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

• AirTran Holdings Inc. (NYSE: AAI) reported its third consecutive quarterly profit and will increase capacity.
• Amazon.com Inc. (NASDAQ: AMZN) shares soared after it reported very strong Q3 numbers.
• Apple Inc. (NASDAQ: AAPL) reported stellar Q4 results, driven by the popularity of Macs and iPhones.
• BlackRock Inc. (NYSE: BLK) Q3 earnings soared, due in part to a tax benefit, and assets managed grew.
• Broadcom Corp. (NASDAQ: BRCM) revenue surged sequentially but note the would be flat going forward.
• Caterpillar Inc. (NYSE: CAT) beat Q3 earnings expectations and shares rose though revenue slumped.

Kimberly-Clark Corporation (NYSE: KMB), a consumer products entity whose colleagues include Procter & Gamble (NYSE: PG) and Johnson & Johnson (NYSE: JNJ), is up today on third-quarter results. At the time of this writing, my screen was showing shares of Kimberly-Clark higher by a little under 6%.

According to the corporate press release, sales declined 1.7%. Not a great start, but Kimberly-Clark highlighted a better metric: organic sales increased 3%, helped along by price increases. Luckily, sales volume didn't fare too badly; they were essentially flat.

TheStreet.com's Jim Cramer says the spike in stock prices warrants no buying until prices go lower.

I read a scary book this weekend: the S&P chart book. It was frightening because there weren't more than a handful charts that aren't overextended, and many stocks have reached levels that I didn't like when their companies were doing well. Chart after chart in every business, but especially retail and industrial, have moved up so much that you have to feel like a chump to come in at these levels.

There are almost no stocks with growth prospects that have accidentally high yields anymore. Kimberly-Clark (NYSE: KMB) (Cramer's Take) and Paychex (NASDAQ: PAYX) (Cramer's Take) were the only two that I saw that seemed remotely appealing, and maybe Philip Morris (NYSE: PM) (Cramer's Take).

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

• Amazon.com Inc. (NASDAQ: AMZN) met Q2 earnings estimates but fell short of revenue expectations.
• Coca-Cola Co. (NYSE: KO) lower Q2 results beat expectations, lifted by strength in non-cola beverages.
• Continental Airlines Inc. (NYSE: CAL) reported net loss was accompanied by a job cuts announcement.
• Ford Motor Co. (NYSE: F) surprised with a Q2 profit due mainly to a huge gain from debt reduction.
• Hasbro Inc. (NYSE: HAS) posted better-than-expected Q2 earnings due to Transformers and G.I. Joe toys.
• Hershey Co. (NYSE: HSY) posted strong numbers for Q2 and also raised its full-year guidance.

Kimberly-Clark (NYSE: KMB), a consumer-products company that counts Procter & Gamble (NYSE: PG) and Colgate-Palmolive (NYSE: CL) as colleagues, announced Q2 results on Thursday. The performance wasn't spectacular, but management successfully defended the bottom line from the recession by instituting pricing strategies that leveraged the brand equity of the company's portfolio.

The bottom line fell, of course, but probably not as far as it would have if there weren't any pricing mechanisms in place. Earnings per share came in at 97 cents. This was six cents lower than last year's adjusted Q2 income. Revenues were challenged by dollar fluctuations, dropping well over 5%. However, here's the silver lining: organic sales increased almost 3%, even with volumes on the decline.

I would think that all of the diapers the latest FightBaby goes through may have helped Kimberly-Clark (NYSE: KMB) a bit, but that was not the case.

The home of Kleenex and Huggies announced yesterday that it will cut 1,600 jobs, roughly 3% of its total workforce. A majority of the cuts will come from salaried and nonproduction workers; the company does not plan to close any plants. The company believes that these cuts will save roughly $150 million a year, or 25 cents per share. These results will be reflected the most in the second quarter, when the company will record $110 million of the costs.

TheStreet.com's Jim Cramer suggests watching certain staples for hints that the flight to riskier plays is losing steam.

