Analyst upgrades:

• Piper Jaffray upgraded Viacom (NYSE:VIA) to Overweight from Neutral to reflect the improving ad market and better ratings at key cable networks. The firm raised its target on shares to $35 from $29.
  
• Baird upgraded Research in Motion (NASDAQ:RIMM) to Outperform from Neutral on valuation as it views the recent weakness as a buying opportunity. The firm keeps an $84 price target on shares.
  
• Jefferies upgraded Usana (NASDAQ:USNA) to Buy from Hold as it believes direct selling companies have been gaining momentum. The firm raised its target on shares to $44 from $37.
• AK Steel (NYSE:AKS) was upgraded to Buy from Hold at Deutsche Bank.
  
• First Merit (NASDAQ:FMER) was upgraded to Perform from Underperform at Oppenheimer.
  
• Spectra Energy (NYSE:SE) was upgraded to Conviction Buy from Neutral at Goldman.

Analyst upgrades:

• Citigroup upgraded Advanced Micro (NYSE: AMD) to Buy from Hold and raised its target to $5.50 from $4.25 citing valuation and expectations for the company's competitive position and gross margins to improve.
• Barclays upgraded American Express (NYSE: AXP) to Overweight from Equal Weight citing long-term earnings growth as the company benefits from declining charge-offs and credit costs. The firm has a $38 target on the stock.
• JPMorgan upgraded Arch Coal (NYSE: ACI) to Overweight from Neutral and raised its target to $22 from $19 citing the FTC approval for the acquisition of Jacobs Ranch mine and valuation.
• Bebe Stores (NASDAQ: BEBE) was upgraded to Overweight from Equal Weight at Stephens.
• Cheesecake Factory (NASDAQ: CAKE) was upgraded to Neutral from Underweight at Piper Jaffray.
• Ashland (NYSE: ASH) was upgraded to Buy from Hold at KeyBanc.

TheStreet.com's Jim Cramer says if the company you're looking at is a player in the mobile Internet space, it's probably a good bet.

Does it have smartphone exposure, or doesn't it? That is the question. When I look at what's moving in tech and what's become sullen and gloomy, there's only one compass: smartphones. Think about what's moved this week: Cree (NASDAQ: CREE) (Cramer's Take), Tellabs (NASDAQ: TLAB) (Cramer's Take) and ADC Telecom (NASDAQ: ADCT) (Cramer's Take). These are terrific plays in the smartphone food chain and are included in the "Mad Money" Mobile Internet Index.

ADC Telecom is Chinese Internet infrastructure, and we know that China's spending $40 billion to build out infrastructure that can allow aggressive adoption of smartphones. Tellabs has been waiting for next-generation telecom orders -- smartphones. I think the fact that it announced a giant buyback -- it matters when the stock is this small -- is the signal needed to suggest they are getting orders.

Analyst upgrades:

• Keefe Bruyette upgraded Intercontinental Exchange (NYSE: ICE) to Market Perform from Underperform following the company's in-line quarter and extended buyback. The firm raised its target price on shares to $103 from $98.
• Merriman upgraded Cree (NASDAQ: CREE) to Buy from Neutral after transitioning coverage of the stock as it believes HB-LED chips are gaining momentum and that the company can top its recently raised guidance.
• Deutsche Bank upgraded Glatfelter (NYSE: GLT) to Buy from Hold following the company's Q2 results due to falling net debt levels and valuation. The firm raised its target on shares to $14 from $8.
• Corporate Executive Board (NASDAQ: EXBD) was upgraded to Neutral from Underperform at Baird.
• Cognizant (NASDAQ: CTSH) was upgraded to Buy from Neutral at Goldman.
• Unit Corp. (NYSE: UNT) was upgraded to Buy from Sell at Jesup & Lamont.

