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

• Altria Group Inc. (NYSE: MO) Q3 earnings beat by a penny but sales fell short of expectations; shares fell.
• AMR Corp. (NYSE: AMR) reported a Q3 net loss and plunging revenue but also raised $4 billion in cash.
• BB&T Corp. (NYSE: BBT) topped Q3 earnings expectations but said bad-loan provisions nearly doubled.
• Boeing Co. (NYSE: BA) missed estimates and posted a Q3 loss due to delays for a couple of jet products.
• Capital One Financial Corp. (NYSE: COF) shares rose after it reported better-than-expected Q3 numbers.
• Coca-Cola Co. (NYSE: KO) posted a better-than-expected Q3 profit but sales fell short, and shares fell.

Analyst Upgrades

• Oppenheimer upgraded Genoptix (NASDAQ: GXDX) to Outperform from Perform and raised its target to $44 from $33 based on analysis of oncology testing reimbursement that indicates average revenue per case is within industry norms.
• Deutsche Bank upgraded Legg Mason (NYSE: LM) to Hold from Sell citing reports that an activist investor, Nelson Peltz, has increased its stake in the company. The firm said fundamentals remain weak but the news will likely push shares higher.
• Suntrust upgraded VCA Antech (NASDAQ: WOOF) to Buy from Neutral citing reduced headwinds and favorable risk/reward. The firm has a $30 target on shares.
• SLM Corp. (NYSE: SLM) was upgraded to Overweight from Neutral at JPMorgan.
• Diamond Offshore (NYSE: DO) and FMC Technologies (NYSE: FMC) were upgraded to Neutral from Sell at Goldman.

A report today in the New York Post indicates that Western Asset Management Co., a unit of Legg Mason (NYSE: LM), is one of several institutional investors hatching a plan to absorb bad assets from banks. The Post says that LM's unit is "among a growing group of big-name investors looking at establishing vehicles similar to real-estate investment trusts that would sell shares to the public and use the proceeds to buy troubled residential mortgages and commercial real estate."

Other interested parties include Pacific Investment Management Co., as well as billionaire Gerald J. Ford, says the Post. The creation of an REIT-like entity to purchase undervalued mortgage assets would fall under the Public-Private Investment Program described by Treasury Secretary Timothy Geithner earlier this year as part of the government's broader bailout initiative.

TheStreet.com's Jim Cramer says companies saddled with high debt loads can be found in every sector in every business.

Overleveraged. Too much debt. Need to pay down debt. How many times have you read that story?

You read it so much because it plays out every day and plays havoc with stock picking almost every time you see a savory stock down on its luck.

This weekend, as I went through the charts, I was amazed at how low some stocks have gone, stocks that I would normally say to just take a flyer on, but turn out to have so much debt, short- and long-term, that they are just too dangerous.

Consider these perhaps poisonous morsels:

Analyst upgrades:

• Oppenheimer assumed coverage of Sohu (NASDAQ:SOHU) and upgraded shares to Outperform from Perform as they believe the company is better positioned in an uncertain economy. The firm thinks strength in online games could lead to EPS upside and raised their target to $61 from $53.
  
• Allegiant (NASDAQ:ALGT) was upgraded to Buy from hold at Jesup & Lamont on valuation following the recent weakness.
  
• Suntrust upgraded Prosperity Bancshares (NASDAQ:PRSP) to Buy from Neutral based on valuation. The firm maintains a $30 target on shares.
• LaBranche (NYSE:LAB) was upgraded to Buy from Sell at Goldman.
  
• AU Optronics (NYSE:AUO) was raised to Overweight from Neutral at HSBC.
• Core Laboratories (NYSE:CLB) was upgraded to Overweight from Neutral at JP Morgan.

Analyst downgrades:

• Jefferies downgraded shares of BPZ Resources (AMEX:BPZ) to Underperform from Hold as they believe the decline in oil prices and the uncertain credit markets has placed considerable pressure on the company's operations in northwest Peru. The firm maintains a $5 target on the stock.
  