Will the endless "beta" trade out of slow-moving, "safe" drugs and foods and into companies like Freeport-McMoRan (NYSE: FCX) (Cramer's Take) and Caterpillar (NYSE: CAT) (Cramer's Take) ever end?

I think it won't end here, that's for certain, unless your staples stock goes to a 5% yield and the economy's macro data show a further breakdown. If we get some retail sales that are awful and some employment numbers that show a further trashing, then we are going to see a momentary blip up in stocks like Pepsi (NYSE: PEP) (Cramer's Take) and Clorox (NYSE: CLX) (Cramer's Take), but perhaps no more than that.

Shareholders of Colgate-Palmolive (NYSE: CL) received some not-so-cool news on Wednesday. The consumer-products business was subjected to a downgrade courtesy of Linda Bolton Weiser of Caris & Co. The analyst changed the designation on Colgate-Palmolive from "Buy" to "Above Average." The effects of currency translations is what she's worried about. She believes that they could be a drag on earnings.

If you're a long-term shareholder, I probably wouldn't worry too much about this downgrade. The stock didn't react much to the news, dropping only modestly at the end of the trading session on Wednesday (it was down like 0.3%). Obviously Colgate-Palmolive, like Procter & Gamble (NYSE: PG), Clorox (NYSE: CLX), and Kimberly-Clark (NYSE: KMB), has great potential as a core investment because of its brand portfolio.

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

• Amazon.com Inc. (NASDAQ: AMZN) shares surged after earnings easily topped Q4 expectations.
• AT&T Inc. (NYSE: T) reported that its Q4 earnings fell while its revenue rose marginally.
• Boeing Co. (NYSE: BA) posted a big loss and lower revenue due to strikes and design changes.
• Caterpillar Inc. (NYSE: CAT) reported that Q4 profit fell despite higher revenue and lowered its guidance.
• Danaher Corp. (NYSE: DHR) lower Q4 profit topped analysts' estimates, sending shares higher.
• Eastman Kodak Co. (NYSE: EK) reported a Q4 net loss and announced additional job cuts.

Consumer-products company Kimberly-Clark Corporation (NYSE: KMB), whose colleagues include The Procter & Gamble Compay (NYSE: PG) and Energizer Holdings (NYSE: ENR), reported earnings for the fourth quarter, and they weren't great, at least to me. Sales decreased over 3%, and earnings per share were $1.01 on an adjusted basis, which represented a dive of 9%. According to Stocks in the News, that missed estimates by the proverbial penny. Another weak showing was cash from operations, which fell by 1%. Not disastrous, maybe, and certainly understandable, but disappointing, nevertheless.

One thing to keep in mind is that the swings in the value of the dollar affected net sales. Organic growth actually expanded by 5% in the quarter. Kimberly-Clark doesn't expect much to happen in 2009. Management's headline in the release states that adjusted earnings should be between $4 and $4.20 per share next year. This year, earnings were $4.14 per share. Also to keep in mind is that management is watching pension expenses.

Pfizer Inc. (NYSE: PFE) announced a deal to acquire rival Wyeth (NYSE: WYE) for $68 billion, or $50.19 a share, a 15% premium to Friday's close of $43.74. This cash-and-stock deal is the largest in the drug sector since 2000 and many see it as a precursor to a flourishing M&A season as the credit markets are slowly starting to improve. Pfizer also reported a 90% profit drop for the fourth quarter due to charges. PFE shares declined 3.4% in premarket trading, while WYE shares gained nearly 5%.

Barclays (NYSE: BCS) shares surged in London Monday after the firm reassured investors in a letter to shareholders it didn't need more capital. But France's BNP Paribas said it would take more cash from the government following a 1.4 billion euro ($1.8 billion) loss in the latest quarter. Finally, ING (NYSE: ING), the Dutch financial services firm, also received government aid as it is expected to announce it had a net loss of 3.3 billion euros in the fourth quarter, that it would cut 7,000 jobs, and that its CEO would step down. BCS shares gained over 44% in premarket trading and ING's gained over 19%.

