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

• Aflac Inc. (NYSE: AFL) reported strong Q3 results, declared a dividend, and offered guidance for Q4.
• Avon Products Inc. (NYSE: AVP) Q3 earnings slumped and revenue was hurt by currency translations.
• BP (NYSE: BP) shares leaped higher after it reported better-than-expected quarterly earnings.
• Daimler AG (NYSE: DAI) reported that it returned to profitability in Q3 but warned of decreasing revenue.
• General Dynamics Corp. (NYSE: GD) Q3 earnings beat expectations and it lifted its earnings outlook.
• Hershey Co. (NYSE: HSY) posted strong Q3 earnings and expects full-year earnings ahead of forecasts.

Tuesday, Daimler AG (NYSE: DAI) reported that it returned to profitability in the third quarter of 2009, and Honda Motor Co. Ltd. (NYSE: HMC) posted much lower fiscal second quarter earnings, but which were better than the loss the company had earlier expected.

In line with previously released preliminary results, Daimler posted a net profit of 56 million euros ($83.2 million), or 0.04 euros per share, down from 213 million euros ($316.5 million) in the same quarter of 2008. And it said revenue fell to 19.3 billion euros ($28.7 billion) from 24.5 billion ($36.4 billion) a year ago. The slump in sales was most substantial in its Daimler Trucks and Mercedes-Benz Vans units.

Analyst upgrades:

• Citigroup upgraded Procter & Gamble (NYSE:PG) to Buy from Hold after meeting with management as it believes a more aggressive strategy will lead to the company regaining market share. Citi raised its target on shares to $66 from $54.
  
• Piper Jaffray upgraded Allscripts (NASDAQ:MDRX) to Overweight from Neutral after learning the company signed a large contract with North Shore Long Island Jewish Hospital. Piper now sees upside to estimates and raised its target on shares to $22.50 from $14.
  
• UBS upgraded Amedisys (NASDAQ:AMED) to Buy from Neutral following a review of the Senate Finance Committee's healthcare proposal, which they view as "benign." The firm raised its target to $57 from $46.
• Daimler (NYSE:DAI) was upgraded to Outperform from Market Perform at Bernstein.
  
• Boston Private (NASDAQ:BPFH) was upgraded to Outperform from Market Perform at Keefe Bruyette.
  
• E-Trade (NASDAQ:ETFC) was upgraded to Buy from Neutral at Goldman.

Analyst upgrades:

• Citigroup upgraded National Fuel (NYSE: NFG) to Hold from Sell to reflect better than expected drilling results for the company's Marcellus shale assets. Citi raised its target on shares to $43 from $42.
• Baird upgraded Netezza (NYSE: NZ) to Outperform from Neutral and raised its target to $14 from $7 based on the company's new product announcement and potential revenue acceleration.
• JPMorgan upgraded Liberty Interactive (NASDAQ: LINTA) to Overweight from Neutral. The firm finds the valuation attractive following Liberty's better than expected Q2 results and set a $13 price target on the stock.
• Marlin Business (NASDAQ: MRLN) was upgraded to Outperform from Market Perform at William Blair.
• Paychex (NASDAQ: PAYX) was upgraded to Sell from Conviction Sell at Goldman.
• Hewitt Associates (NYSE: HEW) was upgraded to Buy from Neutral at UBS.

Analyst upgrades:

• Goldman upgraded shares of Daimler (NYSE: DAI) to Buy from Neutral as it believes the company's restructuring and greater visibility on its outlook could be positive for the stock.
  
• JP Morgan upgraded shares of Goodyear Tire (NYSE: GT) and Cooper Tire (NYSE: CTB) to Overweight from Neutral on expectations that industry volumes will improve in the coming quarters.
  
• Friedman Billings upgraded Websense (NASDAQ: WBSN) following the company's better than expected preliminary Q1 results. The firm maintains a $17 target on shares.
• Ruby Tuesday (NYSE: RT) was upgraded to Buy from Hold at KeyBanc.
  
• Portfolio Recovery (NASDAQ: PRAA) was raised to Buy from Neutral at SunTrust.

Analyst upgrades:

• Barclays upgraded Spectra Energy (NYSE: SE) to Overweight from Equal Weight. The firm believes Spectra's valuation is attractive and that the dividend is secure.
• Soleil upgraded Sunoco (NYSE: SUN) to Buy from Hold on valuation following the recent pullback and maintains a $45 target on the stock.
  
• Friedman Billings upgraded O'Reilly Automotive (NASDAQ: ORLY) to Outperform from Underperform on valuation and the company's better than expected sales and earnings acceleration. The firm has a $38 target on the stock.
• Royal Caribbean (NYSE: RCL) was removed from Goldman's Conviction Sell List.
  
• Intercontinental Hotels (NYSE: IHG) was raised to Buy from Hold at Jefferies.
  
