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

• Activision Blizzard Inc. (NASDAQ: ATVI) said its Q3 profit declined despite the popularity of Guitar Hero.
• Blackboard Inc. (NASDAQ: BBBB) said Q3 revenue surged and its offered impressive cash flow numbers.
• Boston Beer Co. Inc. (NYSE: SAM) easily beat Q3 earnings estimates and raised its full-year guidance.
• Cisco Systems Inc. (NASDAQ: CSCO) lower Q1 results topped estimates and sent shares higher.
• Cognizant Technology Solutions Inc. (NASDAQ: CTSH) was upgraded following its strong Q3 results.
• Corporate Executive Board (NASDAQ: EXBD) received an analyst's upgrade following the Q3 results.

Web.com's (NASDAQ: WWWW) small business customers have certainly suffered during the recession. Yet, the company has been able to deal with it. Then again, small businesses realize that they need a strong web presence, which is exactly Web.com's laser focus.

In Q3, the company posted revenues of $26.1 million, which was up a bit from the $25.5 million in the same period a year ago. Most of the revenue came from recurring subscriptions.

Analyst upgrades:

• Deutsche Bank upgraded Blackrock (NYSE: BLK) to Buy from Hold as it believes the BGI acquisition is becoming more accretive with the market rally and that the company's core trends are healthy. The firm raised its target on shares to $230 from $180.
• Citigroup upgraded Burlington Northern (NYSE: BNI) to Hold from Sell as it believes the risk/reward on shares is balanced based on 2010 estimates. Citi raised its target on shares to $89 from $75.
• Auriga upgraded Eclipsys (NASDAQ: ECLP) to Buy from Hold on expectations the company's margin expansion initiatives will drive benefits in 2010 and 2011. The firm raised its target on shares to $24 from $16.
• Seagate (NASDAQ: STX) was upgraded to Overweight from Market Weight at Thomas Weisel and to Buy from Hold at Deutsche Bank.
• Web.com (NASDAQ: WWWW) was upgraded to Outperform from Market Perform at FBR Capital.
• CenturyTel (NYSE: CTL) was upgraded to Overweight from Equal Weight at Morgan Stanley.

It seems that every month I get a new phone book. Yet, I haven't opened one in the past few years. Of course, if I need to find a local business, I'll go to Google (NASDAQ: GOOG).

I'm definitely not alone. Just look at the carnage in the yellow pages business.

If you're a business owner, it's become necessary to get on board local online marketing. Not only will you find good customers, but you'll be able to measure results (how many clicks you are getting), target segments (you can focus on various demographics), and help build your brand.

MOST NOTEWORTHY: The North American Pipeline sector, Aeropostale and ImClone were today's noteworthy initiations:

• BMO Capital initiated the North American Pipeline sector with a Market Perform rating. El Paso Corp (NYSE:EP), Williams Companies (NYSE:WMB) and Spectra Energy (NYSE:SE) were initiated with Outperform ratings and CenterPoint Energy (NYSE:CNP) and AGL Resources (NYSE:ATG) ATG were assumed with Market Perform ratings.
  
• Friedman Billings believes Aeropostale (NYSE:ARO) has an impressive back-to-school floorset and that momentum should carry into the fall. Additionally, the firm, which initiated shares with an Outperform rating and $38 target, expects the company to buyback shares.
  
• Thomas Weisel believes ImClone (NASDAQ:IMCL) is attractively valued as Erbitux is positioned to capitalize on a number of label-expanding opportunities and that concerns of KRAS-related revenue loss in colorectal cancer and the clinical utility of FLEX lung cancer data are overstated. Shares were assumed with an Overweight rating and $50 target.

OTHER INITIATIONS:

• JMP Securities initiated Website Pros. inc. (NASDAQ:WWWW) and GSI Commerce (NASDAQ:GSIC) with Outperform ratings and target of $12 and $19, respectively.
  
• McAfee (NYSE:MFE) was assumed at Baird with an Outperform rating and $44 target.

MOST NOTEWORTHY: Chittenden Corp (CHZ), Digital River (DRIV), Image Entertainment (DISK) and Foot Locker (FL) were today's noteworthy downgrades:

• Chittenden Corp (NYSE: CHZ) was downgraded to Sell from Hold at AG Edwards based on the buyout news from People's United Financial (PBCT).

• Digital River (NASDAQ: DRIV) was downgraded to Hold from Buy, and its target was cut to $44, at Jeffries based on the weak Microsoft (MSFT) ramp and weakness in the Symantec (SYMC) transition.

• SMH Capital downgraded shares of Image Entertainment (NASDAQ: DISK) to Sell from Neutral and recommends investors take profits on the upside and sell shares.

• Foot Locker (NYSE: FL) was downgraded to Hold from Buy at Matrix, as the firm believes fundamentals trends are turning negative; the firm sees limited upside from current levels.

OTHER DOWNGRADES:

• Bed Bath & Beyond (NASDAQ: BBBY) was downgraded to Market Perform from Outperform at Raymond James.

• Johnson & Johnson (NYSE: JNJ) was removed from Goldman Sachs' Americas Conviction Buy List.

• Web.com (NASDAQ: WWWW) was downgraded to Hold from Buy at Roth Capital Partners.

• Andrew Corp (NASDAQ: ANDW) was downgraded to Neutral from Buy at Oppenheimer.

• JP Morgan downgraded shares of SkyWest (NASDAQ: SKYW) to Underweight from Overweight and shares of Republic Airways Holdings (NASDAQ: RJET) to Neutral from Overweight.

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

MOST NOTEWORTHY: Lockheed Martin (LMT), CastlePoint Holdings, Ltd (CPHL) and OraSure Technologies, Inc (OSUR) were today's notable upgrades:

• Matrix USA started Lockheed Martin (NYSE: LMT) with a Strong Buy rating, believing steady demand from defense spending and communications systems is allowing the company to continue to build impressive fundamental trends.

• Piper believes CastlePoint'sHoldings Ltd (NASDAQ: CPHL) relationship with Tower Group allows it immediate access to a high quality book of business, strong relationships in the industry and the ability to efficiently place capital overnight. Piper Jaffray stated shares of CastlePoint with an Outperform rating and a $20 target.

• Lazard started Orasure Technologies Inc (NASDAQ: OSUR) with a Buy rating and $12 target based on new production launches and new CDC HIV testing guidelines...

OTHER INITIATIONS:

• UBS started Grant Prideco, Inc (NYSE: GRP) with a Neutral rating.

• Banc of America started Bon-Ton Stores, Inc (NASDAQ: BONT) with a Buy rating and $64 target.

• Roth Capital transferred coverage of Web.com, Inc (NASDAQ: WWWW) with a Buy rating and $8 target.

• City National Corp (NYSE: CYN) was started with a Hold rating at AG Edwards.

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