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

• American International Group Inc. (NYSE: AIG) said its earnings report would not include a conference call.
• Caterpillar Inc. (NYSE: CAT) shares rose after it reaffirmed the 2009 outlook and forecast further growth.
• Cisco Systems Inc. (NASDAQ: CSCO) said its Q4 numbers tumbled despite cost-cutting efforts.
• Comcast Corp. (NASDAQ: CMCSA) posted strong Q2 results, though its cash flow was flat.
• Crocs Inc. (NASDAQ: CROX) reported better-than-expected Q2 results and forecast a return to profitability.
• Electronic Arts Inc. (NASDAQ: ERTS) revenue surged in Q1 and its narrower loss beat expectations.

After the closing bell sounded yesterday, footwear firm Crocs (NASDAQ: CROX) reported second-quarter earnings, or should we say second-quarter loss -- yet the Street is ready to celebrate.

The foam footwear manufacturer reported a second-quarter loss of $30.3 million, or 36 cents per share. Taking a $34.8 million charge out of the equation, CROX would have lost a mere six cents per share. While these results are worse than those of a year ago, they managed to top Wall Street's expectations for a loss of 21 cents per share.

Does anyone here remember Crocs, Inc. (NASDAQ: CROX)?

It seems like only yesterday that you'd walk down the street and everywhere you looked, you saw those horribly ugly $30 sandals that were going to change the world.

Well, as it turned out, Crocs didn't change the world. They were just a fad. Crocs are nothing more than this decade's version of the hula hoop, the pet rock, Members Only jackets or the dearly beloved eight-track tape.

The Washington Post recently looked at the decline and fall of Crocs.

The colorful foam clogs appeared in 2002, just as the country was recovering from a recession. Brash and bright, they were a cheap investment (about $30) that felt good and promised to last forever. Former president George W. Bush wore them. Aerosmith lead singer Steven Tyler wore them. Your grandma wore them. They roared along with the economy, mocked by the fashion world but selling 100 million pairs in seven years.

In the space of about 16 months, shares of CROX jumped 600%! The stock did even better than Goldman Sachs (NYSE: GS) -- and no one had to bail them out. Now class, that brings me to today's investing lesson: How to know when you've made the dumbest investing mistake in the world.

Shares of Crocs (NASDAQ: CROX) have lost nearly all of their value over the past year, as the rubberized clog-like sandal shoe fad comes to a merciful end.

Adding to Crocs' problems was the proliferation of knockoffs being sold at discount stores and flea markets for a tiny fraction of what Crocs retailed for.

Not so long ago, Crocs Inc. (NASDAQ: CROX) was riding high as its rubberized clog-like sandal shoes were the hottest thing in retail.

Now the fad has died, sales have fallen through the floor, the economy has tanked and worst of all, the company's auditors have "expressed substantial doubt" about the "company's ability to continue as a going concern." Here's the full-text from the company's newly filed 10-K:

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

• Agilent Technologies Inc. (NYSE: A) Q1 earnings were cut almost in half and were lower than expected.
• AT&T Inc. (NYSE: T) earnings expectations for 2010 resulted in an analyst's upgrade.
• BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) was downgraded following its Q4 earnings report.
• CBS Corp. (NYSE: CBS) beat Q4 earnings expectations but slashed its quarterly dividend.
• Crocs Inc. (NASDAQ: CROX) posted a smaller-than-expected Q4 loss but sales and gross margins fell.
• Deere & Co. (NYSE: DE) Q1 earnings and revenue fell and it offered guidance below estimates.
• Deutsche Telekom (NYSE: DT) was upgraded on confidence ahead of the company's earnings report.
• Hewlett-Packard Corp. (NYSE: HPQ) reported a bigger-than-expected drop in Q1 earnings.

Crocs (NASDAQ: CROX) reported earnings for the fourth quarter after the market close on Thursday. The shares were up almost 10% on the news during the after-hours trading session since the footwear company beat expectations by a wide margin. But let me tell you something: I cannot imagine any sane investor wanting to risk his hard-earned capital on this stock. The numbers are just too dismal.

Wall Street was bracing for a loss of $0.56 per share in the fourth quarter. Well, Crocs did much better than that. It lost only $0.40 per share. Great, right? Yeah. Let's look at the top line: it declined by 43%. Does that put the earnings beat in perspective? I sure hope it does. How about the fact that gross margin went down to 44% compared to 56% in the year-ago period -- does that also lend some context?