• Valspar (NYSE: VAL) was lifted to Neutral from Underweight at JP Morgan.

Analyst upgrades:

• Stephens upgraded Emergency Medical Services (NYSE: EMS) to Overweight from Equal Weight on valuation as they believe shares are undervalued at current levels. The firm has a $42 target on the stock.
  
• Deutsche Bank upgraded Deutsche Telekom (NYSE: DT) to Buy from Hold ahead of the company's earnings report as they expect the results to provide confidence in the dividend.
  
• Baird upgraded CoPart (NASDAQ: CPRT) to Outperform from Neutral due to the defensive nature of the salvage auction market, strong balance sheet, and potential growth beyond salvage and outside the U.S.
• First Financial (NASDAQ: FFBC) was raised to Market Perform from Underperform at Keefe Bruyette.
  
• GPC Biotech (NASDAQ: GPCB) was upgraded at Piper Jaffray to Neutral from Sell.
  
• Smith & Nephew (NYSE: SNN) was upgraded to Buy from Hold at Citigroup.

Analyst upgrades:

• Baird upgraded Starwood Hotels (NYSE: HOT), Host Hotels (NYSE: HST) and Marriott (NYSE: MAR) to Outperform from Neutral based on valuation and indications that negative sentiment has reached a bottom.
• Citigroup upgraded Torchmark (NYSE: TMK) to Buy from Hold as they find the valuation attractive and think management can grow earnings and book value in 2009/2010. Despite upgrading, the firm lowered their target price to $37 from $45.
• ASM International (NASDAQ: ASMI) was added to Goldman's Conviction Buy List.
• Credit Suisse (NYSE: CS) was raised to Overweight from Equal Weight at Morgan Stanley.
• Live Nation (NYSE: LYV) was upgraded at Natixis to Buy from Hold.

TheStreet.com's Jim Cramer says the near term is muddy, but this mining-equipment maker is a long-term win.

Bucyrus International (NASDAQ: BUCY) (Cramer's Take) really captures this moment. When I was speaking last night to its terrific CEO, Tim Sullivan, I was conscious that his company's stock is at the fulcrum of everything that is going wrong and everything that is going right in this market.

Bucyrus, if you recall, makes mining equipment. It's really the only game in town other than Joy Global (NASDAQ: JOYG) (Cramer's Take), as the mining machinery business was annihilated by years of underinvestment.

The company became the quintessential play on mining as orders, particularly from China, for new coal mining equipment soared each year. China's opening a new coal-fired energy plant every week, so you know that there's demand.

The hedge funds glommed on to this one big-time. Like in so many that we are familiar with -- MasterCard (NYSE: MA) (Cramer's Take), Trinity (NYSE: TRN) (Cramer's Take), Foster Wheeler (NASDAQ: FWLT) (Cramer's Take), NYSE Euronext (NYSE: NYX) (Cramer's Take) and Freeport-McMoRan (NYSE: FCX) (Cramer's Take) -- they took concentrated positions in this and Joy Global and intended to ride the commodity boom for years.

Analyst upgrades:

• Goldman upgraded Nokia (NYSE: NOK) to Neutral from Sell on valuation and believes the company's guidance is realistic.
  
• SMH Capital upgraded GMX Resources (NASDAQ: GMXR) to Accumulate from Neutral and is positive on the company's capex reduction.
  
• Wachovia raised Nationwide Health Services (NYSE: NHP) to Outperform from Market Perform to reflect the company's diversified portfolio and "solid" capital position.
• Portugal Telecom (NYSE: PT) was upgraded to Equal Weight from Underweight at Morgan Stanley.
  
• Omnicare (NYSE: OCR) was upgraded to Buy from Hold at Soleil.
  
• SKF AB (OTC: SKFRY) was upgraded at JP Morgan to Neutral from Underweight.

Analyst downgrades:

Analyst upgrades:

• Citigroup upgraded shares of Cadbury (NYSE: CBY) to Hold from Sell on the company's pricing initiatives and their expectations for margin expansion.
  
• Jefferies upgraded shares of Medicis (NYSE: MRX) to Buy from Hold and raised its target to $16 from $12.50 as they believe the company's settlement with Impax should lift valuation and drive higher earnings.
  
• Cowen upgraded Williams-Sonoma (NYSE: WSM) to Neutral from Underperform on valuation. Shares were also upgraded at Merrill Lynch to Buy from Underperform.
• Signet Group (NYSE: SIG) was raised to Neutral from Sell at Goldman.
  
• EMC Corp (NYSE: EMC) was upgraded to Buy from Accumulate at ThinkPanmure.
  
• DSP Group (NASDAQ: DSPG) was upgraded at RBC Capital to Sector Perform from Underperform.

