Founded in 1994, Digital River (NASDAQ: DRIV) has built platform that allows for digital downloads of software (yes, it was a visionary idea back then). In fact, the company now handles about half the market. But there has always been a nagging concern with Digital River; that is, customer concentration.

Unfortunately, today the nightmare scenario came true -- Digital River's largest customer, Symantec (NASDAQ: SYMC), will not renew its contract (which expires on June 30th).

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

• Apollo Group Inc. (NASDAQ: APOL) reported that Q4 revenue soared despite the recession.
• Baidu Inc. (NASDAQ: BIDU) posted strong annual revenue, but at a slowing growth rate.
• Career Education Corp. (NASDAQ: CECO) easily topped Q4 earnings expectations, lifting shares up.
• Comcast Corp. (NASDAQ: CMCSA) Q4 earnings beat expectations and it increased its dividend.
• CVS Caremark Corp. (NYSE: CVS) shares jumped after it reported higher earnings in Q4.
• Digital River Inc. (NASDAQ: DRIV) shares soared on better-than-expected Q4 earnings and revenue.
• Expedia Inc. (NASDAQ: EXPE) reported dismal results due to a huge good will write down.
• Goodyear Tire & Rubber Co. (NYSE: GT) posted a greater-than-expected Q4 net loss and announced job cuts.
• Hormel Foods Corp. (NYSE: HRL) exceeded Q1 earnings expectations due to the popularity of SPAM.

Not all companies are reporting disappointing earnings. Recently shares of Digital River Inc. (NASDAQ: DRIV) soared as the company posted better-than-expected earnings and revenue for the fourth quarter.

The e-commerce software service provider said it earned 48 cents per share in the quarter, excluding amortization and stock-based compensation charges, beating analysts' expectations of 44 cents per share according to Thomson Reuters.

MOST NOTEWORTHY: Jones Lang LaSalle, Digital River, Dynamic Materials, Allot Communications and Oxford Industries were today's noteworthy downgrades:

• Wachovia downgraded shares of Jones Lang LaSalle (NYSE: JLL) to Market Perform from Outperform, as they expect the deterioration in the credit markets to lead to fewer closed deals over the next year.
  
• Oppenheimer transitioned coverage of Digital River (NASDAQ: DRIV) and downgraded shares to Neutral from Buy. The broker finds shares fairly valued given the pricing pressure and customer concentration.
  
• Jefferies downgraded shares of Dynamic Materials Corporation (NASDAQ: BOOM) to Hold from Buy on valuation as they believe shares are already pricing in the company's near-term earnings potential.
  
• Allot Communications (NASDAQ: ALLT) was downgraded to Sector Performer from Outperformer at CIBC World Markets after the company pre-announced weaker-than-expected Q3 results.
  
• Oxford Industries (NYSE: OXM) was downgraded to Hold from Buy at Morgan Joseph and to Neutral from Buy at SunTrust following the disappointing Q1 report and guidance.

OTHER DOWNGRADES:

• Piper Jaffray downgraded Target Corporation (NYSE: TGT) to Market Perform from Outperform.
  
• Thornburg Mortgage (NYSE: TMA) was downgraded to Underperform from Market Perform at Keefe Bruyette.
  
• JP Morgan removed Continental Airlines (NYSE: CAL) from its Focus List.
  
• NRG Energy (NYSE: NRG) was downgraded to Neutral from Buy at Calyon.

MOST NOTEWORTHY: CNOOC Ltd (CEO), NYSE EuroNext (NYX), Time Warner Cable (TWC), Digital River (DRIV) and Home Depot (HD) topped today's more noteworthy upgrades:

• Credit Suisse upgraded shares of CNOOC Ltd (NYSE: CEO) to Outperform from Neutral to reflect projections for output growth...

• Piper upgraded NYSE Euronext (NYSE: NYX) to Market Perform from Underperform as they believe the risk/reward is balanced following the completion of the Euronext acquisition. They believe shares can move higher if the company's market share is stabilized...

• Bear upgraded shares of Time Warner Cable (NYSE: TWC) to Outperform from Peer Perform citing the integration of the L.A. systems, which they feel is progressing smoothly, and potential for increased equity returns...

• Jefferies upgraded shares of Digital River (NASDAQ: DRIV) to Buy from Hold on valuation as they find the risk/reward attractive at current levels and believe new customers such as Microsoft (MSFT) and Electronic Arts (ERTS) will diversify the company's revenue base...

• Home Depot (NYSE HD) was upgraded to Buy from Hold at Stifel following the company's sale of its HD Supply unit, as well as its $22.5B repurchase program...

OTHER UPGRADES:

• Morgan Stanley raised Colgate-Palmolive (NYSE: CL) to Overweight from Equal Weight.

• RBC Capital upgraded Allos Therapeutics (NASDAQ: ALTH) to Outperform from Sector Perform.

• Merrill Lynch was upgraded Centene Corp (NYSE: CNC) to Neutral from Sell.

• BB&T upgraded Airgas (NYSE: ARG) to Buy from Hold.

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

MOST NOTEWORTHY: Digital River Inc (DRIV) was today's only notable initiation.

• American Technology initiated Digital River Inc (NASDAQ: DRIV) with a Buy rating and $65 target. The firm believes Q1 guidance could be weak, but feels weakness would be short-lived as investors gain a better understanding of Digital River's Microsoft Corp- (NASDAQ: MSFT) driven revenue and margin upside in the second-half of 2007...

OTHER INITIATIONS:

• Merriman initiated Idera Pharmaceuticals Inc (AMEX: IDP) with a Buy rating and put fair value at $10-$12 a share.

• Merrill Lynch reinstated Nvidia Corp (NASDAQL NVDA) and KLA-Tencor Corp (NASDAQ: KLAC) with Buy ratings.

• Jefferies initiated CommScope Inc (NYSE: CTV) with a Buy rating and $37.50 target; they believe CommScope is a solid play with trends such as increasing competition among cable operators and wireline service providers as well as increasing bandwidth consumption by enterprises.

• Raymond James started Keystone Automotive Inds Inc (NASDAQ: KEYS) with a Market Perform rating.

• Roth Capital initiated G. Willis Food Int'l Ltd (NASDAQ: WILC) with a Buy rating and 48 target; Roth expects the largest marketer and distributor in Israel of kosher food products to grow at a 15%-20% rate over the next several years.

• JP Morgan initiated Covanta Holding Corp (NYSE: CVA) with a Neutral rating on valuation.

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

MOST NOTEWORTHY: Google (GOOG), Apple (AAPL) and Microsoft (MSFT) top today's modest list of initiations.

• Google, Inc. (NASDAQ:GOOG) was reinstated at Credit Suisse with an Outperform rating and $600 target. The firm said the YouTube deal positions Google as the top online video destination globally.
• Apple Computer, Inc. (NASDAQ:AAPL) was initiated with a Market Perform rating and a $90 target at Bernstein. The firm said expectations are too high and upside potential is limited.
• Microsoft Corp. (NASDAQ:MSFT) was initiated at Bear Stearns with a Peer Perform rating. The firm considered shares of Microsoft fully valued.

OTHER INITIATIONS:

• Amazon.com, Inc. (NASDAQ:AMZN) was initiated with a Buy rating and $49 target at Soliel. The firm said Amazon is near an inflection where it could leverage IT, systems and distribution investments in order to drive earnings growth.
• Digital River, Inc. (NASDAQ:DRIV) was initiated with an Outperform rating at Thomas Weisel citing the recently announced Microsoft contract, wins in electronics segments and valuation.

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