It's a difficult call, but I'm Reiterating my Buy rating for Marathon Oil (NYSE: MRO), first recommended on April 20, 2009 at a price of $28.55.

Marathon's stock has meandered, largely due to reduced demand for Marathon's heavy/sour crude -- a negative trend that's likely to continue through at least mid-Q3.

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

• Akamai Technologies Inc. (NASDAQ: AKAM) earnings prospects garnered an analyst's upgrade.
• Applied Materials Inc. (NASDAQ: AMAT) warned of a loss for the quarter due to the economic slowdown.
• Burger King Holdings Inc. (NYSE: BKC) posted lower Q2 profit and revenue that missed estimates.
• Clorox Co. (NYSE: CLX) Q2 profit fell but beat estimates, and it reaffirmed its full-year guidance.
• Dow Chemical Co. (NYSE: DOW) swung to a Q4 loss and warned that low demand will continue.
• Hartford Financial Group Inc. (NYSE: HIG) posted a loss, cut its dividend, and offered weak guidance.

Both Northrop Grumman Corp. (NYSE: NOC) and Marathon Oil Corp. (NYSE: MRO) Tuesday reported losses in their respective fourth quarters due to large impairment charges.

Los Angeles-based defense contractor Northrop posted a loss of $2.54 billion, or $7.76 per share, compared with a profit of $457 million, or $1.32 per share, in the same period a year earlier. Results were hurt by a $3.06 billion charge related to overestimating the value of past acquisitions in its shipbuilding and space operations.

If you've been watching earnings this past week, or if you read last week's Week in Preview, then this coming week may leave you feeling a bit like Bill Murray in Groundhog's Day. That is, again analysts surveyed by Thomson Reuters expect earnings declines to be more frequent and deeper than earnings gains.

Motorola Inc. (NYSE: MOT), Dow Chemical Co. (NYSE: DOW), Anadarko Petroleum Corp. (NYSE: APC), IAC Interactivecorp (NASDAQ: IACI), Moody's Corp. (NYSE: MCO), Elizabeth Arden Inc. (NASDAQ: RDEN), Devon Energy Corp. (NYSE: DVN), Diebold Inc. (NYSE: DBD), Tyco International Ltd. (NYSE: TYC), United Parcel Service (NYSE: UPS), Cisco Systems Inc. (NASDAQ: CSCO), Polo Ralph Lauren Corp. (NYSE: RL), ITT Corp. (NYSE: ITT), and Walt Disney Co. (NYSE: DIS) are scheduled to report quarterly results this week, and they're all expected to report double-digit declines in earnings.

But again this week, let's take a look who Wall Street feels may have done well in the past quarter.

While other earnings may have disappointed last week, the news was good for oil giant ConocoPhilips (NYSE: COP). In what some took as a good sign for big oil, the Houston-based company reported that third quarter net income surged 41% year over year to $3.39 per share, and that revenue also surged 52% to $70 billion. We'll see whether the good news extends to other petroleum giants scheduled to report quarterly results this week.

Analysts surveyed by Thomson Financial are looking for BP (NYSE: BP) profits to have grown 43.2% in the most recent quarter to $2.34 per share on revenue of $109.7 billion, and Chevron Corp. (NYSE: CVX) to post earnings up 39.4% to $3.25 per share on revenue of $86.8 billion. Marathon Oil Corp. (NYSE: MRO), ExxonMobil Corp. (NYSE: XOM), and Royal Dutch Shell (NYSE: RDS.A) likewise are expected to report higher net income of $2.33 per share (sales of $23.4 billion), $2.40 per share (sales of $131.4 billion), and $2.65 per share, respectively. Even Valero Energy Corp. (NYSE: VLO) is expected to post earnings slightly higher to $1.46 per share (sales of $36.4 billion), despite the effects of Hurricane Ike. Among these companies, only BP and Valero beat earnings expectations in the previous quarter. Not surprisingly, analysts on average recommend buying all except Valero, and shares of all of these companies have recently hit 52-week lows.

