Dr Pepper Snapple Group (NYSE: DPS) popped open its first-quarter report on Wednesday (I bet you never read that pun before from a financial pundit covering a beverage concern!). On an adjusted basis, sales rose 4%. Management needed to adjust for the termination of a contract with Hansen (NASDAQ: HANS), as well as for currency effects. The company saw a drop in bottom-line income excluding items as earnings came in at $0.37 per share. This was $0.03 less than last year's performance.

However, Dr Pepper can feel happy about the fact that the company beat expectations. The market was only looking for $0.29 per share. How refreshing (yep, another pun)! Volumes did all right during the quarter.

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

• Alcatel-Lucent (NYSE: ALU) shares rose even though it reported a wider loss for the quarter.
• American Express Co. (NYSE: AXP) posted better-than-expected Q1 results but warned of challenges.
• Blackstone Group (NYSE: BX) reported a net loss and slumping revenues for the first quarter.
• Center Financial Corp. (NASDAQ: CLFC) was downgraded following its Q1 earnings report.
• Cisco Systems Inc. (NASDAQ: CSCO) posted lower Q3 earnings that still topped analysts estimates.

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

• Archer Daniels Midland Co. (NYSE: ADM) said Q4 profit plunged, missing analysts' expectations.
• Berkshire Hathaway Inc. (NYSE: BRK.A) posted yet another solid quarter and topped analysts' expectations.
• Cisco Systems Inc. (NASDAQ: CSCO) reported solid results and reaffirmed its revenue guidance.
• General Mills Inc. (NYSE: GIS) performance despite rising commodities costs impressed Jim Cramer.
• Hansen Natural Corp. (NASDAQ: HANS) Q2 earnings surged on popularity of Monster energy drink.
• Humana Inc. (NYSE: HUM) beat Q2 expectations, sending shares of health insurers higher.
• LeapFrog Enterprises Inc. (NYSE: LF) narrowed its Q2 loss, sending shares up near its 52-week high.
• MGM Mirage (NYSE: MGM) Q2 profit tumbled but revenues topped analysts' expectations.
• NetSuite Inc. (NYSE: N) cut its Q2 loss and revenues surged on 400 new customers.
• Orbitz Worldwide Inc. (NYSE: OWW) narrowed its net loss while revenues inched upward.
• Polo Ralph Lauren Corp. (NYSE: RL) easily topped Q1 expectations and raised its full-year guidance.
• Pzena Investment Management Inc's (NYSE: PZN) CEO admits that its Q2 was "awful, just terrible."
• 3Com Corp. (NASDAQ: COMS) raised its Q1 profit and sales forecasts due to gains in China.
• Toyota Motor Corp. (NYSE: TM) net income fell due to the strong yen and rising materials costs.
• Warner Music Group Corp. (NYSE: WMG) reported a smaller-than-expected Q3 net loss.
• World Wrestling Entertainment Inc. (NYSE: WWE) flat year-over-year earnings fell short of estimtates.

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

• American International Group Inc. (NYE: AIG) reported a loss of $7.8 billion but raised its dividend.
• Barr Pharmaceuticals Inc. (NYSE: BRL) missed earnings estimates and lowered its guidance.
• D.R. Horton Inc. (NYSE: DHI) posted a larger-than-expected Q2 loss on further write-downs.
• Fannie Mae (NYSE: FNM) posted its third straight quarterly loss on the continuing housing slump.
• Hansen Natural Corp. (NASDAQ: HANS) lower-than-estimated Q1 profit led shares to a 52-week low.
• Lazard Ltd. (NYSE: LAZ) net income dropped 71% on a fall-off of M&A activity and a write-down.
• MGM Mirage Inc. NYSE: MGM) Q1 profits were dragged down by decreased consumer spending.
• Pilgrims Pride Corp. (NYSE: PPC) widened its Q2 loss due to the rising cost of feed.
• Playboy Enterprises Inc. (NYSE: PLA) swung to a Q1 loss as revenue declined in all units.
• Qwest Communications (NYSE: Q) net income and revenue fell in the first quarter.
• Scotts Miracle Gro Co. (NYSE: SMG) blamed a slow start to spring for its Q2 profit decline.
• Teva Pharmaceutical Industries Inc. (NASDAQ: TEVA) posted a Q1 loss due to a charge.
• THQ Inc. (NASDAQ: THQI) posted a loss for its fourth quarter and revenues flat for the year.
• Toyota Motor Corp. (NYSE: TM) posted lower-than-expected Q4 results due to the U.S. economic slump.
• Warner Music Group Corp. (NYSE: WMG) Q2 loss widened and it suspended its quarterly dividend.