Analyst downgrades:

Ford (NYSE: F) closed at $2.13 Monday. F is expected to report Q3 EPS on November 7. Deutsche Bank says: "there is no recent history of a decline of such ferocity makes us cautious about proclaiming a bottom." F overall option implied volatility of 155 is above its 26-week average of 100 according to Track Data, suggesting larger price movement.

General Motors (NYSE: GM) closed at $5.65 Monday. GM is expected to report Q3 EPS on November 7. Deutsche Bank says: "There are relatively few near term catalysts that could help stimulate an auto demand recovery." GM November 5 straddle is priced at $2.05, December is at $3.25. GM December option implied volatility of 192 is above its 26-week average of 102 according to Track Data, suggesting larger price fluctuations.

Daimler AG (NYSE: DAI) closed at $33.92 Monday. DAI December option implied volatility of 89 is above its 26-week average of 42 according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

Analyst upgrades:

• Jefferies upgraded shares of Constellation Energy (NYSE: CEG) to Buy from Hold and raised its target to $26.50 from $25 on valuation as they believe MidAmerican Energy will consummate the merger. The firm points out shares are trading at a 14% discount to the $26.50 offer.
  
• Merriman upgraded Denny's Corp. (NASDAQ: DENN) to Buy from Neutral as they believe the company's restructuring and successful menu and food cost management should stabilize operating margins.
  
• Daimler (NYSE: DAI) was upgraded at Merrill to Buy from Neutral on valuation as they believe the stock is oversold at current levels.
• Taiwan Semi (NYSE: TSM) was upgraded to Overweight from Neutral at HSBC.
  
• Veolia Environnement (NYSE: VE) was lifted to Neutral from Underperform at Credit Suisse.
  
• Goldman raised PMC Sierra (NASDAQ: PMCS) to Buy from Neutral.

Analyst downgrades:

Analyst upgrades:

• Goldman upgraded Applied Materials (NASDAQ: AMAT) to Buy from Sell and added shares to its Conviction Buy List citing valuation. The firm also upgraded the Semiconductor Capital Equipment Sector to Attractive.
  
• Morgan Keegan believes Cisco Systems (NASDAQ: CSCO) will emerge from the slowdown as a stronger company with greater market share and expansion into adjacent markets. Shares were upgraded to Outperform from Market Perform.
• Pfizer (NYSE: PFE) was upgraded to Overweight from Equal Weight at Barclays.
  
• Daimler (NYSE: DAI) was upgraded at UBS to Neutral from Sell.
• Friedman Billings upgraded Mariner Energy (NYSE: ME) to Market Perform from Underperform on valuation and the company's upcoming catalysts in the deepwater GOM.
• Swiss Reinsurance (OTC: SWCEY) was raised to Buy from Hold at Citigroup.

Analyst downgrades:

• Intel (NASDAQ: INTC) was downgraded to Neutral from Buy at Goldman.
• Deutsche Bank cut Hess Corp (NYSE: HES) and Marathon Oil (NYSE: MRO) to Hold from Buy and Suncor (NYSE: SU) and ConocoPhillips (NYSE: COP) to Sell from Hold after cutting their oil price forecast for 2009 to $60/bbl and 2010 to $58/bbl.
  
• Merrill downgraded Akzo Nobel (OTC: AKZOY) to Neutral from Buy on expectations the company's coatings end markets will worsen and chemicals division will see pressure next year.
• Monster (NASDAQ: MNST) was lowered at Citigroup to Hold from Buy.

Though our attention has been on the hair-raising problems in the financial sector over the last few weeks, the important (and ultimately deeply related) story about job loss in the American industrial sector needs at least as much attention.

Today, another producer of actual things (rather than just inflationary paper) announced the elimination of thousands of jobs. Daimler AG (NYSE: DAI) said that it will terminate Sterling Trucks, which accounts for 15% of Daimler's truck sales in North America. Daimler is the world's largest producer of heavy vehicles.

Sterling is a subsidiary of Freightliner, the largest heavy truck manufacturer in the U.S., which Daimler has owned since 1981. Originally Ford Motor's (NYSE: F) heavy truck division, Ford/Sterling was bought and re-branded as Sterling in 1997.

Daimler stated that Sterling had never met expectations, and that the ongoing recession made it clear that the division needed to be put out of its misery. Plants in Portland, Oregon and St. Thomas, Ontario will be closed, resulting in the loss of 3,500 manufacturing jobs. Daimler stated that it will proceed with the planned opening of new Freightliner plant in Mexico.

While there's no doubt that there is excess capacity in the truck-making industry and that the elimination of manufacturing plants is economically rational, Daimler's move raises once again the larger question of the health of the manufacturing sector in the U.S. As many critics have argued, the ongoing loss of high-paying manufacturing jobs -- a process that has been going on for years -- will make it that much harder for the American economy to recover.