Analyst Upgrades

• Bristol-Myers (BMY) to hold from underperform at Jefferies.
• Pep Boys (PBY) to buy from hold at Stifel Nicolaus.
• Tesla Motors (TSLA) to overweight from equal weight at Morgan Stanley.
• Emerson (EMR) to buy from hold at Deutsche Bank.
• ARM Holdings (ARMH) to buy from neutral at BofA/Merrill.
• NetLogic (NETL) and Cavium Networks (CAVM) to buy from hold at Auriga.
• Aimco (AIV) to hold from sell at Citigroup.
• Ceragon Networks (CRNT) to overweight from equal weight at Barclays.

All three major indices opened down slightly this morning, but moved up following reports on unemployment, consumer spending, and durable goods orders. None of these was especially sunny, but all more or less met expectations. Excluding declining airplane orders, non-defense capital goods orders rose 2.6%.

Unemployment claims fell by 3,000, and consumer spending in November rose 0.4% and wages gained 0.3%. Volume is low as traders skedaddle early for the long holiday weekend. On the currency markets, the EUR fell to $1.3064 earlier, but recovered somewhat to above $1.31. The Australian dollar has again broken through parity with the US dollar for the first time in six weeks.

Analyst Upgrades

• inContact (SAAS) to buy from neutral at Roth Capital.

Analyst Downgrades

• Ericsson (ERIC) to neutral from buy at Goldman.
• Hovnanian (HOV) to underperform from buy at BofA/Merrill.
• PrivateBancorp (PVTB) to market perform from outperform at BMO Capital.
• Logitech (LOGI) to neutral from outperform at Exane BNP Paribas.

Analyst Upgrades

• Sapient (SAPE) to outperform from market perform at Wells Fargo.
• Kroger (KR) to buy from neutral at UBS.
• Harman (HAR) to overweight from neutral and Deutsche Bank (DB) to neutral from underweight at JPMorgan.
• Savient (SVNT) to outperform from market perform at JMP Securities.
• LabCorp (LH) to buy from hold at Deutsche Bank.
• Optimer Pharm (OPTR) and Landstar System (LSTR) to outperform from neutral at RW Baird.
• Essex Property Trust (ESS) to buy from neutral at Janney Capital.
• Tyson Foods (TSN) to neutral from sell at Goldman.
• Host Hotels (HST) to outperform from sector perform at RBC Capital.
• SPX Corp. (SPW) to outperform from market perform at FBR Capital.

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

• ADC Telecommunications Inc. (ADCT) posted a surprise net loss for Q4 and predicted a loss in Q1.
• BJ's Wholesale Club Inc. (BJ) shares fell after Q3 earnings met expectations and offered guidance for FY.
• Dell Inc. (DELL) posted lower-than-expected Q3 earnings, prompting a sell-off of shares.
• Foot Locker Inc. (FL) said Q3 earnings slumped more than analysts' forecast, sending shares lower.
• Gap Inc. (GPS) reported growth of EPS and revenue in Q3 and announced a share buyback program.

Perhaps a bit of the shine is wearing off of solar stocks. Solar panel company ReneSola (SOL) turned in a third-quarter loss of $10.2 million, or seven cents per share, compared to earnings of 23 cents per share ($32.4 million) a year ago. Quarterly revenue fell to $141 million from $216 million a year ago. Expectations called for a loss of eight cents per share on revenue of $135.5 million.

The company stated, "We witnessed a strong rebound in customer demand for our quality products in the third quarter of 2009 and reached a corporate landmark as ReneSola achieved the highest quarterly shipments of solar products in its history." I'm not buying it. SOL saw earnings and revenue walk off a cliff when compared to a year ago ... so let's make sure that we talk about great customer demand. Of course, customer demand wasn't good enough to help you swing to a third-quarter profit.

Sunny skies are here for Ausra, the solar thermal company backed by Kleiner Perkins and Khosla Ventures. The company is looking for a buyer, and it's already talking to three, according to a report by Reuters. Everything is up for grabs, from a majority stake in the company to 100% of it, and the back-and-forth going on is at a "very aggressive level."

The businesses looking to pick up Ausra are said to be global power generation conglomerates but haven't been named yet. So, the clean energy company would be a way for one of them to diversify.

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

• American International Group Inc. (NYS: AIG) posted a record loss even as it asks for more taxpayer funds.
• AnnTaylor Stores Corp. (NYSE: ANN) shares sank after it missed Q4 expectations by a wide margin.
• AutoZone Inc. (NYSE: AZO) reported strong Q2 results, sending shares upward toward its 52-week high.
• Big Lots Inc. (NYSE: BIG) shares soared after it reported better-than-expected numbers for Q4.
• Chico's FAS Inc. (NYSE: CHS) Q4 loss widened on impairment charges and severance costs.

Last week, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) posted a quarterly loss and lowered its guidance. But as interest in alternative energy continues to grow, analysts polled by Thomson Financial are still looking for good things from solar energy concerns scheduled to report earnings this week.

Strong growth at Trina Solar Ltd. (NYSE: TSL) in the third quarter prompted it to lift its guidance back in October. Analysts expect the Chinese company to post profits that are 76.3% higher than a year ago, or $1.18 per share on revenues of $268.4 million (+225.0%). Though Trina Solar missed estimates in the second quarter, analysts on average recommend buying TSL. Shares are down 81.4% from a year ago and trading near an all-time low.

Earnings of rival LDK Solar Co. Ltd. (NYSE: LDK) are expect to have risen 47.9% to $0.71 per share on revenues of $486.7 million (+206.6%). Also based in China, LDK has not missed estimates in recent quarters; in fact, it blew past expectations in the second quarter. Yet the consensus recommendation is to hold LDK. Like Trina Solar, LDK's shares are trading near an all-time low; the share price has fallen 50.0% in the past year.

Analysts anticipate third-quarter earnings for Canadian Solar Inc. (NASDAQ: CSIQ) to be a whopping 96.3% higher than a year ago, or $0.54 per share on revenues of $248.0 million (+154.5%). The company easily topped estimates in the previous quarter. ReneSola Ltd. (NYSE: SOL) and Suntech Power Holdings Co. Ltd. (NYSE: STP) are also expected to report earnings growth of 29.7% ($0.37 per share) and 23.8% ($0.42 per share), respectively. All three of these stocks reached 52-week lows last week, and all are considered buys.

Rival home improvement chains Home Depot Inc. (NYSE: HD) and Lowe's Companies Inc. (NYSE: LOW) are scheduled to report quarterly results this week. Not surprisingly, given the ongoing housing slump, analysts surveyed by Thomson Financial on average expect both companies to post earnings lower than in the same period a year ago. For Home Depot, that's 61 cents per share, down 20.8%, and for Lowe's, 56 cents per share, down 16.4%. Meanwhile, cabinet maker American Woodmark Corp. (NASDAQ: AMWD), for whom Home Depot and Lowe's are major distributors, is also expected to report lower earnings: 11 cents per share, down 67.6%.

The presidential campaigns have prompted much discussion of energy policy and alternative energy sources. Some solar-energy-related concerns are scheduled to report this week, and expectations seem to be high. Trina Solar Ltd. (NYSE: TSL) is expected to report 81 cents per share earnings, up 67.9%; ReneSola Ltd. (NYSE: SOL) is expected to post earnings of 32 cents per share, up 62.5%; and Suntech Power Holdings Co. (NYSE: STP) is expected to have earnings of 32 cents per share, up 21.9%. Even China Sunergy Co. Ltd. (NASDAQ: CSUN) is expected to have swung to a profit of 3 cents per share, from a per-share loss of 14 cents a year ago.