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

• American Eagle Outfitters Inc. (NYSE: AEO) reported better-than-expected Q1 earnings, lifting shares.
• AutoZone Inc. (NYSE: AZO) posted a better-than-expected Q3 profit said it will continue to buy back shares.
• Bank of Montreal (NYSE: BMO) reported lower Q2 earnings and also announced 1,100 layoffs.
• Big Lots Inc. (NYSE: BIG) higher Q1 earnings topped estimates even though same-store sales fell.
• BioMed Realty Trust Inc. (NYSE: BMR) earnings prospects after the recent capital raise led to a downgrade.

This post was written by Minyanville contributor Steve Smith.

Shares of CardioNet (NASDAQ: BEAT) shares are off $0.20 to $18.60 and option volume is three times the daily average. The focus is buying in the June $17.50 put which has seen over 5,100 contracts trade, 90% of which occurred at the ask, and exceeds prior open interest of if 1,018 contracts. This new put buying is driving up implied volatility 14% to the 65% level this morning.

CREE Inc. (NASDAQ: CREE) shares are up over 12% to $31.30 after the electronics parts manufacturer pre-announced and raised guidance. Options running 3X the daily average with 85% of trades on the call side. Active strikes are the include June $30 call and July $30 calls, with latter's volume exceeding strike's of 295 exceeding prior open interest. Notable is buying in longer dated series; the Sep $30 call, Dec $35 call and Jan 2010 $30 call have all traded over 200 contracts all of which exceed their strike's prior open interest.

Patriot Coal (NYSE: PCX) is up 19 cents to $9.15 and 2,500 Jun 10 calls traded. Nearly all the volume has been done at the asking price suggesting this speculative call buying.

Last night, after the markets closed, Cree Inc. (NASDAQ: CREE), manufacturer of LED (light-emitting diodes) lighting technology, boosted its guidance for the fourth quarter, adjusting both earnings and revenue numbers.

The company expects to bank $143 million to $150 million in revenue for the current quarter, above the firm's earlier guidance of $137 million to $143 million. This translates to earnings per share of 15 to 17 cents, up from an earlier forecast of 13 to 15 cents (excluding items). Gross margins are expected at the high end of targeted levels (around 38% for the period).

Looking further down the horizon, CREE officials expect continued growth. CEO Chuck Swoboda said in a statement, "We . . . remain optimistic about the growth potential for LED lighting in fiscal 2010."

Analyst upgrades:

• Oppenheimer upgraded shares of Cree (NASDAQ: CREE) to Outperform from Perform as they believe LEDs are beginning to gain traction in general lighting applications.
  
• Jefferies upgraded Constellation Energy (NYSE: CEG) to Hold from Underperform following the acquisition by MidAmerican Energy. The company's target was increased to $25 from $20.
  
• RBC upgraded the Banking sector to Overweight from Underweight following the governments "massive assault" on the financial crisis. RBC believes government actions that include the potential creation of a Resolution Trust Corporation, the creation of federal insurance for money market fund investors and the ban on short selling will result in higher bank stock prices through year end; Wilmington Trust (NYSE: WL), KeyCorp (NYSE: KEY) and Pacific Capital Bancorp (NASDAQ: PCBC) were upgraded to Sector Perform from Underperform.
  
• Oracle (NASDAQ: ORCL) was raised to Buy from Neutral at Piper.
  
• UBS upgraded Murphy Oil (NYSE: MUR) to Neutral from Sell.
  
• Gap (NYSE: GPS) was upgraded to buy from Neutral at Goldman Sachs.

Analyst downgrades:

• Deutsche Bank downgraded shares of Thomson Reuters (NASDAQ: TRIN) to Sell from Buy as they believe uncertainty in the financial sector will hinder growth.
  
• Piper cut MIPS Technologies (NASDAQ: MIPS) to Neutral from Buy as they believe estimates are at risk following the departure of ChipIdea's co-founder. The company's target was lowered to $3.70 from $8.
  
