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

• Applied Materials Inc. (NASDAQ: AMAT) Q2 profits declined on a glut of flash memory chips.
• Bally Technologies Inc. (NYSE: BYI) beat Q3 expectations and offered full-year guidance.
• Barclay's (NYSE: BCS) reported a big Q1 loss on credit-related write-downs.
• Constant Contact Inc. (NASDAQ: CTCT) saw big increases in Q1 revenues and in its customer base.
• Deere & Co. (NYSE: DE) Q2 profits rose on international demand, but results just missed estimates.
• Fluor Corp.'s (NYSE: FLR) strong Q1 results are a signal for the energy sector, says Jim Cramer.
• Freddie Mac (NYSE: FRE) Q1 loss widened on the housing slump, but not as much as forecast.
• IndyMac Bancorp Inc. (NYSE: IMB) narrowed its loss but predicted it wouldn't see a profit in 2008.
• LDK Solar Co. Ltd. (NYSE: LDK) Q1 earnings topped forecasts and it raised its outlook.
• MBIA Inc. (NYSE: MBI) reported a larger-than-expected Q1 loss due to write-downs.
• Mindray Medical International Ltd. (NYSE: MR) beat Q1 expectations and raised its full-year guidance.
• Nuance Communications Inc. (NASDAQ: NUAN) Q2 earnings were in line with analysts' expectations.
• ON Semiconductor Corp. (NASDAQ: ONNN) beat Q1 expectations and raised its Q2 revenue forecast.
• RealNetworks Inc. (NASDAQ: RNWK) beat Q1 estimates and announced share buybacks and a spin off.
• Salary.com Inc. (NASDAQ: SLRY) missed Q1 forecasts, leading to analysts' downgrades.
• Sykes Enterprises Inc. (NASDAQ: SYKE) beat Q1 estimates and raised its Q2 and full-year forecast.
• Syniverse Holdings Inc. (NYSE: SVR) beat Q1 expectations on strength in "messaging and mobil data."
• Toll Brothers Inc. (NYSE: TOL) warned of lower Q2 profits and more "challenging times" ahead.
• Website Pros Inc. (NASDAQ: WSPI) reported flat earnings despite soaring revenues and operating income.

The markets got some extra relief today as weekly jobless claims only rose by 6,000 to 371,000. The Philly Fed also showed that manufacturing contracted slower than expected as output fell by 0.7% in April. Below are the unofficial closing prices for major index levels:

• DJIA 12,988.91 +90.53 +0.70%
• S&P500 1,423.28 +14.62 +1.04%
• NASDAQ 2,533.73 +37.03 +1.48%
• 10 Yr Bond(%) 3.8430% -0.0950
• 52-WEEK LOWS
• TOP ANALYST CALLS

China Architectural Engineering, Inc. (AMEX: RCH) enjoyed another massive day as its stock rose another 23% to $10.17 late in the day based on construction, architecture, and engineering needs that will be necessary in China after that earthquake.

MOST NOTEWORTHY: J. Sainsbury, Orthofix and Salary.com were today's noteworthy downgrades:

• Merrill Lynch downgraded J. Sainsbury (Other OTC:JSAIY) to Sell from Neutral following the company's quarterly results; Deutsche Bank downgraded shares to Sell from Hold as they believe the company's results show it has lost momentum.
  
• ThinkPanmure downgraded Orthofix (NASDAQ:OFIX) to Source of Funds from Accumulate citing the loss of Osteocel, which will impact growth.
  
• Wachovia cut Salary.com (NASDAQ:SLRY) to Market Perform from Outperform citing concerns that FY09 will be a challenging given significant increases in investment for sales and marketing.

OTHER DOWNGRADES:

• UBS cut Knight Transportation (NYSE:KNX) to Neutral from Buy.
  
• HSBC downgraded StatoilHydro (NYSE:STO) to Neutral from Overweight.
  
• Merrill lowered National Semi (NYSE:NSM) to Neutral from Buy.

The earnings party of last week was full of fun and frolic. For the most part, if you followed my list of recommendations, you would have had your very own "Fiesta de Finance." (See Week in Preview – May 5)

The earnings season is still in full swing and should provide a great deal of action for the companies that will be reporting. But these companies will have to fight through a few new economic barriers. With oil pushing past historic levels and questions beginning to surface concerning the ability of the investor to continue to support a market that has so many headwinds, the mood is likely to shift moving forward. It is time for discipline, short and simple. Now, more than ever investors need a plan. I cover this strategy in my book, The Disciplined Investor.

In the last installment of The Week in Preview, I was looking for party opportunities in honor of Cinco de Mayo. This week, Misery is the theme. That is the only word that comes to mind with oil at a level that you would have never expected, a massive and unrelenting credit and housing crisis and a banking system that is defunct.

Monday - May 12

We start the week with a report from IndyMac Bancorp (NYSE: IMB). This bank is smack in the middle of the housing problem. It is primarily a lending company that facilitates loans for single-family homes. It's also involved in the origination and trading of mortgages. How does that sound to you as an investment? Shares have slid from $23 in October 2007 to an unbelievable level of $3.50 recently. Ouch... If you are a shareholder still holding on with hope and a prayer for something...anything, keep on dreaming. The good news is that the stock is sporting a yield of 29%. But, if you think that yield is going to be maintained, I have a bridge for sale. Estimates are for a loss of $1.92 per share for the quarter.

MOST NOTEWORTHY: Callaway Golf Co (ELY), Genentech, Inc (DNA), LSI Logic Corp (LSI) and Evergreen Solar, Inc (ELSR) were today's more notable initiations.

• Merriman initiated Callaway Golf Co (NYSE: ELY) with a Buy rating and believes new management could get the company back on track.
  

• Genentech (NYSE:DNA) was initiated at Prudential with a Neutral rating and $92 target. The firm believes the lack of a new product launch before 2010 is a concern for long-term growth.

• American Technology believes shares of LSI Logic (NYSE: LSI) are undervalued, initiating the company with a Buy rating and $13 target, given synergies and revenue opportunities from the merger with Agere Systems, Inc (AGR).

• Bank of America initiated Evergreen Solar Inc (NASDAQ: ESLR) with a Sell rating and $8 target to reflect the lack of visibility on its growth, which puts the company at a competitive disadvantage.

OTHER INITIATIONS:

• Salary.com, Inc (NASDAQ: SLRY) was initiated at Pacific Crest and Wachovia with an Outperform rating and at Thomas Weisel with an Overweight rating.

• Prudential started Gilead Sciences, Inc (NASDAQ: GILD) with an Overweight rating and $90 target.

• BMO initiated Smithfield Foods, Inc (NYSE: SFD) with with an Outperform rating and $36 target.

• Kaufman Brothers started VeriChip Corp (NASDAQ: CHIP) with a Buy rating, believing the company's growth position is compelling given its patented, FDA-approved microchip that can be implanted into humans for a variety of applications.

• Citigroup started Amgen, Inc (NASDAQ: AMGN) with a Hold rating and $64 target.

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

Founded in 1999, Salary.com is a dot-com survivor. In fact, the company is going public and according to a recent filing, the initial terms of the deal have been set. The company plans to sell 5 million shares at a price range of $8-$10. The proposed ticker symbol is SLRY.

Basically, the company has a line of services to help companies with compensation management. The flagship product, CompAnalyst, has an extensive database of salary scales and third party surveys.

What's more, the Salary.com site gets about 2 million unique monthly visitors.

However, the company is fairly small, with about $15.2 million in revenues for the past year.

You can check out the IPO filing at the SEC site.

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