The earnings crunch continues to roll along, and here are a some highlights of this past week's earnings coverage from BloggingStocks:

• Aetna Inc. (NYSE: AET) beat expectations and raised its full-year guidance.
• Amazon.com Inc. (NASDAQ: AMZN) beat estimates by a penny and offered a poor outlook.
• American Express Co. (NYSE: AXP) delivered a positive surprise, with profits up 10%.
• Amgen Inc. (NASDAQ: AMGN) beat estimates, but revenue was flat.
• Anheuser-Busch Cos. (NYSE: BUD) beat expectations on strength of international sales and partner brands.
• Apple Inc. (NASDAQ: AAPL) blew past expectations. See our conference call live blog.
• Avery Dennison Corp.'s (NYSE: AVY) net sales up, EPS down, both due to the Paxar acquisition.
• Baidu.com Inc. (NASDAQ: BIDU) beat expectations, but wariness about its growth potential lingers.
• Boeing Co. (NYSE: BA) beat expectations but lowered its guidance.
• Bristol-Myers Squibb (NYSE: BMY) beat expectations on the strength of Plavix sales.
• CNH Global's (NYSE: CNH) profit nearly doubled, beating estimates by 15%.
• Coach Inc. (NYSE: COH) beat estimates by a penny, but offered a conservative outlook for the holidays.
• Comcast Corp. (NASDAQ: CMCSA) met EPS expectations but cut its cash flow forecast.
• Countrywide Financial Corp. (NYSE: CFC) reported a $1.2 billion loss, but predicts a profit in the next quarter.

Label maker and retail information specialist Avery Dennison Corporation (NYSE: AVY) touted its recent $1.34 billion acquisition of Paxar as an example of competitive synergies and cost-saving efficiencies. Well, that remains to be seen. Avery Dennison used its Paxar acquisition, and related costs of integration, to explain just about everything in its recent 3Q 2007 earnings release.

Net sales increased 19% to $1.68 billion, the entire increase due to Paxar acquisition. EPS would have been $0.99 except for costs related to Paxar acquisition. So EPS was actually $0.58. Avery will eventually realize $115-$125 million in cost savings from Paxar acquisition but hasn't realized anything yet. CEO Dean Scarborough stated Avery Dennison is trying to "find operational efficiencies" and is "on track to achieve targeted cost synergies," but can't find the efficiencies just yet and apparently missed the synergistic target due to the fact that the company is "experiencing some current headwinds." Wonder if his speech writer gets paid by the cliche?

Avery Dennison used some creative financing to acquire Paxar and needs to show some bang for its billion bucks, soon. In the pressure-sensitive label segment, sales were up 5%, but organic growth accounted for just 1%. In the retail information services segment, Avery posted 136% sales increase, 135% of which was due to Paxar acquisition and 1% due to organic growth. The office and consumer products segment reported a 5% decline in sales. CEO Scarborough blamed the decline on a slow back-to-school season, whatever that might mean.

Investors should not look for clarity in next quarter's earnings reports either. The company is already hedging its FY 2007 to exclude Paxar integration costs. The stock closed on Oct. 24 at $57.95, down $1.35.

Visit AOL Money & Finance for more earnings coverage

MOST NOTEWORTHY: Vonage Holdings Corp (VG), Boston Scientific Corp (BSX), Sunoco, Inc (SUN) and CV Therapeutics, Inc (CVTX) were some of today's more notable downgrades:

• Vonage Holdings Corp (NYSEL VG) was downgraded to Underperform from Peer Perform at Bear Stearns following the court injunction barring Vonage from using Verizon Communications' (VZ) patented technology.

• Boston Scientific Corp (NYSE: BSX) was cut to Market Perform from Outperform at BMO. Cowen removed Boston Scientific from its Focus List citing superior clinical results from Abbott Laboratories' (ABT) drug-eluting stent, Xience V.

• Deutsche Bank downgraded Sunoco (NYSE: SUN) to Hold from Buy with a $72 target on valuation.

• CV Therapeutics (NASDAQ: CVTX) was downgraded at Deutsche Bank, to Sell from Hold with a $2 target. The downgrade was ahead of the full Ranexa Merlin PIII data to be presented at the American College of Cardiology on Tuesday, March 27th, as the firm believes it will fall short of generating sufficient positive data trends for supporting Ranexa's outlook.

OTHER DOWNGRADES:

• DaimlerChrysler (NYSE: DCX) was removed from JP Morgan's Focus List as the firm believes the potential divestiture of Chrysler is at least partially priced into shares; JP Morgan maintains an Overweight rating on the stock.

• Morgan Stanley cut Progressive Corp (NYSE: PGR) to Underweight from Equal-Weight.

• William Blair downgraded Kronos Inc (NASDAQ: KRON) to Market Perform from Outperform following the company's acquisition.

• Bank of America downgraded Paxar Corp (NYSE: PXR) to Neutral from Buy on news of Avery Dennison Corp's (AVY) acquisition of the company.

• Deutsche Bank cut Tesoro Corp (NYSE: TSO) to Sell from Hold with an $85 target.

• Goldman Sachs cut Volvo (NASDAQ: VOLV) to Neutral from Buy on valuation.

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