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

• Big Lots Inc. (NYSE: BIG) Q2 profits topped expectations, but it warned of weak sales in the second half.
• China Petroleum and Chemical Corp. (NYSE: SNP) first-half profits tanked due to government price controls.
• Dell Inc. (NASDAQ: DELL ) fell short of Q2 earnings estimates, surprising even Jim Cramer.
• Dillard's Inc. (NYSE: DDS) beat analysts' expectations despite widening its Q2 net loss.
• Gilat Satellite Networks Ltd. (NASDAQ: GILT) missed Q2 expectations and a merger fell through.
• J. Crew Group Inc. (NYSE: JCG) Q2 net income slipped on lower sales and gross margins.
• JP Morgan & Chase Co. (NYSE: JPM) earnings have been hurt by investments in Fannie Mae/Freddie Mac.
• LDK Solar Co. (NYSE: LDK) raised its 2009 revenue guidance on reaching peak silicon wafer capacity.
• Marvell Technology Group (NASDAQ: MRVL) beat Q2 expectations but gave a conservative Q3 outlook.
• Rio Tinto Group (NYSE: RTP) first-half profits more than doubled on its acquisition of Alcan.
• Sanderson Farms Inc. (NASDAQ: SAFM) swung to a Q3 loss due in part to rising commodities prices.
• Sears Holdings Corp. (NASDAQ: SHLD) Q2 earnings plunged more than expected on further sluggish sales.
• SkillSoft PLC (NASDAQ: SKIL) beat Q2 expectations and offered Q3 and full-year guidance.
• Smithfield Foods Inc. (NYSE: SFD) swung to a Q1 loss due in part to rising commodities prices.
• Talbots Inc. (NYSE: TLB) nearly doubled its Q2 loss due to lower sales and restructuring charges.
• Thornburg Mortgage Inc. (NYSE: TMA) posted a Q2 profit but warned of possible collapse on margin calls.
• Tiffany & Co. (NYSE: TIF) doubled its Q2 profit on strong international sales, and raised its guidance.
• TiVo Inc. (NASDAQ: TIVO) unexpectedly swung to a Q2 profit but forcast another loss in Q3.

Upcoming quarterly reports include Guess (NYSE: GES), Collective Brands (NYSE: PSS), H&R Block, (NYSE: HRB), Staples (NASDAQ: SPLS), Ciena (NASDAQ: CIEN), Toll Brothers (NYSE: TOL); and National Semiconductor (NASDAQ: NSM).

Visit AOL Money & Finance for more earnings coverage.

After the closing bell last night, Thornburg Mortgage, Inc. (NYSE: TMA) managed to report a second-quarter profit, but the firm warned investors that it's in jeopardy of collapse as margin calls continue to roll in. Thornburg said that it covered $219 million of demands for collateral on August 21, and may face another $25.9 million of margin calls. Plus, uncertainty still remains about the outcome of an exchange offer that was meant to pull the New Mexico-based mortgage lender back from the brink of bankruptcy.

The jumbo-loan specialist said it swung to a second-quarter profit of $412.3 million, or 84 cents per share, after swallowing a first-quarter loss of $3.31 billion. During the recently concluded quarter, Thornburg wrote down $209.6 million in mortgage losses, which was offset by a $536.9-million gain from the declining value of a liability. Adjusted income for the period was $22.7 million.

Under the terms of a deal with MatlinPatterson Global Advisers, Thornburg agreed in March to conduct an exchange offer for some preferred stock. The offer expires on September 3, and holders of two-thirds of each of four classes of preferred stock must participate. The company warned that uncertainty about the outcome of the exchange offer, combined with the still-shaky market conditions, "raise substantial doubt about the company's ability to continue as a going concern for the foreseeable future."

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.

June 30 was the day when Thornburg Mortgage Inc. (NYSE: TMA) had hoped to complete at least 90% of its preferred stock repurchase as part of a last ditch effort to save the company from bankruptcy and return it to viability. CEO Larry Goldstone continues to state that bankruptcy is not an option.