• UBS downgraded StatoilHydro (NYSE:STO) and Repsol SA (NYSE:REP) to Neutral from Buy as they expect 2009 to be a difficult year for European oil and gas companies.
  
• Bernstein downgraded Heinz (NYSE:HNZ) to Market Perform from Outperform and lowered their target to $42 from $62 citing foreign exchange impact and commodity pressures.
• Blackstone Group (NYSE:BX) was downgraded to Underweight from Overweight at Barclays.
  
• Siemens (NYSE:SI) was lowered to Neutral from Buy at Banc of America/Merrill.
  
• Pride International (NYSE:PDE) was cut to Underweight from Neutral at JP Morgan.

Analyst initiations:

• Kaufman Bros. believes GT Solar's (NASDAQ:SOLR) equipment orders are at a bottom and that shares are undervalued. Shares were initiated with a Buy rating and $7 target.
  
• Jefferies assumed L-1 Identity (NYSE:ID) with a Buy rating and $11 target. The firm believes concerns over the company's sensitivity to government budget priorities and elevated levels of debt are overdone.
  
• JP Morgan (NYSE:JPM) was started at Keefe Bruyette with a Market Perform rating and $30 target. Keefe Bruyette sees limited catalysts for the stock as they expect credit headwinds and subdued investment banking revenues to persist over the near-term.
• Legg Mason (NYSE:LM) and T. Rowe Price (NASDAQ:TROW) were initiated with an Equal Weight rating at Barclays.
  
• Electronic Arts (NASDAQ:ERTS) was initiated at Janney Mongtomery with a Neutral rating.
  
• Friedman Billings reinitiated U.S. Bancorp (NYSE:USB) with an Underperform rating and $17 target.

Analyst upgrades:

• Baird upgraded Regal-Beloit (NYSE: RBC) to Outperform from Neutral based on valuation and growth expectations.
• Black & Decker (NYSE: BDK) and Lennar (NYSE: LEN) were upgraded to Buy from Neutral at UBS based on valuation.
• Kroger (NYSE: KR) and Public Storage (NYSE: PSA) were added to Goldman's Conviction Buy List.
• CIBC upgraded Biovail (NYSE: BVF) to Sector Performer from Sector Underperformer.
• Abercrombie & Fitch (NYSE: ANF) was raised to Neutral from Underperform at Cowen.

Analyst downgrades:

• Merrill downgraded Campbell Soup (NYSE: CPB) to Neutral from Buy and expects marketing and promotional spending to limit earnings growth in 2009 and 2010. The firm lowered their target to $35 from $42.
• Mechel Steel (NYSE: MTL) was cut to Underweight from Equal Weight at Morgan Stanley to reflect declining coal demand.
  
• Friedman Billings downgraded shares of Legg Mason (NYSE: LM) to Underperform from Market Perform on liquidity concerns given the Legg Mason's leveraged balance sheet and falling EBITDA. The firm lowered their target to $7 from $11.