• Jefferies downgraded GSI Commerce (NASDAQ: GSIC) to Hold from Buy on valuation as they view the risk/reward less compelling following the recent rally.
• Host Hotels (NYSE: HST) was downgraded at Baird to Neutral from Outperform.
  
• Wachovia downgraded Accenture (NYSE: ACN), Cognizant (NASDAQ: CTSH) and Infosys (NASDAQ: INFY) to Market Perform from Outperform.

Analyst initiations:

• Jefferies initiated Abercrombie & Fitch (NYSE: ANF) with an Underperform rating and $38 target and thinks the company's sales and margins are at risk with negative comp trends getting worse.
  
• Cantor believes Lawson Software (NASDAQ: LWSN) has a powerful franchise while the stock trades at a 33% discount to peers. Shares were assumed with a Buy rating and $8 target.
  
• Stanford started Mentor (NYSE: MNT) with a Buy rating and $32 target and thinks the company is poised to benefit from growing global demand for products and services that make people look younger and more attractive.
• Scripps Networks (NYSE: SNI) was initiated at UBS with a Neutral rating and $43 target.
  
• BMO Capital initiated Costco (NASDAQ: COST) and BJ's Wholesale (NYSE: BJ) with Market Perform ratings and a $72 target and $42 target, respectively.
  
• Isle of Capri (NASDAQ: ISLE) was initiated at Goldman with a Sell rating and $6 target.

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

• Abercrombie & Fitch Co. (NYSE: ANF) posted solid Q2 results despite touch economic conditions.
• Apollo Management LP swung to a net loss on a write down and litigation, but is on track for an IPO.
• Cree Inc. (NASDAQ: CREE) beat analysts' expectations and raised its revenue guidance.
• Dr Pepper Snapple Group Inc. (NYSE: DPS) beat earnings estimates and raised its full-year guidance.
• 4Kids Entertainment Inc. (NYSE: KDE) widened its Q2 net loss more than analysts had anticipated.
• Kohl's Corp. (NYSE: KSS) topped Q2 expectations and raised its full-year guidance.
• Lions Gate Entertainment Corp. (NYSE: LGF) unexpectedly swung to a Q1 profit as revenues soared.
• Macy's Inc. (NYSE: M) beat Q2 expectations despite lower sales, and warned of weakness ahead.
• Napster Inc. (NASDAQ: NAPS) Q1 net loss matched the previous quarter and the year-ago loss.
• Nordstrom Inc. (NYSE: JWN) beat Q2 expectations despite a drop in earnings and lowered its guidance.
• Sirius XM Radio Inc. (NASDAQ: SIRI) CEO predicted post-merger earnings next year.
• Thomson Reuters Corp. (NYSE: TRI) Q2 profit fell while revenue soared, but still missed estimates.
• UBS (NYSE: UBS) dismal Q2 results were accompanied by speculation of breaking up the bank.
• Wachovia (NYSE: WB) revised its Q2 loss to include auction rate securities settlements.

Also, Jim Cramer warns against bearishness on the financials and also suggests that the collapse of commodities will buoy earings.

For more highlights from this week, see: Wal-Mart, JCPenney, MBIA, Deere, Applied Materials and others

Upcoming quarterly reports include Lowe's (NYSE: LOW), Home Depot (NYSE: HD), Hewlett-Packard (NYSE: HPQ), Target (NYSE: TGT), La-Z-Boy (NYSE: LZB), Saks (NYSE: SKS), BJ's Wholesale (NYSE: BJ), Limited Brands (NYSE: LTD), Barnes & Noble (NYSE: BKS), Burger King (NYSE: BKC), Gap (NYSE: GPS), Heinz (NYSE: HNZ), and Intuit (NASDAQ: INTU).

Visit AOL Money & Finance for more earnings coverage.

Minyanville Professor Sean Udall dares to share the kind of keen insight and actionable information you won't find in any prospectus. For more original thought, visit www.minyanville.com.

