z-Boy (NYSE: LZB), Saks (NYSE: SKS), BJ's Wholesale (NYSE: BJ), Limited Brands (NYSE: LTD), Barnes & Noble (NYSE: BKS), Burger King (NYSE: BKC), Gap (NYSE: GPS), Heinz (NYSE: HNZ), and Intuit (NASDAQ: INTU).

Visit AOL Money & Finance for more earnings coverage.

Albany Molecular Research (NASDAQ: AMRI) provides contract services to pharmaceutical and biotechnology companies. The firm offers drug discovery, screening programs, libraries for screening and hit-to-lead programs, and analytical quantification of drugs and metabolites in biological samples. The company also conducts its own research, aiming to license its compounds to other firms for further development. Albany Molecular owns a patent for fexofenadine HCl, the key ingredient in Sanofi-Aventis' (NYSE: SNY) antihistamine Allegra.

The company pleased investors last week, when it reported Q2 EPS of 24 cents and revenues of $57.9 million. Analysts had been looking for ten cents and $51.8 million. The CEO noted that submission of a Canadian Clinical Trial Application by partner Bristol-Myers Squibb (NYSE: BMY) triggered a milestone payment to Albany that reflected well on the value of the company's strategic technology platform. Management also guided Q3 EPS to 8-10 cents (seven cent consensus) and FY08 EPS to 48-52 cents (38 cent consensus).

Albany Molecular Research (NASDAQ: AMRI) provides contract services to pharmaceutical and biotechnology companies. The firm offers drug discovery, screening programs, libraries for screening and hit-to-lead programs, and analytical quantification of drugs and metabolites in biological samples. The company also conducts its own research, aiming to license its compounds to other firms for further development. Albany Molecular owns a patent for fexofenadine HCl, the key ingredient in Sanofi-Aventis' (NYSE: SNY) antihistamine Allegra.

The company pleased investors last month, when it reported Q1 EPS of ten cents and revenues of $53.6 million. Analysts had been looking for three cents and $47.7 million. The CEO noted a 15% increase in Allegra-derived royalities. Management also guided Q2 EPS to 8-11 cents (ten cent consensus) and FY08 EPS to 38-42 cents (33 cent consensus). The AMRI price popped on the news and then moved into a bullish "flag" pattern.