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

• Agilent Technologies Inc. (NYSE: A) topped estimates but offered an outlook below expectations.
• Best Buy Co. (NYSE: BBY) warned that it many not be able to maintain its earnings momentum.
• Charlotte Russe Holding Inc. (NASDAQ: CHIC) was upgraded because of its growth potential.
• Focus Media Holding Ltd. (NASDAQ: FMCN) shares tumbled after it reported Q3 numbers.
• HLS Systems International (NASDAQ: HOLI) earnings prospects and management impressed an analyst.
• JCPenney Co. Inc. (NYSE: JCP) reported a lower Q3 profit and lowered its guidance due to the recession.
• KKR Financial Holdings (NYSE: KFN) disappointing Q3 results led to analyst downgrades.
• MercadoLibre Inc. (NASDAQ: MELI) doubled its Q3 profit and beat earnings expectations.
• Nortel Networks Corp. (NYSE: NT) swung to a Q3 net loss and unveiled further restructuring measures.
• Perry Ellis International Inc. (NASDAQ: PERY) posted preliminary Q3 results and lowered its outlook.
• Siemens (NYSE: SI) Q4 net loss widened and it warned about meeting its profit target for the year.
• Starbucks Corp. (NASDAQ: SBUX) Q4 earnings were hurt by restructuring costs, revenue rose slightly.
• Toll Brothers Inc. (NYSE: TOL) posted dismal Q4 results and declined to offer guidance for next year.
• Tyson Foods Inc. (NYSE: TSN) solid Q4 results fell short of estimates and it offered a shaky outlook.
• Wells Fargo & Co. (NYSE: WFC) earnings prospects following its equity offering led to an analyst's upgrade.

Mercadolibre (NASDAQ: MELI) shares are trading higher today after the company's CEO terminated a prearranged stock trading plan that could have sold up to 1,768,794 shares of MELI. A few analysts released notes today after this news that were generally positive on MELI's outlook. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on MELI.

After hitting a one-year low of $21.00 in August, the stock hit a one-year high of $81.17 in December. MELI opened this morning at $28.50. So far today the stock has hit a low of $27.65 and a high of $30.73. As of 12:15, MELI is trading at $30.45, up $3.66 (13.7%). The chart for MELI looks bearish and steady.

For a bullish hedged play on this stock, I would consider a September bull-put credit spread below the $20 range. A bull-put credit spread is an options position that combines the purchase and sale of put options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make an 8.7% return in just ten weeks as long as MELI is above $20 at September expiration. MELI would have to fall by more than 35% before we would start to lose money.

MOST NOTEWORTHY: Northrop Grumman, Groupe Danone and MercadoLibre were today's noteworthy upgrades:

• Oppenheimer upgraded shares of Northrop Grumman (NYSE: NOC) to Outperform from Perform after the Pentagon selected the company over Boeing (NYSE: BA) for the newly designated KC-45A Aerial Refueling Tanker with a potential value of $35B.
  
• Citigroup upgraded shares of Groupe Danone (OTC: GDNNY) to Buy from Hold on valuation, as they believe the sell-off on commodity cost concerns is overdone.
  
• MercadoLibre (NASDAQ: MELI) was raised to Outperform from Sector Perform at RBC Capital, as they believe MELI's long-term thesis is more compelling now vs. six months ago and notes favorable reaction to Mercado Pago v2.0.

OTHER UPGRADES:

• Goldman upgraded Societe Generale (OTC: SCGLY) to Neutral from Sell.
  
• Jefferies upgraded Exelon (NYSE: EXC) to Buy from Hold.
  
• Deutsche Telekom (NYSE: DT) was raised to Neutral from Underweight at JP Morgan.

Experience has taught me that catching falling knives in the stock market is incredibly dangerous, but some of these speculative names are really beginning to test my resolve. So I thought I'd share them with you.

Investors have been punishing these plays not because business has fallen off a cliff, but because they are some of the most speculative stocks around -- other than penny stocks -- and in this kind of market environment, investors prefer safety. That creates opportunity, if you're willing to take on some risk. After all, these companies still have solid business fundamentals, so there will be a bottom somewhere, and I think we're getting very close to it here. For now, put these on your watchlist, for when they do bounce, they're going to bounce hard, think 15-20% within days.

Garmin (NASDAQ: GRMN) -- At $64, this navigation system maker is down 35% on the year, but revenue growth is far greater than its current P/E of 15. Sure, there's some margin concerns, but the chart has solid support at $60.

MercadoLibre (NASDAQ: MELI), the largest online trading and payment platform in Latin America, is recently up $2.01 to $74.86. MELI January option implied volatility of 105 is above its 11-week average of 81 according to Track Data, suggesting larger risk.

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

Online auctioneer Mercadolibre (NASDAQ: MELI)'s business is doing pretty well, but that's not the reason why the stock is up nearly 50% in the past few weeks. No, Mercadolibre is surging because its story is a wet dream for the financial media, and that's important for investors and the stock's many short sellers.

After all, when the company reported solid earnings back in early November, the stock only rose $10/share on negligible trading volume; now, after being dubbed "The Latin American eBay" by Investor's Business Daily and "The Next Baidu" by the Cramer-TheStreet.com-CNBC axis, the stock has surged nearly $20/share within a few days on huge volume. A shining example of the power of the press!

MOST NOTEWORTHY: VMWare, Validus Holdings and Hologic were today's noteworthy initiations:

• VMWare Inc (NYSE: VMW) was initiated by a host of firms: Banc of America believes the current valuation captures most of the upside potential, and started shares with a Neutral rating and $75 target. Wachovia started shares with a Market Perform rating and Deutsche Bank started shares with a Hold rating and $80 target on valuation. The stock was also started with a Buy rating and $92 target at UBS, with a Buy rating and $100 target at Citigroup and with an Overweight rating at JP Morgan and with a Neutral rating at Merrill Lynch.
  