MOST NOTEWORTHY: UBS AG, Ansys and AstraZeneca were today's noteworthy upgrades:

• Deutsche Bank upgraded shares of UBS AG (NYSE: UBS) to Buy from Hold after the company announced further write-downs and plans to boost capital.
  
• Jefferies upgraded shares of Ansys (NASDAQ: ANSS) to Buy from Hold as they like the Ansoft (NASDAQ: ANST) acquisition and feel yesterday's sell-off creates an attractive entry point.
  
• AstraZeneca (NYSE: AZN) was raised to Neutral from Underweight at JP Morgan following the positive Crestor study results.

OTHER UPGRADES:

• Piper raised Akamai (NASDAQ: AKAM) to Buy from Neutral.
  
• Goldman upgraded Hansen Natural (NASDAQ: HANS) to Buy from Neutral.
  
• Vertex Pharma (NASDAQ: VRTX) was raised to Market Perform from Underperform at Wachovia and to Outperform from Neutral at Baird.

MOST NOTEWORTHY: NutriSystem, Endo Pharmaceuticals, Corporate Express NV, Aventine Renewable Energy Holdings and BioFuel Energy were today's noteworthy downgrades:

• NutriSystem (NASDAQ: NTRI) was downgraded to Hold from Buy at Lazard and to Buy from Strong Buy at Broadpoint following its lowered Q3 guidance.
  
• Jefferies downgraded shares of Endo Pharmaceuticals (NASDAQ: ENDP) to Hold from Buy after Impax Laboratories (NASDAQ: IPXL) filed a Paragraph IV challenge against Opana ER yesterday to reflect the potential for a generic version of Opana ER arriving as early as 2010 and the possibility of a similar threat against Lidoderm.
  
• Corporate Express (NYSE: CXP) was downgraded to Hold from Buy at ING, as they believe the new CEO's long-term targets are overly ambitious.
  
• JP Morgan downgraded Aventine Renewable (NYSE: AVR) and BioFuel Energy (NASDAQ: BIOF) to Neutral from Overweight, citing weaker fundamentals in ethanol pricing.

OTHER DOWNGRADES:

• JP Morgan downgraded Charlotte Russe (NASDAQ: CHIC) and The Wet Seal (NASDAQ: WTSLA) to Neutral from Overweight.
  
• Goldman downgraded Monolithic Power Systems (NASDAQ: MPWR) and Hansen Natural (NASDAQ: HANS) to Neutral from Buy; Goldman removed National Semiconductor (NYSE: NSM) from its Conviction Buy List.

A study in the September Consumer Reports (subscription required) shows that the amount of caffeine found in eight ounces of 12 popular energy drinks ranged from 50 to135mg, with most in the 75 to 80mg range, reports Reuters. That compares to the amount of caffeine in an eight ounce cup of coffee, which ranged from 65 to 120mg, with an average of 85mg, says the National Coffee Association.

The study attempts to surprise consumers by proving that many energy drinks have the same caffeine as a similar cup of coffee. What the study didn't highlight, according to Reuters, was exactly how many energy drinks and coffee people consume during a typical day. The likelihood of people drinking only eight ounces of an energy drink, or coffee, is absurdly low.

Visit any Starbucks (NASDAQ: SBUX) or 7-11 store, and consumers will notice that the smallest size cup in most franchises is 12 ounces, and the largest, 24 ounces. Only Dunkin Donuts provides coffee-drinkers with a smaller version.

Hansen Natural Corporation (NASDAQ: HANS), after sneaking out a disappointing earnings report last night which caused the stock to drop when it opened this morning, disclosed today that it completed an internal stock option review. Since the review found "no evidence raising concerns" of internal misconduct, the stock naturally bounced right back to its sky-high levels -- the stock is actually up almost 2% today, despite a 3 cent earnings miss.

It looks like Hansen's stock is still riding high on a Monster Energy drink buzz, but with earnings results like last night's, how long can it last?

MOST NOTEWORTHY: Intel Corp (INTC), Hansen Natural Corp (HANS), Netflix, Inc (NFLX), Marvel Entertainment, Inc (MVL) and Walt Disney Co (DIS) were today's more noteworthy upgrades:

• Goldman upgraded shares of Intel Corp (NASDAQ: INTC) to Buy from Neutral as they believe Advanced Micro Devices' (AMD) likely move to an outsourced business model will make it easier for the company to retain a product advantage.

