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

• Anadarko Petroleum Corp. (NYSE: APC) reported that its Q4 profit tripled but it fell short of estimates.
• Biogen Idec Inc. (NASDAQ: BIIB) met earnings estimates but it is getting more pressure from Carl Icahn.
• BP (NYSE: BP) surprised Wall Street with a multibillion dollar Q4 loss due to lower oil prices.
• Cisco Systems Inc. (NASDAQ: CSCO) beat Q2 estimates but warned that incoming orders have declined.
• Dick's Sporting Goods Inc. (NYSE: DKS) reaffirmed its previous Q4 guidance, which pleased investors.
• Estee Lauder Companies Inc. (NYSE: EL) topped Q2 earings estimates and it announced job cuts.
• Humana Inc. (NYSE: HUM) Q4 earnings fell on higher claim expenses and lower investment income.
• JDS Uniphase Corp. (NASDAQ: JDSU) adjusted earnings were in line with estimates but revenue fell.

Toyota Motor Corp. (NYSE: TM) said it racked up a loss of 164.7 billion yen ($1.81 billion), down sharply from the 458.6 billion yen profit it had the same period the previous year as quarterly sales plunged 28.4%. The world's largest automaker said it was heading for its first annual net loss since 1950 because of plunging global sales and the strong yen. TM shares declined 4.9% in premarket trade.

News Corp. (NYSE: NWS) shares sank over 9% in pre-market trading after it reported Thursday after the close its biggest quarterly loss. While most of it was due to a writedown, it still missed the 19 cents expected earnings per share when it reported earnings of 12 cents per share excluding items. Revenue declined 8.4%, also missing estimates.

Despite a negative GDP report coming in at -0.3% to begin that start of the recession, stocks actually spent most of the day in the black. The Treasury has finally started paying TARP funds out to large banks, and the second tier banks are next in line. Oil is contained, and an old and haggard looking T. Boone Pickens gave an interview this morning saying he was out of oil but thinks oil will go back to $100.00 next year.

Here are today's closing bell levels:
DJIA: 9,180.69 (+2.11%)
NASDAQ: 1,698.52 (+2.49)
S&P 500: 954.09 (+2.58)

Top Analyst Upgrades
Top Analyst Downgrades

Biogen Idec Inc. (NASDAQ: BIIB) shares were down over 5% at $39.68 right before the close, but that is better than the -1% at one point after yesterday's close. The biotech giant disclosed a US-case of PML that was detected early via MRI in one of its TYSABRI patients.

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

• Aeropostale Inc. (NYSE: ARO) strong Q2 results were in line with analysts' expectations.
• BHP Billiton Ltd. (NYSE: BHP) reported a record annual profit on demands for commodities in China.
• Burger King Holdings Inc. (NYSE: BKC) beat Q4 expectations despite struggling with commodities costs.
• Foot Locker Inc. (NYSE: FL) reported that it easily beat earnings expectations for the second quarter.
• GameStop Corp. (NYSE: GME) reported strong Q2 results despite a decline in gross margins.
• Hershey Co. (NYSE: HSY) narrowed its 2008 guidance due to rising costs of commodities.
• HJ Heinz Co. (NYSE: HNZ) Q1 results topped analysts' estimates and raised its full-year guidance.
• JDS Uniphase Corp. (NASDAQ: JDSU) offered disappointing quarterly results and Q1 guidance.
• Limited Brands Inc. (NYSE: LTD) reported better-than-expected Q2 results and boosted its forecast.
• Novatel Wireless Inc. (NASDAQ: NVTL) fell short of estimates, leading to a new 52-week low.
• Saks Inc. (NYSE: SKS) reported a smaller-than-expected Q2 loss and forecast lower operating margins.
• Staples Inc. (NASDAQ: SPLS) warned of lower profits due to continued challenging market conditions.
• Zumiez Inc. (NASDAQ: ZUMZ) warmed of weakness in the second half, including lower same-store sales.