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

• Abercrombie & Fitch Co. (NYSE: ANF) reported lower quarterly profits and cut its full-year outlook.
• Applied Materials Inc. (NASDAQ: AMAT) beat Q4 earnings expectations but revenues tumbled.
• Blackstone Group (NYSE: BX) reported a big loss in Q3, like many other private equity firms.
• Crocs Inc. (NASDAQ: CROX) posted a deeper-than-estimated Q3 net loss due to restructuring costs.
• Cypress Semiconductor Corp. (NYSE: CY) warned that it expects to swing to a net loss in Q4.
• Google Inc. (NASDAQ: GOOG) fell to a three-year-low despite expected growth in profits and revenues.
• Intel Corp. (NASDAQ: INTC) lowered its revenue forecast for Q4, which was bad news for PC makers.
• Kohl's Corp. (NYSE: KSS) beat low earnings expectations by a penny as same-store sales declined.
• Lions Gate Entertainment Corp. (NYSE: LGF) narrowed its net loss in Q2 but fell short of estimates.
• Nordstrom Inc. (NYSE: JWN) said its Q3 profit tumbled as its same-store-sales declined.
• Orbitz Wordlwide Inc. (NYSE: OWW) reported a wider net loss, which led to a analyst's downgrade.
• Procter & Gamble Co. (NYSE: PG) raised its forecasts after finalizing the sale of Folgers brand.
• Sirius XM Radio Inc. (NASDAQ: SIRI) halved its Q3 net loss and revenues and subscriber numbers rose.
• TJX Companies Inc. (NYSE: TJX) reported a Q3 earnings decline and offered a cautious outlook.
• Tyco International Ltd. (NYSE: TYC) posted better-than-expected profits but warned of softness ahead.
• Walmart Stores Inc. (NYSE: WMT) beat analyst estimates for Q3 and warned of a profit squeeze.

I could never really see the charm in those horrid Crocs Inc. (NASDAQ: CROX) plastic footwear, so I never joined in the hype and wasn't part of that fun ride that Crocs shareholders enjoyed for a while. Crocs went public almost three years ago in February 2006. The stock has since split 2:1 in June 2007, peaked at $75.21 in October 2007, and yet today it trades under a dollar.

Crocs problems haven't started with the current economic slowdown; cheap knock-offs hurt sales and competitors marketed similar products. Not to mention the bad publicity Crocs had to manage following some injuries caused by Crocs getting caught in escalators.

Update Nov. 26, 2008: See all 2008 Black Friday deals.

This week, some apparel and accessory producers and retailers offer a look at how they've been doing between early summer's economic stimulus spending and the coming holiday season. While Polo Ralph Lauren Corp. (NYSE: RL) reported higher earnings last week, Coldwater Creek Inc. (NASDAQ: CWTR), Eddie Bauer Holdings Inc. (NASDAQ: EBHI), Kenneth Cole Productions Inc. (NYSE: KCP), and K-Swiss Inc. (NASDAQ: KSWS) all reported net losses as consumers pulled back on spending over the summer due to higher fuel prices and other economic worries. The expectations of analysts surveyed by Thomson Financial for such companies scheduled to report this week don't look much different; i.e., a bright spot or two among lower expectations overall.

Hip retailer Urban Outfitters Inc. (NASDAQ: URBN) is expected to post earnings 22.9% higher than a year ago, to $0.35 per share, on revenue of $475.9 million (+26.4%). The Philadelphia-based company already said that same-store sales in the quarter were 10% higher. Urban Outfitters has beat expectations in recent quarters, by 11.5% in the previous quarter, and analysts on average recommend buying URBN. Shares fell to a 52-week low of $16.61 per share on Friday, and are down 29.5% from a year ago. Other companies expected to report more modest earnings growth in the coming week include watch and accessory maker Fossil Inc. (NASDAQ: FOSL), retail giant Wal-Mart Stores Inc. (NYSE: WMT), and TJX Companies Inc. (NYSE: TJX), parent of such discount retail chains as T.J. Maxx and Marshalls. These three companies have tended to top analysts estimates in recent quarters, and Fossil and TJX ended the week near their 52-week lows.

While Los Angeles-based American Apparel Inc. (AMEX: APP) had a strong second quarter, the casual wear maker is expected to report $0.13 per share earnings for the third quarter, the same as in the year-ago period. And analysts anticipate that Kohl's Corp. (NYSE: KSS) will report that profits fell 16.4% to $0.51 per share on revenue of $3.9 billion (+1.9%). Though same-store sales for October fell 9%, the Menomonee Falls, Wis.-based company reaffirmed its third-quarter forecast. Kohl's has offered positive surprises in recent quarters, topping estimates by 5.6% in the previous quarter. The consensus recommendation remains to buy KSS. Shares have been climbing after reaching a 52-week low in late October, but are still down 32.8% from a year ago.

Shares of Crocs, Inc. (NASDAQ: CROX) have been in free fall since the end of November, when the stock hit an all-time high of $75.21.

After a guidance cut that sent the stock down about 50% last week, Crocs management are searching desperately for whatever it takes to get the stock to do something other than go down. Today's answer is a classic example of a garbage press release: Crocs, Inc. Announces New Retail Channel Strategy at World Shoe Association Trade Show in Las Vegas.

Crocs announced a "new retail channel strategy. . . designed to elevate the Crocs brand, create more cohesive product alignment for its retail partners and pave the way for its popular, comfortable shoes to be easily available in the wide variety of retail environments where its core customers shop."

What exactly does that entail? Crocs doesn't really elaborate. Maybe it has something to do with trying to get the products out of Costco Wholesale Corporation (NASDAQ: COST). The other part of the press release is the announcement of some new footwear styles -- upmarket Crocs priced anywhere from $54.99 to $69.99 for "a high performance boating shoe that combines Crocs lock ™ H2O pods for advanced wet traction and the Crocs Exo-Frame that wraps the foot with a protective Croslite ™ material shell for a supportive fit."