TheStreet.com's Jim Cramer says you have to be bullish on the commodity when we're using more of it than ever, it's running out and $100 a barrel doesn't even sound crazy anymore.

Can you trust the International Energy Agency to be right about how oil demand will be blunted by high prices and how consumption will decline?

First, let's deal with demand. I haven't seen any slowing in demand in any of the indicators I use, in part because gasoline hasn't kept pace with the commodity. Cars, certainly, haven't made any strides in using less gasoline, and news right now out of Ford (NYSE: F) (Cramer's Take) is that there's really been no progress whatsoever.

How about heating demand? I have seen no switch whatsoever to another fuel because of the rise. Not one bit, or you would see a nat gas rally.

How about power plant demand? I am willing to think that some power plant manufacturers will debate switching, but building a new coal plant is something no one feels comfortable with without new standards. Nothing's happened along these lines, though.

MOST NOTEWORTHY: Refiners, MasTec, Cognos, Forest Labs and Reuters Group were today's noteworthy upgrades:

• Bernstein upgraded shares of Marathon Oil Corporation (NYSE: MRO), Tesoro Corporation (NYSE: TSO), Sunoco Incorporated (NYSE: SUN) and Valero Energy Corporation (NYSE: VLO) to Market Perform from Underperform.
• MasTec Incorporated (NYSE: MTZ) was upgraded to Buy from Accumulate at Think Equity and to Buy from Hold at SMH Capital on valuation following yesterday's sell-off.
• JP Morgan upgraded shares of Cognos Incorporated (NASDAQ: COGN) to Overweight from Neutral citing solid end demand, expanded sales capacity, indications that C8 adoption should see an uptick, and the Applix Inc (NASDAQ: APLX) acquisition.
• Forest Laboratories Inc (NYSE: FRX) was upgraded to Buy from Hold at Jefferies, as the firm believes Forest's victory in the Lexapro patent case eliminates a major overhang and returns the focus to the company's pipeline.
• Lehman upgraded shares of Reuters Group (NASDAQ: RTRSY) to Overweight from Equal Weight to reflect benefits from the company's merger with Thomson Corporation (NYSE: TOC).

OTHER UPGRADES:

• UBS upgraded shares of General Mills Inc (NYSE: GIS) to Buy from Neutral.
• Thornburg Mortgage (NYSE: TMA) was upgraded to Sector Perform from Underperform at RBC Capital Markets.
• CIBC World Markets upgraded EDO Corporation (NYSE: EDO) to Sector Outperformer from Sector Performer.
• Bernstein upgraded shares of Rio Tinto (NYSE: RTP) to Outperform from Market Perform and shares of Anglo American (NASDAQ: AAUK) to Market Perform from Underperform.

MOST NOTEWORTHY: Mattel (MAT), UnitedHealth (UNH), Alcoa (AA), 1-800-Flowers.com (FLWS) and Marathon Oil (MRO) were today's noteworthy upgrades:

• Piper upgraded shares of Mattel (NYSE: MAT) to Outperform from Peer Perform on valuation and improving fundamentals and notes that product recalls have historically not had a lasting impact on sales.

• Goldman upgraded UnitedHealth (NYSE: UNH) to Neutral from Sell on valuation and expectations for improved profitability in 2H07.

• Alcoa (NYSE: AA) was upgraded to Outperform from Market Perform at Friedman Billings on valuation and expectations for a favorable report next week.

• JMP Securities has increased confidence in 1-800-Flowers.com's (NASDAQ: FLWS) management initiatives to drive leverage and operating margins following the Q4 report, upgrading shares to Outperform from Market Perform.

• Lehman upgraded shares of Marathon Oil (NYSE: MRO) to Overweight from Equal-Weight on valuation and expectations for strong oil and gas production growth...