Well, when the stock has lost 99% of its value, the company posted a $3 billion quarterly loss, no one will buy what you have to sell, shareholders who have lost just about everything don't want to play anymore, and Moody's handed the company a C (for crap) rating.

Bankruptcy looks like a realistic scenario. And just to keep things interesting, the SEC is investigating the company's 2007 financial results, the timing of margin calls, as well as accounting practices for the company's mortgage-backed securities.

Thornburg's problems have nothing to do with the sub-prime mortgage debacle, at least not directly. Thornburg specializes in jumbo mortgages to those with impeccable credit. Its default rate is the envy of the mortgage industry. So the problem is not creditworthiness, but liquidity. Investors simply are not interested in purchasing mortgage-backed securities of whatever quality in the secondary market.

Thornburg's latest last ditch effort calls for the company to purchase 90% of its preferred stock in exchange for $5 and 3.5 shares of common stock for each share of preferred stock. Shareholders recently gave the company permission to increase the number of shares outstanding from 500 million to four billion in order to make the tender offer possible. The deadline for tendering preferred shares has been extended to September 30. The stock is currently trading at $0.22 per share, way down from its 52 week high of $27.82.

Even a contrarian speculator will have to work very hard to find value in this one.

Monday, June 23

• Walgreens (NYSE: WAG) to report Q3 earnings; conference call at 8:30am.

Tuesday, June 24

• FOMC to hold two-day meeting.
• Jabil Circuits (NYSE: JBL) to report Q3 earnings; conference call at 4:30pm.
• 3Com (NASDAQ: COMS) to report Q4 earnings; conference call at 5:00pm.

Wednesday, June 25

• Second day of two-day FOMC meeting; announcement at 2:15pm.
• Thornburg Mortgage (NYSE: TMA) to discuss valuation and accounting for recent financing transaction at 10:00am.
• Nike (NYSE: NKE) to report Q4 earnings; conference call at 5:00pm.
  
• Oracle (NASDAQ: ORCL) to report Q4 earnings; conference call at 5:00pm.
• Research in Motion (NASDAQ: RIMM) to report Q1 earnings; conference call at 5:00pm.

Thursday, June 26

• PDUFA date for Eli Lilly & Co's (NYSE: LLY) and Daiichi Sankyo's new drug application for Prasugrel.
• Palm Inc (NASDAQ: PALM) to report Q4 earnings; conference call at 4:30pm.
• Micron Technology (NYSE: MU) to report Q3 earnings; conference call at 4:30pm.

Friday, June 27

• PDUFA date for Indevus Pharmaceuticals' (NASDAQ: IDEV) New Drug Application for Nebido for treatment of male hypogonadism.
• PDUFA date for Johnson & Johnson's (NYSE: JNJ) and Eisai Co's (OTC: ESALY) Aciphex.
  

Thornburg Mortgage (NYSE:TMA) was one of the larger mortgage lenders in the US. Its stock now trades at $.65, down from almost $27 a year ago. That means it market cap was $5 billion then.

According to The Wall Street Journal, TMA said in a federal filing that "the future of the home-mortgage finance company as a viable business remains in doubt." The company is trying to raise over $1.3 billion, but, by many accounts, that is not going well.

One of the issues that the Thornburg problems opens, again, is why Bank of America (NYSE:BAC) is so anxious to buy Countrywide (NYSE:CFC). While the largest mortgage lender may have problems which are not quite as severe as Thornburg's, it still faces a growing number of customer defaults.

Many on Wall St. would argue that Countrywide would trade well below its current price of $4.67,down from its 52-week high of $38.89, if BAC had not made its offer. It has traded as low as $3.95. CFC has had trouble with regulators, write-offs and in being probed for its lending practices.

Could Countrywide have fallen below $1 if it did not have a firm buy-out offer? Certainly.

