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

• Activision Blizzard Inc. (NASDAQ: ATVI) said its Q3 profit declined despite the popularity of Guitar Hero.
• Blackboard Inc. (NASDAQ: BBBB) said Q3 revenue surged and its offered impressive cash flow numbers.
• Boston Beer Co. Inc. (NYSE: SAM) easily beat Q3 earnings estimates and raised its full-year guidance.
• Cisco Systems Inc. (NASDAQ: CSCO) lower Q1 results topped estimates and sent shares higher.
• Cognizant Technology Solutions Inc. (NASDAQ: CTSH) was upgraded following its strong Q3 results.
• Corporate Executive Board (NASDAQ: EXBD) received an analyst's upgrade following the Q3 results.

Late yesterday, chip maker Nvidia (NASDAQ: NVDA) announced a countersuit against Intel (NASDAQ: INTC), as the two quarrel over what should be covered by a license agreement reached in 2004. NVDA's suit is in a Delaware Chancery Court, and it alleges that INTL breached a license agreement wherein the two companies had access to each other's technologies.

The dispute began a month ago, as INTC filed a motion against NVDA (in the same court), noting that the agreement didn't allow NVDA to make chipsets with certain INTC chips. NVDA has dismissed this notion, claiming that INTC is blocking them from "making use of the very license rights that they agreed to provide."

"Everyone who wants out has probably already done their selling," says Nate Pile, who sees a "sidways to up' market. In his Nate's Notes, the advisor sees opportunity in a trio of techs.

"My experience with market cycles continues to suggest to me that the odds favor a 'sideways or up' market over the next several months.

"Meanwhile, Apple (NASDAQ: AAPL) is technically still stuck in a trading range, I am very pleased with the leadership it has shown in the market over the past several weeks.

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

• Applied Materials Inc. (NASDAQ: AMAT) posted a Q1 loss and announced a workforce reduction.
• ArcelorMittal (NYSE: MT) swung to it's first ever quarterly loss due to lower demand and a big write-down.
• Buffalo Wild Wings Inc. (NASDAQ: BWLD) shares surged after it posted strong Q4 results.
• Chipotle Mexican Grill Inc. (NYSE: CMG) posted better-than-expected Q4 earnings as revenue surged.
• Genzyme Corp. (NASDAQ: GENZ) topped Q4 earnings estimates, sending shares higher.
• Global Traffic Network Inc. (NASDAQ: GNET) weaker-than-expected Q2 results led to a downgrade.
• Level 3 Communications Inc. (NASDAQ: LVLT) shares fell despite its upside surprise for Q4.
• Lions Gate Entertainment (NYSE: LGF) posted a bigger-than-expected Q3 loss despite revenue growth.

Semiconductor Nvidia Corp. (NASDAQ: NVDA) had its turn in the earnings parade this afternoon, and the company put up dismal results that failed to meet analyst expectations.

Going into this afternoon's earnings report, analysts had been expecting to see the company show a loss of $0.09 per share, but the actual EPS for the quarter was a greater loss, one of $0.18 per share.

Honeywell (NYSE: HON) closed at $34.71. HON is scheduled to report Q4 EPS on January 30. HON January option implied volatility of 41 is below its 26-week average of 49, according to Track Data, suggesting decreasing price movement.

Nvidia (NASDAQ: NVDA) closed at $8.79. NVDA is scheduled to report Q4 EPS on February 10. NVDA is scheduled to introduce new notebook chips in late spring. NVDA February option implied volatility is at 74; June is at 69; near its 26-week average according to Track Data, suggesting non-directional price movement.

Today's weak and horrible jobs numbers did not wreck the markets because they were actually a tad less horrible than yesterday's whisper numbers. It is amazing when 6.5% unemployment and -240,000 jobs to make 1.2 million jobs lost this year is GOOD NEWS.

