Analyst upgrades:

• FBR Capital upgraded KBW, Inc (NYSE: KBW) to Market Perform from Underperform as it sees increased capital-raising opportunities for small and mid-sized banks and believes the company's quarter is off to a strong start. The firm raised its target price to $23 from $18.
• Pali Capital upgraded Morgan Stanley (NYSE: MS) to Buy from Neutral on expectations the company's strategic shift towards advisory, distribution and retail will be monetized sooner than expected and its capital markets business is gaining traction. The firm set a $33 target on the stock.
• Baird upgraded Stericycle (NASDAQ: SRCL) to Outperform from Neutral and raised its target to $58 from $55 based on valuation predictable earnings, and its market leading platform.
• Apollo Investment (NYSE: AINV) was raised to Outperform from Market Perform at Keefe Bruyette.
• HSBC Holdings (NYSE: HBC) was lifted at Goldman to Buy from Neutral.
• Dow Chemical (NYSE: DOW) was upgraded to Outperform from Neutral at Credit Suisse.

MOST NOTEWORTHY: Hotels, Continental AG and VNUS Medical were today's noteworthy downgrades:

• Oppenheimer downgraded shares of Marriott International (NYSE: MAR), Intercontinental Hotels (NYSE: IHG) and Choice Hotels (NYSE: CHH) to Perform from Outperform to reflect recent weakness in the leisure segment and expectations for weakening transient business travel.
  
• Societe Generale downgraded shares of Continental AG (OTC: CTTAY) to Sell from Buy on valuation, as they recommend taking profits following the recent rally.
  
• Piper downgraded shares of VNUS Medical (NASDAQ: VNUS) to Neutral from Buy on valuation following the company's patent victory.

OTHER DOWNGRADES:

• Goldman removed China Netcom (NYSE: CN) from the Conviction Buy List.
  
• RBC Capital downgraded Crown Castle (NYSE: CCI) and American Tower (NYSE: AMT) to Sector Perform from Outperform.
  
• Trimble Navigation (NASDAQ: TRMB) was cut to Neutral from Overweight at JP Morgan.

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

• Applied Materials Inc. (NASDAQ: AMAT) first-quarter profits fell due to market conditions.
• Best Buy Inc. (NYSE: BBY) lowered its earnings forecast on declining sales.
• Campbell Soup Co. (NYSE: CPB) posted unexciting second-quarter results, but shares rose anyway.
• Chipotle Mexican Grill Inc. (NYSE: CMG) posted solid results but fell short of expecations.
• Comcast Corp. (NASDAQ: CMCSA) beat expectations and annouced it first dividend in a decade.
• Denny's Corp. (NASDAQ: DENN) fourth-quarter results were dragged down by the sale of restaurants.
• General Motors Corp. (NYSE: GM) posted a record loss and made a buyout offer to union employees.
• Hasbro Inc. (NYSE: HAS) post better-than-expected fourth-quarter results on popularity of the Transformers.
• Jones Apparel Group Inc. (NYSE: JNY) narrowed its loss in the fourth quarter as restructuring continued.
• Lions Gate Entertainment Corp. (NYSE: LGF) missed earnings estimates despite strong revenue growth.
• Marriott International Inc. (NYSE: MAR) profit fell on losses from discontinued operations.
• Molson Coors Brewing Co. (NYSE: TAP) beat estimates as profits rose 75%.
• PolyOne Corp. (NYSE: POL) beat expectations and raised its guidance.
• Schering-Plough Corp. (NYSE: SGP) beat expectations, excluding a charge for acquistion costs.
• UBS (NYSE: UBS) posted a big loss on write-downs due to the subprime crisis.
• VNUS Medical Technologies Inc. (NASDAQ: VNUS) beat expectations on strength overseas.
• World Wrestling Entertainment (NYSE: WWE) beat expectations despite weakness in its movie business.

Also, Jim Cramer defends his interest in GM after its record loss.

Upcoming results to watch for include Wal-Mart (NYSE: WMT), Hewlett-Packard (NYSE: HPQ), OfficeMax (NYSE: OMX), Whole Foods (NASDAQ: WFMI), MGM Mirage (NYSE: MGM), JCPenney (NYSE: JCP), and Safeway (NYSE: SWY).

Visit AOL Money & Finance for more earnings coverage.

VNUS Medical Technologies (NASDAQ: VNUS) is a leading provider of medical devices for the minimally invasive treatment of peripheral vascular disease. VNUS sells the Closure system, which consists of a radiofrequency (RF) generator and disposable endovenous catheters to treat diseased veins through the application of temperature-controlled RF energy. Treatments are usually conducted on an outpatient basis. The systems are used by interventional radiologists, general and vascular surgeons, and phlebologists in the U.S. and Western Europe.

The company surprised the Street last week, with Q4 EPS of five cents and revenues of $20.6 million. Analysts had been expecting a loss of nine cents and $18.4 million. The CEO attributed success to growth in international sales and better manufacturing efficiencies. Management also guided Q1 EPS to the range between a loss of seven cents and a gain of three cents (loss of nine cent consensus), Q1 revenues to $18.2-$19.2 million ($18.17M consensus), FY08 EPS to 19-24 cents (five cent consensus) and FY08 revenues to $82-$86 million ($77.60M consensus).

Monday October 29

• VNUS Medical Technologies (NASDAQ: VNUS) patent infringement lawsuit against Angiodynamics (NASDAQ: ANGO), Diomed Holdings (AMEX: DIO), Vascular Solutions (NASDAQ: VASC) begins.
• Verizon Communications (NYSE: VZ) to report Q3 earnings; conference call at 8:30am.

Tuesday October 30

• Sirius Satellite Radio (NASDAQ: SIRI) to report Q3 earnings; conference call at 8am.
• MGM Mirage (NYSE: MGM) to report Q3 earnings; conference call at 11am.
• U.S. Steel Corporation (NYSE: X) to report Q3 earnings; conference call at 2pm.

Wednesday October 31

• Kraft Foods (NYSE: KFT) to report Q3 earnings; conference call at 8am.
• Smith Micro Software (NASDAQ: SMSI) to report Q3 earnings; conference call at 2pm.

Thursday November 1

• PDUFA date for Forest Laboratories (NYSE: FRX) and Mylan Laboratories' (NYSE: MYL) Nebivolol for hypertension.
• Ford Motor Company (NYSE: F) to report October sales at 1pm.
• General Motors Corporation (NYSE: GM) to report October sales at 2pm.

Friday November 2

• PDUFA Date for Sciele Pharma's (NASDAQ: SCRX) Sular formulation
• PDUFA Date for GlaxoSmithKline's (NYSE: GSK) Variza for major depression disorder