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

Toll Brothers (NYSE:TOL) is up 2% on earnings.

Thornburg (NYSE:TMA) is down 11% on news it will delay filing earnings.

Lehman (NYSE:LEH) is off 2% on news it may have to raise more money.

Mitcham (NASDAQ:MIND) is down 9% on a quarterly loss.

Shares may trade differently is the pre-market than they do in the regular session.

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

How did we get here anyway? Housing and construction companies have been crushed as the bubble burst and now investors have to make a critical decision. Do you stay and hope for a recovery or bag it and move to another position that has the potential to provide better returns?

The problem is simple to explain: Most investors hate taking a loss. In fact, most investors will look to get "even" before they sell and this attitude usually leads to greater losses, anxiety and poor decisions. The truth is that much of this can be avoided with proper risk management techniques. If any of this describes you, then consider developing a plan for risk management and a discipline that will help to protect your hard earned principal. Now, more than ever, investors need a plan. We all need a plan that includes well developed risk management disciplines, which is why I dedicate a full chapter to it in my book, The Disciplined Investor.

Monday, June 2

The week begins with the 10 am release of construction spending and the ISM Index. Construction spending is expected to continue to be weak as is the ISM.

Then we have a few housing-related earnings releases that should be of interest. Watch NCI Building Systems Inc. (NYSE: NCS). This company is engaged in manufacturing and marketing of metal products for the nonresidential construction industry. Terrific! This is a company that is suffering along with the entire construction sector...that is for sure. In fact, they company lowered the outlook for the remainder of the year back in March. It stands to reason that not much is better. The ace in the hole is the recent trend of lowering expectations and then coming out with an earnings beat. Even so, this has too much potential for problems and the sideline is a good vantage point to watch the earnings announcement, which is expected to come in with a PROFIT of 31 cents per share on $365 million of revenue. (Uh...That I would like to see.)

Jazz Technologies (AMEX: JAZ) is up 77% on a buyout by Tower Semiconductor.

China Sunergy (NASDAQ: CSUN) is up over 6% on strong earnings.

Amkor (NASDAQ: AMKR) is up almost 6% after announcing that it CFO would speak at a large investor conference.

Thornburg Mortgage (NYSE: TMA) is off 8% on news that its will have a sharp loss for the last quarter.

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

MOST NOTEWORTHY: CBS Corp., Thornburg Mortgage and DiamondRock Hospitality were among today's noteworthy downgrades:

• CBS Corp. (NYSE: CBS) was downgraded to Market Perform from Outperform at Wachovia, citing the weak ad environment and potential M&A strategy to acquire growth, which will limit upside near-term.
  
• Thornburg Mortgage (NYSE: TMA) was downgraded to Underperform from Outperform at Friedman Billings, which said the recent capital raise and related transactions result in 95% dilution, and questions how shares will trade when 2.9B restricted common shares are registered and start trading in mid- May.
  
• DiamondRock Hospitality (NYSE: DRH) was downgraded to Neutral from Outperform at Baird following the company's reduced guidance.

OTHER DOWNGRADES:

• Savvis Inc. (NASDAQ: SVVS) was downgraded to Equal Weight from Overweight at Lehman following the company's Q1 report and guidance.
  
• Memc Electronic Materials (NYSE: WFR) was downgraded to Neutral from Overweight at J.P. Morgan, who cited high Street expectations and a very tight capacity expansion schedule over the next few quarters.

Merck (NYSE:MRK) is up over 2% on strong earnings.

Novartis (NYSE:NVS) is up almost 4% on a strong first quarter.

Thornburg Mortgage (NYSE:TMA) is down 12% after defaulting on some bonds.

Sears (NASDAQ:SHLD) is off almost 4% after a credit deal it had with Bank of America (NYSE:BAC) ended.

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

TheStreet.com's Jim Cramer says you can call him all the names in the book, but he's right, and the shorts know it.