For more earnings highlights from this week, see: Home Depot, Lehman, Hewlett-Packard, Gap, BJ's and others

Upcoming quarterly reports include Big Lots (NYSE: BIG), Borders (NYSE: BGP), Rio Tinto (NYSE: RTP), Tivo (NASDAQ: TIVO), Novell (NASDAQ: NOVL), Dell (NASDAQ: DELL), Sears (NASDAQ: SHLD), and Tiffany (NYSE: TIF).

Visit AOL Money & Finance for more earnings coverage.

It seemed that our streak of gains wasn't even going to make it two days, but this afternoon buyers were able to come to the rescue. A more than $5 rise in oil was much better tolerated than in weeks past as geopolitical concerns are rising because of US-Russia tensions.

Here are today's unofficial closing bell levels:
DJIA 11,428.50 (+11.07)
S&P500 1,277.53 (+2.99)
NASDAQ 2,380.38 (-8.70)
10YR T-Note 3.838% (+0.039%)
52-week lows
Top Analyst Upgrades
Top Analyst downgrades

Barry Diller's IAC/Interactive (NASDAQ: IACID) finally completed its spin-offs into five operating units and completed its effective reverse splits. According to the data, the shares were up 8% at $16.60 in today's final minutes. Here is a full breakdown of the new companies with tickers and operations.

After the FOMC tankeroo yesterday, would you have ever guessed that this would be such a great market day? Well it was. Oil falling almost $1.00 to $112.52 and gold back down to almost under $850/ounce are helping. It looks like traders are piling back on the "stuff and money" rather then commodities and a weak dollar. With the huge move today, you have to wonder where it all came from as the calls and the news was lighter than on many days. Below are the unofficial closing prices from 4:00 PM EST:

• Dow 13,011.06 +190.93 +1.49%
• S&P 500 1,409.06 +23.47 +1.69%
• NASDAQ 2,480.71 +67.91 +2.81%
• 10YR-TBond 3.749% (-0.01%)
• 52-WEEK LOWS.

Apache Corporation (NYSE: APA) fell after a doubled net income failed to meet estimates. They generated a net income of $1.02 billion or $3.03 EPS compared to $492.9 million, or $1.47 EPS first quarter 2007. Average estimates by Thomson expected EPS of $3.06. Outlook for production in 2008 was also more conservative. Shares lost 6% to $126.41.

NetManage (NASDAQ:NETM) is up 66% on word of a buy-out from Micro Focus.

Symantec (NASDAQ:SYMC) is up almost 5% on good earnings.

Network Equipment (NYSE:NWK) is off 17% on poor earnings.

JDS Uniphase (NASDAQ:JDSU) is down 13% after missing Wall St. estimates.

Las Vegas Sands (NYSE:LVS) is off 10% due to a poor quarter.

Stocks may traded differently in the pre-market than they do in the regular session.

Douglas A. McIntyre is an editor at 247wallst.com.

Merrill Lynch downgraded both Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) from "neutral" to "sell," according to Briefing.com. The news service also reports that Morgan Stanley downgraded Best Buy (NYSE: BBY) to "underweight" from "equal weight."

JDS Uniphase (NASDAQ: JDSU) started as "market perform" at Morgan Keegan, according to 24/7 Wall St. The website also wrote that Williams Companies (NYSE: WMB) was raised to "outperform" at RBC Capital Markets.

Douglas A. McIntyre is an editor at 24/7Wallst.com.

JDSU (NASDAQ: JDSU) is recently up $1.84 to $12 in pre-open trading.

JDSU reported Q2 EPS of 22 cents versus consensus estimates of 12 cents, as well as better-than-expected guidance.

Roth Capital Partners says: "Absolutely a brilliant quarter (And guidance wasn't too shabby); Maintain Buy."

JDSU is a provider of optical products and measurement solutions for telecommunication service companies.

JDSU overall option implied volatility of 61 is above its 26-week average of 46 according to Track Data, suggesting larger price movement.