Here are unofficial closing bell levels:

Dow 8,943.89 +248.10 (2.85%)
S&P 500 930.75 +25.87 (2.86%)
Nasdaq 1,647.40 +38.70 (2.41%)
52-Week Lows

American International Group (NYSE: AIG) rose on multiple reports that federal officials are looking at ways to ease financial pressure on the insurance giant. Shares were up over 11% at $2.08 right before the close.

NVIDIA Corporation (NASDAQ: NVDA) rose after its earnings came in well above plan considering that it had set the bar so low. Despite a revenue warning, value buyers had this graphics card giant trading up 13% at $8.61 right before the close.

QUALCOMM (NASDAQ: QCOM) was a surprise gainer today after trading down this morning. The CDMA cellular chip and wireless standard giant missed earnings and guided estimates down on weakening cell phone sales trends. Shares were up almost 8% at $35.57 right at the close.

Pfizer Inc. (NYSE: PFE) was under more pressure this morning, but rose throughout the trading day. Goldman Sachs downgraded this stock today down to a SELL rating, yet shares were uo almost 3% at $16.84 right before the close of the day.

Wells Fargo & Co. (NYSE: WFC) was actually flirting with positive territory at 3:59. Considering it sold $11 billion in stock at $27.00, it is amazing that it was only down 0.1% at $28.72 in the seconds before that unofficial closing level.

This post is part of a report entitled "Six-pack of technology favorites." You can read about the other top tech stock picks here.

"To play the classic semiconductor-cycle (buying on a down-cycle and selling after an up-cycle), go with NVIDIA Corp. (NASDAQ: NVDA)," say Ron Rowland and Brandon Clay.

The editors of All Star Investor explain, "This graphic chip manufacturer stumbled earlier this year, but we find a compelling a turnaround story." Here's his review.

"This is a difficult environment for short-term investors. When the Dow jumps up 200 points one day, and crashes 200 points the next, it's hard to tell where to turn. Calling bottoms is nearly impossible

"In this market, we have become value investors -- seeking an inexpensive company that's almost-undiscovered by mainstream investors.

"Technology is not typically known as a place for value. In fact, quite the opposite. Since the Tech crash, a shift has happened. Certain semiconductors have been hammered over the past several years -- especially in the last 12 months.

"One of those, a leader in graphics chips, has been especially beaten down. NVIDIA fell from a 52-week high of $39.67 last October. The Santa Clara-based chip designer is now trading around $12.00 today. Did it really deserve the punishment the market delivered? We don't think so.

With concerns over recession, turmoil in the financial sector, fear of rising rates, high market volatility and a rising aversion to risk, many investors have been avoiding technology stocks.

Investors have feared that these economic headwinds will dampen both consumer spending for technology products and reduced capital expenditures for technology in the corporate sector.

Despite these concerns, some of the newsletter industry's leading advisors are looking beyond the current malaise and seeing longer-term value in some of the tech sector's leading players. They believe that much of the "bad news" is already reflected in the price of the shares, with little recognition being given to their longer-term potential.

For those willing to go against the crowd and buy, as they say, "while blood is running in the street," we offer a six-pack of technology stocks that the some top advisors considers to be among their favorite ideas.

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

• Albany Molecular Research Inc. (NASDAQ: AMRI) topped estimates and raised its full-year guidance.
• Applied Materials Inc. (NASDAQ: AMAT) Q3 earnings and revenues tumbled but beat low expectations.
• Deere & Co. (NYSE: DE) fell short of Q3 earnings expectations due to rising materials costs.
• Estee Lauder Cos. Inc. (NYSE: EL) posted strong Q4 results that led shares to a new 52-week high.
• Fossil Inc. (NASDAQ: FOSL) posted better-than-expected Q2 earnings and lifted its full-year forecast.
• JCPenney Co. Inc. (NYSE: JCP) Q2 profit slipped but still topped analysts' expectations.
• LDK Solar Ltd. (NYSE: LDK) Q2 net income soared, easily beating analysts' estimates.
• Liz Claiborne Inc. (NYSE: LIZ) rebounded from its tumble after its disappointing Q2 report.
• MBIA Inc. (NYSE: MBI) posted strong Q2 results despite downgrades of its financial ratings.
• Newcastle Investments Corp. (NYSE: NCT) despite negative earnings, it announced a quarterly dividend.
• Nvidia Corp. (NASDAQ: NVDA) posted dismal Q2 results and announced a share buyback program.
• Sysco Corp. (NYSE: SYY) Q4 earnings topped expectaitons on demand for bulk food products.
• TJX Cos. (NYSE: TJX) strong Q2 results fell short of expectations, as did the Q3 earnings forecast.
• Wal-Mart Stores Inc. (NYSE: WMT) topped Q2 estimates due to bargain seekers and international sales.