The earnings report from Applied Materials, Inc. (Nasdaq: AMAT) was not solid but the stock sure is, which is what happens when the market starts looking at enterprise value beyond a quarterly EPS report. The stock has been cheap for some time with only the solar catalyst providing occasional lift. Contrary to other noteworthy opinions, I have not heard AMAT call a bottom or "trough" in the cycle for many a quarterly call. It has called for a reduction in the decline in certain product lines, while calling for strength in others. But as far as a broad cyclical "trough" this is the first I heard them utter that since 2005 -- and at that point the company was half right and half wrong.

Lam Research Corporation (Nasdaq: LRCX) had the best report I've seen in the sub-group. If the (SOX) keeps showing strength then I presume the group may be led by the high quality semi-caps possibly through the first quarter of 2009.

Cree, Inc. (Nasdaq: CREE) report was also noteworthy as the shares have really been hammered of late. The company beat and raised revenue guidance by a touch. However, the thing that has kept me out of CREE for more than just an occasional trade is the lack of EPS traction it seems to have, even on higher revenues. And next quarter's guidance is more evidence of that. From time to time CREE can ramp, and when it does, it's usually a compelling move. So I mainly keep the name on the radar as a technical trading vehicle. If CREE were to back fill to the mid $19's I may add a partial.

MOST NOTEWORTHY: SunPower, Evergreen Solar and Abbott Lab were today's noteworthy initiations:

• Citigroup believes SunPower (NASDAQ: SPWR) is faced with high cell production costs, its silicon cost and installation cost advantages are increasingly commoditized and finds the risk/reward even at current levels. Shares were initiated with a Hold rating and $105 target.
  
• Citigroup believes Evergreen Solar (NASDAQ: ESLR) faces significant financing requirements over the next few years, making it difficult to see a sustained period of EPS growth beyond the $1 range. The firm sees downside to $5/share. Shares were assumed with a Sell rating and $8 target.
  
• UBS started Abbott Lab (NYSE: ABT) with a Buy rating and $61 target. The firm is positive on Humira potential growth and expects Xience to drive vascular operating margins to positive.

OTHER INITIATIONS:

• Lazard initiated Cree (NASDAQ: CREE) and Rubicon Tech (NASDAQ: RBCN) with Hold ratings.
  
• BMO Capital started Smith & Nephew (NYSE: SNN) with an Outperform rating and $70 target.

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

• AFLAC Inc. (NYSE: AFL) reported better-than-expected earnings for the first quarter.
• Ambac Financial Group Inc. (NYSE: ABK) posted a wider-than-expected loss; shares hit new low.
• Amdocs Ltd. (NYSE: DOX) beat Q2 estimates on strength in the managed services businesses.
• Amphenol Corp. (NYSE: APH) beat expectations in the first quarter and raised its guidance.
• Amylin Pharmaceuticals Inc. (NASDAQ: AMLN) posted a larger-than-estimated Q1 loss.
• Aptar Group Inc. (NYSE: ATR) posted record Q1 results and raised its Q2 guidance.
• Bank of America (NYSE: BAC) Q1 earnings plunged on further housing-related write-downs.
• Brinker International Inc. (NYSE: EAT) narrowly beat earnings expectations on cost cutting.
• Bristol-Myers Squibb Co. (NYSE: BMY) beat analysts' estimates for the first quarter.
• Credit Suisse Group (NYSE: CS) reported a wider-than-forecast loss on subprime-related write-downs.
• Cree Inc. (NYSE: CREE) earnings slipped while revenues soared 29%.
• Eli Lilly & Co. (NYSE: LLY) reported worse-than-expected Q1 earnings on discontinued product charge.
• Gannet Inc. (NYSE: GCI) beat low expectations as earnings and revenue continue slump.
• Hasbro Inc. (NYSE: HAS) posted better-than-expected Q1 earnings on international strength.
• JAKKS Pacific Inc. (NASDAQ: JAKK) missed Q1 expectations on restructuring and litigation costs.
• Kimberly-Clark Corp. (NYSE: KMB) beat EPS estimates by a penny, as revenue jumped 10%.