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

JDS Uniphase Corp. (NASDAQ: JDSU) was an investor favorite during the great internet bubble of the late 1990s. Its shares rose to over $250 in 2000 before falling into the single digits when the tech bubble popped. Times have been hard lately for the tech infrastructure company, which engineered a 1:8 reverse split in October of 2006.

However, in the last few days, there has been a lot of positive press about JDS. BusinessWeek cited the company as an attractive high-growth stock. It was one of only four stocks that made it past the magazine's screen, which is "based on fundamental data such as corporate earnings and growth potential, return on equity, current yield relative to the S&P 500, and price-to-book value."

JDS was also mentioned in Barron's this week. In an interview, George Putnam III, the grandson of the founder of Putnam Investments and the author of "The Turnaround Letter," which focuses on distressed companies, said that he likes JDS at its current valuation. He noted that the company is not distressed, but is out of favor with investors right now. Putnam cited the company's impressive cash levels and expressed confidence that the firm is here to stay. He likes JDS as a telecom equipment play. In Putnam's view, telecom companies are a growth area once again, with growth driven by hardware upgrades among cable and phone companies chasing customers for triple-play (voice, video, data) packages.

All of this attention is having a positive effect on the stock. JDSU is up 32 cents, or 2%, as of 1:30 this afternoon, to $15.82.

JDS Uniphase Corporation (NASDAQ: JDSU), the optical components maker, reported 16% revenue growth last night and positive EPS for the fourth quarter in a row. Revenue came in at $351 million and EPS of $0.07 versus estimates of $338 million and $0.04, respectively.

The company provided guidance of $345 to $360 million in revenue for the current quarter, which is acceptable and could be a bit conservative.

Acquisitions in the test and measurement business are paying off as this was the business that drove a good portion of growth. However, its optical communications business, JDS's claim to fame, came in weak with operating margins of -8.2% vs -1.0% for the quarter. The weak operating performance was driven by poor factory utilization as it transitions to a new lean manufacturing model along changes with several of its largest customers which led to order slowness, the company claimed.

JDS, under the leadership of Cisco former top exec, Keven Kennedy, continues to push forward, but it appears more acquisitions and new products are needed to keep the momentum going. Despite claiming leadership in the better segments of the optical space, the products do not seem to have the ability to generate the margins investors would find attractive. Plus, the company still has some debt on its balance sheet that it would be nice to see cleaned up.

Goldman has put a $17 price target on the company, for 16% appreciation. With the recent broad- based drop in the stock market, investors might look elsewhere for better returns.

MOST NOTEWORTHY: JDSU (JDSU), MasterCard (MA), GlobalSanta Fe (GSF), Molson Coors (TAP) and TRW Inc (TRW) were today's notable upgrades:

• BMO Capital upgraded JDSU (NASDAQ: JDSU) to Market Perform from Underperform based on valuation and good industry fundamentals.

• AG Edwards considers MasterCard (NYSE: MA) a defensive payments play, upgraded shares to Buy from Hold, and would use weakness to build positions in the stock.

• GlobalSanta Fe (NYSE: GSF) was upgraded at Bernstein to Market Perform from Underperform based on the merger with Transocean (RIG).

• Molson Coors (NYSE: TAP) was upgraded to Buy from Neutral at Goldman based on valuation and potential increased free cash flow in 2008.

• TRW Inc (NYSE: TRW) was upgraded to Buy from Sell at Goldman...

OTHER UPGRADES:

• Thomas Weisel raised Network Appliance (NASDAQ: NTAP) to Overweight from Market Weight.

• Suntrust upgraded Goodrich Petroleum (NYSE: GDP) to Neutral from Reduce.

• Fossil (NASDAQ: FOSL) was upgraded to Outperform from Market Perform at Piper Jaffray.