OTHER UPGRADES:

• NBTY Inc (NYSE: NTY) was upgraded to Neutral from Underperform at JP Morgan.

• ThinkEquity upgraded F5 Networks (NASDAQ: FFIV) to Buy from Accumulate.

• Goldman upgraded the oil services sector to Attractive from Neutral based on the recent pullback; Sunoco (NYSE: SUN) and Hess (NYSE: HES) were also upgraded to Buy from Neutral.

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

MOST NOTEWORTHY: MGM Mirage (MGM), KLA-Tencor Corp (KLAC), Raytheon Co (RTN) and four apartment REIT's were today's noteworthy upgrades:

• Bear Stearns upgraded MGM Mirage (NYSE: MGM) to Outperform from Peer Perform following Kirk Kerkorian's intentions to purchase the Bellagio and City Center and also pursue strategic alternatives for the rest of the company.

• Matrix raised KLA-Tencor (NASDAQ: KLAC) to Buy from Hold, believing that growing demand for memory chips used in computers is leading to increasing revenues and profits.

• Cowen upgrade shares of Raytheon (NYSE: RTN) to Outperform from Neutral based on cash deployment potential from the RAC sale, pension EPS tailwind, foreign sales cycle, and strong execution.

• Wachovia upgraded shares of Archstone-Smith Trust (NYSE: ASN) and Apartment Investment and Management Co (NYSE: AIV) to Outperform from Market Perform and Equity Residential (NYSE: EQR) and UDR, Inc (NYSE: UDR) to Market Perform from Underperform...

OTHER UPGRADES:

• AG Edwards upgraded Marathon Oil Corp (NYSE: MRO) and Royal Dutch Shell (NYSE: RSA.A) to Buy from Hold.

• Stifel raised Citrix Systems, Inc (NASDAQ: CTXS) to Buy from Hold.

• RBC Capital raised Kilroy Realty Corp (NYSE: KRC), Boston Properties, Inc (NYSE: BXP) and Maquire Properties, Inc (NYSE: MPG) to Sector Perform from Underperform.

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

MOST NOTEWORTHY: General Motors Corp (GM), DaimlerChrysler (DCX), Mattel, Inc (MAT), Nvidia Corp (NVDA) and Advanced Micro Devices (AMD) were today's noteworthy upgrades:

• Lehman upgraded shares of General Motors (NYSE: GM) to Equal-Weight from Underweight with a $30 target following the Chrysler sale as the firm believes GM will now take a tougher stance on its labor negotiations.

• UBS upgraded shares of DaimlerChrysler AG (NYSE: DCX) to Buy from Neutral on the Chrysler sale and valuation. The broker believes the core Daimler unit looks inexpensive.

• Mattel Inc (NYSE: MAT) was upgraded to Buy from Hold at Matrix USA to reflect increasing sales growth.

• ThinkEquity upgraded shares of Nvidia Corp (NASDAQ: NVDA) to Buy from Sell as the firm believes AMD could beat expectations for the next several quarters, likely affecting NVDA's chipset business and driving shares higher.

• ThinkEquity upgraded shares of Advanced Micro Devices (NYSE: AMD) to Buy from Sell citing strong Dell Inc (DELL) orders. Following Nvidia's comments on its quarterly report and channel checks, the firm now believes AMD is poised to beat expectations for the next several quarters and is truly a going concern...

OTHER UPGRADES:

• Citigroup upgraded EnCana Corp (NYSE: ECA) to Hold from Sell.

• BMO Upgraded Las Vegas Sands Corp (NYSE: LVS) to Outperform from Market Perform.

• Banc Of America raised Marathon Oil Corp (NYSE: MRO) to Buy from Neutral with a $125 target.

• Newfield Exploration Co (NYSE: NFX) was upgraded to Outperform from Market Perform at Bernstein.

• Credit Suisse upgraded Ralcorp Holdings, Inc (NYSE: RAH) to Outperform from Neutral.

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