Caterpillar (NYSE: CAT) and McDonald's (NYSE: MCD) are two Dow components set to report earnings this morning. CAT said its fourth-quarter profit fell to $661 million, or $1.08 a share, from $975 million, or $1.50 a share, in the year-ago quarter. Revenue rose 6% to $12.9 billion. For 2009, Caterpillar gave a a much lower guidance than analysts had expected, $2.50 vs. $4.35 EPS. CAT also said it would slash 20,000 jobs. CAT shares fell over 11% in premarket trading.
Meanwhile, MCD delivered what at first glance seems to be better-than-expected earnings of 87 cents vs. 84 cents. It even plans to invest $2.1 billion of capital to open about 1,000 new McDonald's restaurants.

American Express (NYSE: AXP) is the third Dow component tor report quarterly results after the close of trading today and is expected to report fourth-quarter earnings of 20 cents a share.

Alcoa Inc. (NYSE: AA), the first Dow component to report earnings and thus kick off the earnings season, posted a bigger-than-expected loss of $1.19 billion Monday after the close. This disappointing start to the earnings season came less than a week after the aluminum giant said it is cutting jobs and production. The causes are the general economic downturn, and specifically the lower demand from the automotive, commercial transportation and building and construction sectors, which caused a 35% slump in aluminum prices. AA shares traded 1% lower in premarket action, but that's after closing down nearly 7% Monday. AA shares decline over 3.5% around 10 am.

Sony Corp. (NYSE: SNE), the Japanese consumer electronics giant, will likely have an annual operating loss of about $1.1 billion, its first loss in 14 years, as sales fizzle for digital cameras, flat-panel TVs and other gadgets. Sony's shares plunged Tuesday and the stock fell more than 4.8% in pre-market trading. SNE shares declined over 3.3% near 10 am.

Citigroup, Inc. (NYSE: C) and Morgan Stanley (NYSE: MS) will no doubt still be in focus after news broke they are in negotiations for City to sell to Morgan Stanley a majority stake in its Smith Barney brokerage unit as a means of raising cash. Citi shares fell sharply Monday -- more than 17% -- as investors wonder how much more cash the troubled bank will need. Shares declined another 2% in premarket trading this morning. Citi shares decline over 5% and MS shares over 1.7% around 10 am.

"If you're going to stay invested, you should look to defensive sectors," explain Ron Rowland and Brandon Clay, who point to consumer staples as a top pick for the current market environment.

In their Invest with an Edge, the advisors explain, "Perhaps the best way to stay defensive is with the Consumer Staples Select Sector SPDR (NYSE: XLP), an exchange traded fund.

"In a bear market, opportunities are usually limited to certain sectors. Surveying the investment horizon, we think the consumer staples sector has the best opportunity for growth in this economy.

"Regardless how the economy acts, people still eat. Consumers may not shop at Whole Foods, but they'll still buy groceries. Companies like Wal-Mart (NYSE: WMT) and Safeway (NYSE: SWY) will continue to rake in revenues from hungry customers.

"In addition, these companies should continue to receive additional revenue from consumers who normally shop at specialty stores, but can no longer afford to.

"Consumers may not be shopping at Sharper Image any more, but there are other creature comforts that will be difficult for Americans to abandon.

"Coca-Cola (NYSE: KO) and PepsiCo (NYSE: PEP) will still sell products during a prolonged downturn. In addition, companies providing toiletries and convenience like Procter and Gamble and CVS Pharmacy stand to do well during a shifty economy.

Analyst upgrades:

• Merriman upgraded Smith & Wesson (NASDAQ:SWHC) to Buy from Neutral on valuation after channel checks indicated an increase in gun sales in October after an Obama win became apparent. The firm believes shares can trade up into the $4 to $5 range.
  
• Credit Suisse upgraded Wells Fargo (NYSE:WFC) to Outperform from Neutral citing the company's improved balance and potential earnings power following its $11B equity offering.
  
• JP Morgan upgraded Coca-Cola Enerprises (NYSE:CCE) to Overweight from Neutral on valuation and easing commodity and labor costs.
• Manulife (NYSE:MFC) was raised to Outperform from Sector Perform at RBC Capital.
  