• Goldman also upgraded shares of Hansen Natural Corp (NASDAQ: HANS) to Buy from Neutral based on expectations for sales and earnings acceleration in 2H07, driven by recent distribution agreements, a potential European distribution deal and the possibility of a share buyback.

• Soleil upgraded shares of Netflix Inc (NASDAQ: NFLX) to Buy from Hold on valuation as they believe the company will overcome the challenge from Blockbuster (BBI) and outperform the current sentiment.

• Matrix believes strong demand for licensed character products is boosting Marvel Entertainment's (NYSE: MVL) sales and raised its rating on the company to Hold from Strong Sell.

• SMH Capital upgraded The Walt Disney Co (NYSE: DIS) to Buy from Neutral as they believe the Street may be underestimating the free cash flow and earnings power within the Media Networks unit...

OTHER UPGRADES:

• Trump Entertainment Resorts, Inc (NASDAQ: TRMP) was upgraded to Buy from Hold at Morgan Joseph.

• LG Phillips LCD Co, Ltd (NYSE: LPL) was raised to Buy from Hold at Citigroup.

• Cowen raised Inverness Medical Innovations, Inc (AMEX: IMA) to Neutral from Underperform.

• Jefferies upgraded shares of The Pantry, Inc (NASDAQ: PTRY) to Buy from Hold.

• Gold Fields Ltd (NYSE: GFI) was raised to Outperform from Market Perform at BMO Capital.

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

MOST NOTEWORTHY: Hydril Corp (HYDL), Circuit City Stores (CC) and Ford Motor Corp (F) topped today's list of most notable downgrades:

• Following the acquisition by Tenaris SA ADS (NYSE: TS), Hydril Corp (HASDAQ: HYDL) was downgraded by Lehman Brothers to Underweight from Overweight, to Peer Perform from Outperform at Bear Stearns and to Neutral from Overweight at JP Morgan.

• Circuit City Stores (NYSE: CC) was downgraded to Neutral from Buy on valuation at Goldman Sachs.

• Merrill Lynch downgraded Ford Motor Corp (NYSE: F) to Sell from Neutral citing the recent strength of its shares.

OTHER DOWNGRADES:

• Alcoa Inc (NYSE: AA) was taken down to Hold from Buy on valuation.

• Multi-Fineline Electronix Inc (NASDAQ: MFLX) was downgraded to Strong Sell from Strong Buy at Matrix USA, as the firm believes strong competition is eroding sales growth.

• Hansen Natural Corp (NASDAQ: HANS) was downgraded by both Goldman Sachs and JP Morgan to Neutral from Buy on valuation.

• Citigroup cut Coca-Cola Enterprises Inc (NYSE: CCE) to Hold from Buy citing the difficult CSD environment, especially relative to Buy-rated Pepsi Bottling Group (NYSE: PBG). The firm considers Pepsi Bottling to be better-positioned than Coca-Cola Enterprises.

• Freidman Billings downgraded Onyx Pharmaceuticals (NASDAQ: ONXX) to Underperform from Market Perform on valuation.

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

MOST NOTEWORTHY: Research in Motion (NASDAQ: RIMM) and Hansen Natural (NASDAQ:HANS) were today's most notable initiations:

• Research in Motion was initiated with a Neutral at Nollenberger Capital Partners based on valuation and a challenging competitive landscape.
  
• Hansen Natural was initiated with a Buy and a $42 target at Stifel Nicolaus & Co. based on an attractive valuation and the company's growing share in the alternative beverage market.
  

OTHER INITIATIONS:

• Coach (NYSE:COH) was initiated with a Buy and a $57 target at Citigroup based on compelling growth and the opportunity for margin expansion.
  
• ValueClick (NASDAQ:VCLK) was initiated with an Average and a $23 target at Caris & Co. Although the firm believes the company has a deeper product portfolio than any other company in internet advertising, it notes that there is significant competition, including Google (NASDAQ:GOOG).

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

We've all noticed the extreme dissatisfaction the market has had with earnings releases over the past few months, mainly because of analyst expectations. I'm not saying analysts are expecting too much, but I do believe that the market has been over-reacting a great amount on expectations, guidance, and current results.

It has gotten to the point where, if a company doesn't meet all analyst goals and guidance, its stock gets knocked down 15%. I'm not complaining about this -- who doesn't mind getting a great company at a discount value? I certainly don't. But it is worth understanding why it is happening now, and why it wasn't 50, or even 15 years ago.