• Validus Holdings (NYSE: VR) was started with a Buy rating and $29 target at UBS on valuation and benefits from the Talbots (NYSE: TLB) acquisition. Shares were also initiated at JP Morgan with a Neutral rating.
  
• CIBC resumed coverage of Hologic Inc (NASDAQ: HOLX) with a Sector Outperformer rating and $77 target as the firm is positive on Hologic's merger with Cytyc Corporation (NASDAQ: CYTC) and views it as one of the top mid-cap stories in the coming year.

OTHER INITIATIONS:

• B. Riley initiated shares of EuroBancshares (NASDAQ: EUBK) with a Buy rating and $10 target.
  
• Rodman resumed coverage of Ziopharm Oncology Inc (NASDAQ: ZIOP) with a Market Outperform rating and $8 target.
  
• Citigroup started shares of Timken Company (NYSE: TKR) with a Buy rating and $43 target.
  
• MercadoLibre Inc (NASDAQ: MELI) was initiated with a Sector Perform rating and $39 target at RBC Capital.

MOST NOTEWORTHY: The U.S. media sector, oil services, MercadoLibre and Horsehead Holdings were today's noteworthy initiations:

• Credit Suisse initiated coverage of the U.S. media sector with a Market Weight rating, shares of The Walt Disney Company (NYSE: DIS) with an Outperform rating and shares of Time Warner Inc (NYSE: TWX) and Viacom Inc (NYSE: VIA.B) with Neutral ratings.
  
• Bernstein initiated coverage of the oil services sector with a Positive Bias rating. The firm initiated Weatherford International Ltd (NYSE: WFT) with an Outperform rating and $84 target and Halliburton Company (NYSE: HAL), Baker Hughes Incorporated (NYSE: BHI) and Schlumberger Limited (NYSE: SLB) with Market Perform ratings and a $44 target, $103 target and $96 target, respectively.
  
• MercadoLibre Inc (NASDAQ: MELI) was initiated by American Technology with a Buy rating and $45 target, as the firm believes the e-commerce growth opportunity in Latin America is still in its infancy. Shares were also started at Pacific Crest with an Outperform rating and $37 target, as the firm believes the company should benefit from strong secular growth and company-specific drivers. MercadoLibre was also initiated at JP Morgan with an Overweight rating and at Merrill Lynch with a Buy rating and $35 target.
  
• Friedman Billings expects Horsehead Holding Corp's (NASDAQ: ZINC) EBITDA to increase even in a declining commodity environment and believes the company is well positioned to gain market share. Shares were started with an Outperform rating and $27 target also added to the firm's Top Pick List.

OTHER INITIATIONS:

• Citigroup started shares of Companhia Vale do Rio Doce (NYSE: RIO) with a Buy rating and shares of StealthGas Inc (NASDAQ: GASS) with a Hold rating and $20 target.
  
• Roth Capital started shares of Internap Network Services Corporation (NASDAQ: INAP) with a Buy rating and $19 target.
  
• Raymond James initiated Atmel Corporation (NASDAQ: ATML) with an Outperform rating and Argo Group Internaional Holdings Ltd (NASDAQ: AGII) with a Strong Buy rating.

It's been a mixed bag for IPOs this week. But, as for the MercadoLibre (NASDAQ: MELI)'s offering, things were certainly upbeat.

The IPO priced at $18 (at the top of the $16-$18 range) and raised a cool $332.8 million. So far, shares are trading up 38% to $25.

MercadoLibre operates the largest online trading platform in Latin America (which has about 550 million or so people). In fact, the region is experiencing high rates of internet penetration.

MercadoLibre has an assortment of services: product listings, which are based on either a fixed-price or auction-based format; classifieds; and secure payment solutions. There are more than 2,000 product categories, and the sites attract about 2.9 million listings per month.

The top-line growth has been impressive. From 2004 to 2006, revenues surged from $12.7 million to $52.1 million. During this time, operating expenses increased at a slower rate, going from $16 million to $46.7 million. In other words, the company is realizing operating leverage.

There is competition, such as from DeRemate and MasOportunidades.com. There is also pressure from large online communities like Google (NASDAQ: GOOG), Amazon.com (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), and Yahoo (NASDAQ: YHOO).

Also, eBay (NASDAQ: EBAY) owns roughly 19% of MercadoLibre. However, the strategic alliance has expired and eBay is now able to become a competitor as well.

The lead underwriters on the deal include J.P. Morgan Securities Inc. (NYSE: JPM) and Merrill Lynch (NYSE: MER).

You can find the prospectus at the SEC website. Also, if you want to check out more IPO pricings, click here.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.

The e-commerce market in Latin America is certainly gaining momentum. According to a study from InternetWorldStats.com, its user base increased 433.4% from 2000 to March 10, 2007.

A big player in the space is MercadoLibre, which has filed an IPO in the US equities market. Basically, the company has a thriving online marketplace that allows users to browse about 2.5 million listings. There are 18.2 million registered users.

Its growth has been significant. From 2004 to 2006, revenues increased at a compound annual rate of 102.8% to $52.1 million. The revenue model includes listing fees, feature fees, final value fees and even online advertising.

Interestingly enough, eBay Inc. (NASDAQ: EBAY) is an investor in MercadoLibre.

The lead underwriters include JPMorgan Chase & Co. (NYSE: JPM) and Merrill Lynch & Co. (NYSE: MER). The proposed ticker symbol is "MELI." For more information, you can find the IPO filing at the SEC website.

Tom Taulli is the author of various books, including the Complete M&A Handbook and the EDGAR-Online Guide to Decoding Financial Statements.