• SL Green Realty (NYSE:SLG) was upgraded at UBS to Buy from Neutral.
  
• Molina Healthcare (NYSE:MOH) was upgraded to Equal Weight from Underweight at Barclays.

Analyst downgrades:

• Barclays downgraded General Motors (NYSE:GM) to Underweight from Equal Weight on cash concerns and believes any assistance from the government would substantially dilute equity holders. Barclays set a $1 target on GM shares.
  
• Stephens cut LandAmerica (NYSE:LFG) to Underweight from Equal Weight following the Fidelity National (NYSE:FNF) takeover as they expect no other bidders to emerge and believe shares could go back to under $5 if Fidelity National walks away.
  
• Deutsche Bank downgraded solar companies to reflect deteriorating fundamentals in the sector, an adequate supply of c-Si modules, the strengthening dollar and restricted access to capital. First Solar (NASDAQ:FSLR), Canadian Solar (NASDAQ:CSIQ), Energy Conversion (NASDAQ:ENER) and Sunpower (NASDAQ:SPWRA) were downgraded to Hold from Buy.
• Urban Outfitters (NASDAQ:URBN) and Aeropostale (NYSE:ARO) were downgraded to Underweight from Equal Weight at Barclays.
  
• FMC Technologies (NYSE:FTI) was lowered to Underweight from Neutral at JP Morgan.

Analyst initiations:

• Freeport McMoRan, HLS Systems, and Kimberly Clark were today's noteworthy initiations:
  
• Banc of America expects Freeport McMoRan's (NYSE:FCX) earnings will decline sharply in 2009 and thinks the dividend could be at risk. Shares were initiated with a Neutral rating and $29 target.
  
• Roth Capital initiated HLS Systems (NASDAQ:HOLI) with a Buy rating and $5 target. The firm is positive on the company's management team and the company's outlook for EPS growth.
  
• Citigroup thinks Kimberly Clark's (NYSE:KMB) margins have bottomed and that the current valuation is too low. Shares were assumed with a Buy rating and $65 target.
• Synaptics (NASDAQ:SYNA) and Intercontinental Exchange (NYSE:ICE) were initiated at Merrill Lynch with Neutral ratings.
  
• Tim Hortons (NYSE:THI) was assumed with a Sell rating at Goldman.

Clorox (NYSE: CLX) greeted investors on Friday with a sparkling clean earnings report for the fiscal first quarter. According to the press release, sales rose 8% once the effect of the Burt's Bees acquisition was eliminated, and earnings per share came in at $0.91. Analysts were looking for $0.84 per share.

That's an awesome beat. For the most part, shareholders don't have much to complain about. Operational cash flow did decrease, but you can once again factor in Burt's Bees and its effect on working capital. I always like to see cash flow increase, but since this is the first quarter, and since Clorox is backed by a whole bunch of powerful brands, I can let it go for now. Going beyond the numbers, I think the big thing to think about when considering Clorox is that it is, like colleagues Procter & Gamble (NYSE: PG), Colgate-Palmolive (NYSE: CL), and Kimberly-Clark (NYSE: KMB), a pretty strong name in supermarket aisles. Who hasn't purchased some of the company's bleach or trash bags at one time or another? I know I've been attracted to Clorox's brand equity.

On a forward-looking basis, Clorox can be looked upon as a long-term dividend play. Right now, the stock has a decent yield and is comfortably away from the 52-week low. Of course, we've been hearing a lot lately about how currency rates may start to give global companies a hard time. That's something to consider with Clorox. My feeling is that long-term thinkers shouldn't sweat it too much. One thing about the management here is they seem to be very willing to aggressively protect their brand equity against no-name brand competition and to figure out exactly what marketing messages will work with consumers. That's my top priority when it comes to consumer-products businesses and retail. I always ask myself the following question: Does management get that it's all about the branding/marketing? From what I've read, I think Clorox gets it.

No, I don't think the stock is simply going to rise from here. But I do think it could be one of the better defensive plays out there (assuming there still is such a thing as defensive play these days, that is).

Disclosure: I don't own any company mentioned; positions can change at any time.