Also, Jim Cramer warns against bearishness on the financials and also suggests that the collapse of commodities will buoy earings.

For more highlights from this week, see: Abercrombie, Macy's, Kohl's, Sirius, UBS, Wachovia and others

Upcoming quarterly reports include Lowe's (NYSE: LOW), Home Depot (NYSE: HD), Hewlett-Packard (NYSE: HPQ), Target (NYSE: TGT), La-Z-Boy (NYSE: LZB), Saks (NYSE: SKS), BJ's Wholesale (NYSE: BJ), Limited Brands (NYSE: LTD), Barnes & Noble (NYSE: BKS), Burger King (NYSE: BKC), Gap (NYSE: GPS), Heinz (NYSE: HNZ), and Intuit (NASDAQ: INTU).

Visit AOL Money & Finance for more earnings coverage.

Nvidia (NASDAQ: NVDA) turned in putrid earnings. It also announced that it would buy back a ton of its own shares.

The graphics chip company took a charge of nearly $200 million in its last quarter for product problems. Nvidia also admitted it did not see strong competition coming from rival AMD (NYSE: AMD). Nvidia lost $120 million in the quarter and revenue dropped slightly. Under most circumstances, especially in a weak market, the company's shares would be punished.

But according to The Wall Street Journal, "On a positive note, Nvidia announced a $1 billion increase to its stock-buyback program." For a company with a market cap of only $6 billion that is a big deal.

Share buybacks often do not do much for a company's stock price, but in a market where earnings are having a rough time in most sectors, the idea that EPS can be pushed up by a falling number of shares in the float could become more attractive. It is a form of "reverse dilution," which could find a new place in a bear market.

Nvidia share shares rose 10% after hours [shares are rising 6% in premarket as of 8:10 a.m.]. It may be a signal to management at other companies that buybacks are a sign that a firm thinks its shares are undervalued. The market cares more about that than it used to.

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

Intel (NASDAQ: INTC) knows that the market for basic server and PC chips will not grow as fast over the next five years as it did over the last five. The economy plus high market penetration will see to that.

So, Intel is looking to new markets to save its bacon. It has already entered the segment for relatively low-powered chips for handheld "computers." Whether that business will ultimately be large is anyone's guess.

According to The Wall Street Journal, the world's largest chip company "is providing the first details of a chip technology that is designed to help break into new markets, starting with high-end graphics used for computer games and animation." This technology will help higher end PCs run games and video content.

With Intel's balance sheet and big share of the current PC market, the announcement could spell gigantic trouble for AMD (NYSE: AMD) and Nvidia (NASDAQ: NVDA). A little over two years ago AMD bought graphics chip company ATI. So far, the deal has been a bust.

Concerns that the graphics chip market could get crowded and that margins could be under pressure have already driven AMD and Nvidia to recent 52-week lows. Over the last year, Intel shares are off about 5%. Shares in the other two companies are down over 60%. With Intel coming into the market, that could actually get worse.