Guess investors aren't too excited: the stock is down nearly 9% as I write this.

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

• Amazon.com Inc. (NASDAQ: AMZN) net income nearly doubled, topping Wall Street estimates.
• American Express Co. (NYSE: AXP) Q2 earnings fell well short of analysts estimates on credit crisis.
• Amphenol Corp. (NYSE: APH) beat Q2 expectations and offered Q3 and full-year guidance.
• A.O. Smith Corp. (NYSE: AOS) beat Q2 earnings estimates and boosted its full-year guidance.
• Apple Inc. (NASDAQ: AAPL) beat Q3 estimates but offered lower-than-expected guidance.
• Bank of America Corp. (NYSE: BAC) Q2 earnings tumbled but still beat Wall Street expectations.
• Boeing Co. (NYSE: BA) Q2 results missed estimates but it reaffirmed its full-year guidance.
• Broadcom Corp. (NASDAQ: BRCM) crushed expectations but offered muted guidance.
• Caterpillar Inc. (NYSE: CAT) posted better-than-expected Q2 earnings and offered guidance.
• Ceragon Networks Ltd. (NASDAQ: CRNT) reported strong earnings on increased global demand.
• Charles Schwab Corp. (NASDAQ: SCHW) topped Q2 estimates on rises in new accounts and assets.
• CME Group Inc. (NYSE: CME) better-than-expected Q2 results lifted the share price from a 52-week low.
• Crocs Inc. (NASDAQ: CROX) revised its Q2 and full-year guidance downward on market conditions.
• EI DuPont de Nemours & Co. (NYSE: DD) Q2 results beat expectations due to strength in agriculture.
• Ericsson LM TEL Co. (NASDAQ: ERIC) Q2 profits tumbled due to costs of R&D and acquistions.
• E*Trade Corp. (NASDAQ: ETFC) had a bigger-than-expected Q2 loss on Fannie Mae (NYSE: FNM) losses.
• Ford Motor Co. (NYSE: F) posted a record quarterly loss, mostly one-time charges.

Crocs (NASDAQ: CROX) is trading at $5.06 late this morning, well below its close of $8.94. CROX lowered Q2 and 2008 financial guidance. Robert Baird Co lowered its rating to Neutral from Outperform. CROX over all option implied volatility of 91 is above its 26-week average of 84 according to Track Data, suggesting larger price movement.

Mechel Steel (NYSE: MTL) closed at $22.84, and is trading up this morning at $26.40. MTL sold off 38% on July 24 after Russian Prime Minister Vladimir Putin ordered antitrust authorities to investigate selling prices at steel and coal group MTL. MTL August option implied volatility is at 162, October is at 105, above its 26-week average of 66 according to Track Data, suggesting larger price fluctuations.

Elan Corp (NYSE: ELN) closed at $32.34 and, as of 11:15 Friday morning, is trading at $33.43. ELN's & WYE's Bapineuzumab (Alzheimer's treatment) Phase 2 trial results will be presented at the International Conference on Alzheimer's Disease on July 29. ELN August option implied volatility is at 97, October is at 70; above its 26-week average of 69 according to Track Data, suggesting larger price fluctuations.

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

Shares of Crocs (NASDAQ: CROX) are down 45% in after-hours trading after the company reported "revised" Second Quarter and Full Year 2008 Sales and Earnings Per Share Guidance. Some key points:

• Quarterly revenue guidance revised down to an approximate range $218 million to $223 million from $247 million to $258 million. The company said it expected its 2008 sales to be down slightly from the prior year.
• Earnings per share guided down to 3 to 7 cents from 42 cents to 47 cents. For the full year, the company expects earnings of approximately $0, including the effect of a $20 million charge associated with the shuttering of its Canadian plant.
  

CEO Ron Snyder commented that "While we did experience solid sell-through with many of our major accounts, retailers across the board were extremely cautious with their level of reorders, choosing to operate with leaner inventories versus a year ago."

It's easy to understand why investors are souring on Crocs. I've been a bear for a long time, questioning the strength of its brand, massive insider selling, and the appearance of its products at discount stores.

With the stock down to around $5 per share, bargain hunters might be intrigued. The stock is trading right around its book value and, assuming the company doesn't have serious inventory problems, it could be an attractive buyout target. But given the questions about management's forthrightness that I've raised in the past, I'll be staying away.

With its stock in the toilet as the hype surrounding its ugly, clog-like, sandal shoes subsides, Crocs Inc. (NASDAQ: CROX) has taken to putting out daily press releases announcing pretty much anything. From May 13th through the 16th, the company actually managed to announce something every single day.

First the company announced that it had won a $56 million judgment against a company that had the audacity to produce charms for its footwear, violating the intellectual property of its Jibbitz company. But the stock failed to budge and the company didn't comment on the collectability of that judgment.

Then on the 14th, the company announced that it had launched "www.CitiesByFoot.com, a comprehensive website with guides to more than 70 shops, restaurants, boutiques and historic destinations in six U.S. cities." Just what we need: another travel site.