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

• Alcatel-Lucent (NYSE: ALU) reported a narrower Q3 net loss and reaffirmed its outlook.
• Barclays (NYSE: BCS) earnings and dividend prospects resulted in an analyst's downgrade.
• Burger King Holdings Inc. (NYSE: BKC) posted its 19th straight quarter of positive growth.
• Choice Hotels International Inc. (NYSE: CHH) better-than-expected Q3 report led to an upgrade.
• Comcast Corp. (NASDAQ: CMCSA) reported strong Q3 numbers and maintained its revenue outlook.
• DreamWorks Animation SKG Inc. (NYSE: DWA) better-than-expected Q3 results driven by Kung Fu Panda.
• Exxon Mobil Corp. (NYSE: XOM) reported another record profit in Q3 driven by record high fuel prices.
• Garmin Ltd. (NASDAQ: GRMN) reported a better-than-expected Q3 profit and offered guidance.
• Hercules Inc. (NYSE: HPC) posted lower Q3 earnings and anounced [regulatory] approval of its buyout.
• Janus Capital Group Inc. (NYSE: JNS) weaker-than-expected results led to an analyst's downgrade.
• Legg Mason Inc. (NYSE: LM) swung to a smaller-than-expected Q2 net loss and shares soared.
• Motorola Inc. (NYSE: MOT) dismal Q3 results managed to beat low earnings expectations.
• Office Depot (NYSE: ODP) Q3 results included lower revenue and a net loss due to economic conditions.
• Qwest Communications International Inc. (NYSE: Q) unimpressive Q3 numbers fell short of estimates.
• Sun Microsystems (NASDAQ: JAVA) swung to a greater-than-expected net loss due in part to competition.
• Texas Roadhouse Inc. (NASDAQ: TXRH) missed Q3 estimates and warned of flat full-year earnings.
• Valero Energy Corp. (NYSE: VLO) strong Q3 results included a gain from a sale of a refinery.
• Visa Inc. (NYSE: V) beat Q4 earnings expectations after adjustment for litigation-related charges.
• Whirlpool Corp. (NYSE: WHR) fell short of revenue estimates and announced job cuts.

Legg Mason (NYSE: LM) on Wednesday jumped $3.94, or 30%, to $16.92, after it reported it swung to a fiscal second-quarter net loss. The money manager's results were pulled down by charges to support its money-market funds. Excluding charges, the results beat analysts' expectations and Today LM also gained an upgrade from Jefferies to Buy. Legg Mason continued its upward drive today as shares soared another 20% or $3.44 to $20.36 by 11:25 am.

First Solar (NASDAQ: FSLR) shares jumped 19.3%, or $22.39, to $138.14 by 11:20 am. The company posted third-quarter profit and revenue that more than doubled from last year due to strong demand. Not only did the solar energy company to beat Wall Street's expectations by a wide margin on both bottom and top line, it also boosted full-year expectations, and issued inline FY09 outlook. But that wasn't the end of the good news as First Solar has announced only the day before it is entering the U.S. residential market. Several analysts reiterated their Buy raring on the stock, while Soleil and Merriman both upgraded to Buy.

Hartford Financial Services Group Inc. (NYSE: HIG) fell the most in the Standard & Poor's 500 Index, tumbling 40%, or $8.09, to $11.77 by 11:48 am. The insurer Wednesday reported it has slipped to a loss -- the first quarter in five years -- due to decline in ongoing operations under Property and Casualty insurance segments. HIG also slashed outlook and guidance. Merrill Lynch downgraded HIG to Neutral.

Analyst upgrades:

• Jefferies upgraded Legg Mason (NYSE: LM) to Buy from Hold on valuation following the recent sell-off, as they find the risk/reward attractive at current levels. However, the firm lowered their target to $23 from $44.
  
• Merriman raised First Solar (NASDAQ: FSLR) to Buy from Neutral after the company showed "industry leading growth" in Q3. The firm has a 12-month price target range of $185 to $195 per share.
• Ladenburg upgraded KeyCorp (NYSE: KEY) to Buy from Neutral.
• Citigroup upgraded shares of Silicon Laboratories (NASDAQ: SLAB) to Buy from Hold on valuation and expects the company to post above average industry growth in 2009.
• Janus Capital (NYSE: JNS) was upgraded to Neutral from Underweight at JP Morgan.
  
• Associated Estates Realty (NYSE: AEC) was upgraded to Outperform from Neutral at Baird.
  

Analyst downgrades:

The shares of American International Group (NYSE: AIG) soared nearly 23% Monday and are rising fast again today on news that shareholders may band together to prevent the Federal Reserve from snapping up an 80% stake in the insurance firm. Apparently, major investors (which could include Bill Miller of Legg Mason) are hoping that the quick sale of assets will raise enough capital to pay off the Fed's $85 billion loan. However, AIG chief Edward Liddy seemed to put the kibosh on this speculation last night in a CNBC interview.