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

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

• AeroVironment Inc. (NASDAQ: AVAV) beat Q4 estimates on demand for unmanned aircraft.
• Apollo Group Inc. (NASDAQ: APOL) beat Q3 expectations on increased enrollment and tuition collection.
• Campbell Soup Co. (NYSE: CPB) predicted earnings at the high end of the previously announced range.
• Constellation Brands Inc. (NYSE: STZ) posted better-than-expected Q1 earnings, sending shares up.
• Deutsche Bank (NYSE: DB), in an effort to calm investors, said that it expects a Q2 profit.
• Family Dollar Stores Inc. (NYSE: FDO) beat Q3 expectations and raised its Q4 guidance.
• H&R Block Inc. (NYSE: HRB) posted solid Q4 and full-year results and boosted its dividend.
• Kroger Co. (NYSE: KR) posted record Q1 EPS and in-line guidance, and its share buybacks continue.
• Nvidia Corp. (NASDAQ: NVDA) warned of lower Q2 earnings due to slowing demand and lower prices.
• Robbins & Myers Inc. (NYSE: RBN) beat Q3 expectations and raised its Q4 and full-year outlook.
• Thornburg Mortgage Inc. (NYSE: TMA) 2007 results are being investigated by the SEC.
• UnitedHealth Group (NYSE: UNH) cut its full-year outlook due to changing business trends.

More highlights from this past week: BP, Discover, Corel, Citigroup, WD-40, MSCI and others

Also, Peter Cohan points out that a bear market means low earnings expectations, and also that negative surprises are likely to outweigh positive ones in the second half of the year. Aaron Katsman, on the other hand, predicts a rebound for earnings in the second half. And BusinessWeek reminds us that cheap stocks -- even with big names such as Ford Motor Co. (NYSE: F), Sprint Nextel Corp. (NYSE: S), and Northwest Airlines (NYSE: NWA) -- are no bargain if they have no earnings.

Upcoming results to watch for include Alcoa (NYSE: AA), Pepsi Bottling Group (NYSE: PBG), Marriott International (NYSE: MAR), and General Electric (NYSE: GE).

Visit AOL Money & Finance for more earnings coverage.

Intel Corporation (NASDAQ: INTC) shares fell today with most other tech stocks after Nvidia Corporation (NASDAQ: NVDA) lowered its second-quarter revenue outlook to a range between $875 million and $950 million, well below analysts' expectations of $1.1 billion. NVDA cited end-market weakness for the lower forecast, which could be a bad sign for INTC. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on INTC.

After hitting a one-year high of $27.99 in December, the stock hit a one-year low of $18.05 in January. This morning, INTC opened at $20.62. So far today the stock has hit a low of $20.26 and a high of $20.80. As of 12:10, INTC is trading at $20.65, down 0.28 (-1.3%). The chart for INTC looks bearish and steady, while S&P gives the stock a neutral 3 STARS (out of 5) hold rating.

For a bearish hedged play on this stock, I would consider an August bear-call credit spread above the $23 range. A bear-call credit spread is an options position that combines the purchase and sale of call 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 a 13.0% return in six weeks as long as INTC is below $23 at August expiration. Intel would have to rise by more than 11% before we would start to lose money.

Nvidia (NASDAQ: NVDA), the big graphics chip maker, warned on profits. It was an inauspicious beginning to the earnings season for tech stocks. Many of the world's PCs use Nvidia chips. One of the reasons the company gave for its trouble is slowing demand combined with lower prices. The news was considered so bad that NVDA shares fell over 20% after hours.

According to MarketWatch, the company "expects its second-quarter revenue and gross margin to be lower than its previously announced forecast. The company now expects revenue from $875 million to $950 million." The consensus among analysts was that the company would have revenue of $1.1 billion.

Because the firm's products are so closely associated with PC sales, shares in other chip companies like Intel (NASDAQ: INTC) and computer makers like Dell (NASDAQ: DELL) are almost certain to be viewed as candidates for earnings downgrades of their own.

Nvidia's forecast could be the start of a very hard quarter for tech companies. And they may have been Wall Street's last significant hope.

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