It was a cause I didn't want to take up. I didn't want to take it up because I knew the short-sellers would paint me as a naïve, clueless defender of the bull, and the long owners wouldn't really understand the idiosyncrasies of the subject. It was a cause I knew the brokers would never defend because their best business that is left is prime brokerage, and they need giant hedge funds to trade with them and can't risk alienating them.

I am talking about the uptick rule, the 70-year-old rule put in by the SEC to stop the process of "raiding" stocks, meaning sending them down by knocking all bids down underneath to where panic could and would ensue.

Today's typical. The Journal breaks its seeming 10-year embargo on mentioning me or my show with a piece that basically says I have no idea what I am talking about and am a fool to bring it up. It quotes James Bianco, from Bianco Research right after me saying, "Anyone who thinks the removal of this rule is somehow causing havoc in the financial markets is hopelessly lost in the bark of one tree and may never be able to see the forest." He then goes on to say, "To suggest that the removal of this rule is causing the markets to go down is to loudly announce, "I don't understand the credit crisis and I am incapable of ever understanding it.'"

Thornberg (NYSE: TMA) is up over 30% on news that it has raised $1.3 billon.

Cell Genesis (NASDAQ: CEGE) is up 38% on a development partnership with Takeda Pharmaceutical.

Lehman Brothers (NYSE: LEH) is up almost 6% on news that it has raised $3 billion.

Yahoo! (NASDAQ: YHOO) is down 1.3% on news that Microsoft (NASDAQ: MSFT) will not raise its offer for the company.

Stocks may trade differently in the pre-market than they do in the regular session.

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

Boston Scientific (NYSE:BSX) is trading up 15% on positive trials of one of its products.

IAC/Interactive (NASDAQ:IACI) is trading up 6% on news that CEO Barry Diller won the right in a cout case to break-up the company.

Schering-Plough (NYSE:SGP) is down 19% on negative news on one of its most important drugs.

Thornburg (NYSE:TMA) is off 15% on news that the company is still trying to raise more capital.

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

The short interest in most large stocks traded on the NYSE increased as measured on March 14. The figures compare to February 29. Car stocks were hit especially hard. Shares short in Ford (NYSE: F) moved up 20.3 million to 248.9 million. For GM (NYSE: GM) the number was up 19.4 million to 85.9 million.

Despite the fact that many big financial stocks are already close to lows, traders were willing to bet that they would fall off further. Shares short in Washington Mutual (NYSE: WM) moved up 15.9 million to 168.8 million. The short interest in Citigroup (NYSE: C) jumped 7 million to 125.6 million. For Wells Fargo (NYSE: WFC) the number added 9.3 million to 117.5 million. For Countrywide (NYSE: CFC) the figure was up 9.3 million to 111.5 million and at Wachovia (NYSE: WB) shares sold short were up 2.2 million to 105.4 million.

Other notable financial stocks with large increases included Fannie Mae (NYSE: FNM), up 11.4 million to 78 million, Thornburg (NYSE: TMA), up 11 million to 25.8 million, and CIT (NYSE: CIT), up 10 million to 20.1 million.

Troubled firms that have recently had bad news were hit very hard. Shares short in Sprint (NYSE: S) moved up more than any other NYSE-traded company, jumping 30.1 million to 75.2 million. Shares sold short in Blockbuster (NYSE: BBI) increased 8 million to 57.8 million.

Shorts moved out of Micron (NYSE: MU) where the number fell 4.3 million to 87.5 million, Wal-Mart (NYSE: WMT) where short interest dropped 3 million shares to 45.1 million, CBS (NYSE: CBS) which lost 2.7 million shares short falling to 29.2 million, The New York Times (NYSE: NYT) with shares short dropped 2.8 million to 30.6 million, and Time Warner (NYSE: TWX) which saw its short interest drop 2.2 million to 38.5 million.

Source: NYSE and WSJ

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