Liddy told the cable news channel he thinks the government's bailout plan is an "excellent idea," and added that he doesn't consider the Fed's intervention as a step toward nationalization. While the CEO believes that the government's loan will be fully repaid, he noted that a shareholder rescue isn't the most likely outcome. Instead, Liddy plans to prepare a list of assets for sale within seven to ten days, in hopes that the divestments will generate enough cash to stave off the feds at the door.

So, what's for sale at AIG? Well, Liddy made it clear that the firm's Asian operations are both "sacrosanct" and "unassailable." The chief executive also emphasized that he wants his company to emerge on the other side of this crisis as a leaner and more resilient version of itself. "It will look a lot like it did prior to 1998-1999, with less reliance on the financial services side," he told CNBC, noting that AIG will instead focus on its core business of property-casualty insurance.

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

• Boeing Co. (NYSE: BA) earnings prospects may have encouraged the machinist union to strike.
• Ciena Corp. (NASDAQ: CIEN) Q3 results and weak guidance led shares to a new 52-week low.
• Corning Inc. (NYSE: GLW) lowered its Q3 earnings guidance below previous and analysts' forecasts.
• Dollar Financial Corp. (NASDAQ: DLLR) beat Q4 estimates and posted record 2008 results.
• Ericsson Telephone Co. (NASDAQ: ERIC) was downgraded because it could miss Q3 earnings expectations.
• Esterline Technologies (NYSE: ESL) topped Q3 expectations due to robust aerospace and defense markets.
• Joy Global Inc. (NASDAQ: JOYG) posted strong Q3 results due to a sharp increase in orders.
• Kraft Foods Inc. (NYSE: KFT) backed away somewhat from its previous 2008 earnings guidance.
• Legg Mason Inc. (NYSE: LM) earnings prospects for the next several quarters led to an analyst downgrade.
• MEMC Electronic Materials Inc. (NYSE: WFR) mid quarter update warned of declining demand for chips.
• Navistar International Corp. (NYSE: NAV) was upgraded following a strong Q3 report.
• New York Times Co. (NYSE: NYT) ongoing losses haven't diminished Rupert Murdoch's interest in it.
• Nokia Corp. (NYSE: NOK) warned that it would miss earnings estimates due in part to weak sales.
• Shanda Interactive Entertainment Ltd. (NASDAQ: SNDA) better-than-expected Q2 led to an analyst upgrade.
• Staples Inc. (NASDAQ: SPLS) Q2 earnings slipped while revenues rose, beating expectations.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) Q3 results soared but cut its Q4 guidance.
• Tenet Healthcare Corp. (NYSE: THC) was upgraded on its prospects for beating expectations.
• Terex Corp. (NYSE: TEX) warned that earnings for Q3 and Q4 would be lower than estimates.
• Tiffany & Co. (NYSE: TIF) posted better-than-expected Q2 results and offered full-year guidance.
• Toll Brothers Inc. (NYSE: TOL) reported its fourth straight quarterly loss, but it was smaller than expected.

Also, Jim Cramer discusses a decline in earnings resulting from a collapse of oil and oil services.

Upcoming quarterly reports include Korn/Ferry (NYSE: KFY), Pep Boys (NYSE: PBY), Campbell Soup (NYSE: CPB), Krispy Kreme (NYSE: KKD), and Lululemon Athletica (NASDAQ: LULU).

Visit AOL Money & Finance for more earnings coverage.