Shares closed mostly higher today, although this was more of a mixed day between the haves and the have-nots. Boeing Co. (NYSE: BA) managed to keep earnings inline with estimates and were not bad considering the weak airline sector, so its 4.4% gain to $82.09 was a huge relief for the DJIA today. Below are the unofficial closing levels for major US index levels:

• DJIA 12,767.21 (+46.98; +0.37%)
• S&P 500 1,380.23 (+4.29; +0.31%)
• NASDAQ 2,403.45 (+26.51; +1.12%)
• 10YR-Bond 3.73% (0.01)
• 52-week lows.

Ambac Financial Group, Inc. (NYSE: ABK) posted losses that were wider than expected. It showed losses of $1.7 billion and $11.69 per share and a $3.1 billion in subprime charges. The company sells insurance policies that repay bondholders if issuers default. The 52-week range is $4.50 - $96.10. Shares hit a new low today, and traded down over 40% at $3.45 in the final minutes of trading.

MBIA Inc. (NYSE: MBI) dropped dramatically after Ambac's worse-than-expected earnings report. The rivals are expected to be hit hard by the wave of defaults it insures due to the subprime credit crisis. The two have been struggling to raise capital to cover losses and have suffered downgrades to their credit ratings. MBI shares were down 32% at $9.00 in the final minutes today.

Target (NYSE: TGT) reported Q3 net earnings of $483 million. TGT is down .92 to $52.98. TGT says: "Our third quarter earnings were disappointing due to soft sales in our higher margin categories, leading to lower-than-expected gross margin in our core retail operations." TGT call option volume of 30,415 contracts compares to put volume of 18,212 contracts. TGT December option implied volatility of 47 is above its 26-week average of 35 according to Track Data, suggesting larger risk.

Cree (NYSE: CREE), a manufacture of semiconductors for solid state lighting, is recently down 59c to $21.26. CREE has been frequently mentioned as a buyout target over the last five months. CREE December call option implied volatility is at 57; puts are at 73; above its 26-week average of 48 according to Track Data, suggesting larger price fluctuations. CREE puts are priced higher than calls because CREE is difficult to borrow.

Daily options Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

One of our readers asked about three stocks that have not been covered by BloggingStocks, or at least not that I can remember during my tenure. After reviewing the three it is understandable why not, although they are fair size companies. Philips being a large cap stock valued around $47 billion while the other two would be mid-caps valued between $2 and $5 billion.

My review of these companies is on the superficial side from the perspective that they are not very familiar to me and they are not in industries that I would consider investing in at this time. From that perspective I have high-lighted a few of the metrics that stand out to me and why.

The first was Cree Inc. (NASDAQ: CREE) a maker of blue, green, and near-ultraviolet LEDs -- made from silicon carbide (SiC) and gallium nitride (GaN) that are used by companies in products such as dashboard lights, market tickers, and video screens.

Highlights: On the positive side Cree has no debt and earns a healthy 14% profit margin. Unfortunately the downside seems to be all too clear. Cree has negative growth this past year of 7%, when many tech companies have seen significant growth to the plus side. That cannot support the very high current P/E ratio of 44, along with below average ROE, ROA and ROIC. There is no dividend and there is high volatility with a beta over 2.8. Except for option plays insiders have been selling. Investors can find better opportunities elsewhere.

The second company is Koninklijke Philips Electronics (NYSE: PHG) as the name implies makes consumer electronics, including TVs, VCRs, DVD players, and fax machines. But it also makes light bulbs (#1 worldwide), electric shavers (#1) and other personal care appliances, picture tubes, medical systems, and silicon systems solutions.