• Keybanc raised Macy's (NYSE: M) rating to Buy from Hold.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

MOST NOTEWORTHY: Joseph A. Bank Clothiers, Inc (JOSB), Take-Two Interactive Software, Inc (TTWO), McDonald's Corp (MCD) and RF Micro Devices (RFMD) were today's more notable upgrades:

• First Albany upgraded shares of Joseph A. Bank Clothiers (NASDAQ: JOSB) to Neutral from Sell, following the Q1 upside and indications that Q2 is off to a strong start.

• Kaufman Brothers raised Take-Two Interactive Software (NASDAQ: TTWO) to Hold from Sell with an $18 target following the release of Q2 results, saying they see evidence the company is stabilizing. JP Morgan also upgraded TTWO shares to Overweight from Neutral, as the company considers shares attractive ahead of the Grand Theft Auto IV launch in October.

• Goldman added McDonald's Corp (NYSE: MCD) to their Americas Conviction Buy List citing expectations for upward earnings revisions.

• ThinkEquity upgraded shares of RF Micro Devices (NASDAQ: RFMD) to Buy from Source of Funds based on valuation.

OTHER UPGRADES:

• Goldman Sachs raised Berry Petroleum Co (NYSE: BRY) and Pier 1 Imports, Inc (NYSE: PIR) to Buy from Neutral.

• JDS Uniphase Corp (NASDAQ: JDSU) was raised to Outperform from Market Perform at Bernstein.

• Matrix USA upgraded shares of Tetra Technologies, Inc (NYSE: TTI) to Buy from Hold.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).

CIENA Corp. (NASDAQ: CIEN) opened at $30.95. So far today the stock has hit a low of $30.14 and a high of $30.95. As of 11:00, CIEN is trading at $30.18, down $0.01 (-0.1%).

After hitting a one year high of $33.67 in June, the stock has been volatile all year, hitting a year low of $22.04 in November. Jim Cramer wrote today that Verizon's (NYSE: VZ) earnings release this morning indicates that spending on optical businesses is going to see a notable jump for the first time in ages. Though he hates this sector, which he says hinges solely on Verizon, he thinks now is the time to get in. With Verizon's earnings out of the way, stocks like Ciena, Corning (NYSE: GLW), JDSU (NASDAQ: JDSU), and Tellabs (NASDAQ: TLAB) stand to benefit from the spending cycle. Recent technical indicators for CIEN have been bullish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bullish hedged play on this stock, I would consider a July bull-put credit spread below the $25 range. CIEN hasn't been below $25 since November and has shown support around $27.80 recently. This trade could be risky if Q2 earnings (due out in late May or early June) disappoint, but even if that happens, this position could be protected by the historical support around $25.

Brent Archer is an options analyst and writer at Investors Observer.
DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At press time, Brent neither owns nor controls positions in CIEN, VZ, GLW, JDSU, or TLAB.

Finisar (NASDAQ:FNSR) trades like water. On a good day, ten million shares in the optical equipment maker change hands. The optics business should be strong. With companies like Verizon (NYSE:VZ) building out big fiber networks, there ought to be plenty of business to go around.

That brings Wall Street to the case at hand. Finisar revenue rose only 16% in its most recently reported quarter to $108 million. The firm can't give out complete financials until its options back-dating probe is behind it.

Finisar made matters worse by guiding for $104 million to $110 million in revenue in the current quarter. Reuters says investors are looking for $116 million.

Shareholders had to be hoping for better. Over the last year, Finisar shares are down about 35%. Other companies in the industry like JDS Uniphase (NASDAQ:JDSU) are guiding for better days ahead.

And, perhaps that is the problem. Companies like JDSU are beating Finisar in the horse race to supply capacity to provide infrastructure for rising internet traffic.

The internet traffic boom will not last forever. Video streaming is already in the market with huge bandwidth hogs like Google's (NASDAQ:GOOG) YouTube.

For Finisar, if not now, when?

Shares should be down today, or it is a victory of hope over reason.

Douglas A. McIntyre is a partner at 24/7 Wall St.