Today could be blamed on many issues. No ECB rate cut, oil confusion, weak economic data, and more. But this is looking like wholesale de-leveraging across the board amid new credit concerns and tightening standards. Want to see what a bubble popping in commodities looks like? The sad part is that there are very few spots to hide out in, which is perhaps more symptomatic of a bear market. Here are the unofficial closing bell levels:
DJIA 11,185.63 (-347.25)
S&P500 1236.76 (-38.22)
NASDAQ 2259.04 (-74.69)
10YR T-Note 3.643% (-0.054%)
52-week lows
Top Analyst Upgrades
Top Analyst Downgrades

American International Group, Inc. (NYSE: AIG) may be testing out the waters to see how Wall Street reacts. There are reports that the insurance giant may spin-off its bad assets into a new high-risk company to get the assets off its books. Shares were down 6% right before the close.

Ciena Corporation (NASDAQ: CIEN) basically met earnings but it is seeing a slowdown and order delay from Tier One telecom and data carriers. It has now lowered revenue guidance to $190 to $210 million for its fiscal fourth quarter, far under the $263 million expected by analysts. Shares are down over 10% and at new 52-week lows.

Stock futures were lower this morning as oil rose back above $110 a barrel and investors awaited a barrage of economic data due today including weekly oil inventories. Other economic indicators include data on employment, manufacturing and productivity. Also, retailers will be announcing August same-store sales. Overall, sales are expected to rise 2%. Meanwhile, the Bank of England and the European Central Bank are deciding their interest rate policy today, where the ECB could tighten.

The first of the retailers has already reported August sales. Wal-Mart Stores Inc. (NYSE: WMT) said sales increased 3% in August, beating its forecast. Seems discounts drew shoppers. WMT shares are up over 1% in pre-market.

Unfortunately for Boeing (NYSE: BA), The International Machinists and Aerospace Workers union, which represents nearly 27,000 machinists, voted to strike as they rejected Boeing's contract offer. The union, however, postponed the strike by 48 hours as the two parties go to mediation. Boeing will likely suffer from a strike at a time it's struggling to stand by its Dreamliner obligations. BA stock is down over 1% in pre-market.

BP PLC (NYSE: BP) shares stand to rise after it finally reached an agreement with its billionaire Russian partners have over TNK-BP. While BP remains with a 50% holding in the venture, it has made many concessions, including agreeing to have the CEO Dudley leave. Shares are up over 2% in pre-market.

MAJOR PAPERS:

• Investors are taking their money out of hedge funds more now that at any time over the past 10 years, according to the Wall Street Journal. Firms are bracing for the end of June when the next big wave will hit.
• First it was a demand for management changes, and now shareholders, including one time director Eli Broad and fund managers Shelby Davis of Davis Selected Advisors and Bill Miller of Legg Mason Inc (NYSE: LM), are again upset with American International Group Inc (NYSE: AIG) and want changes in the boardroom as well, the Wall Street Journal reported.
• The Wall Street Journal reported that Citigroup Incorporated (NYSE: C) will close Old Lane Partners, a hedge fund co-founded by CEO Vikram Pandit.

OTHER PAPERS:

• Spotlight Capital is increasing pressure on Chico's FAS Inc (NYSE: CHS) and said it has been in touch with 25 major shareholders in order to oust CEO Scott Edmonds and unseat board member John Burden, who are accused of having a conflict of interest, the New York Post reported.

WEB SITES:

• Advanced Micro Devices Inc (NYSE: AMD) denied reports certain of its new dual-core chip, code-named Kuma, have been canceled, according to CNet. A spokesman for the company said that the launch of Kuma, scheduled for the second half of 2008, remains on track.

Deutsche Bank downgraded Best Buy (NYSE:BBY) to "hold" from "buy", according to Briefing.com. The news service also reports that Merrill upgraded Peabody Energy (NYSE:BTU) to "buy" from "neutral."

Legg Mason (NYSE:LM) was raised to "neutral" at Credit Suisse, according to Briefing.com. The financial site also reports that Hughes Communications (NASDAQ:HUGH) was started as "overweight" at Lehman Brothers.