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

• Aetna Inc. (NYSE: AET) reported better-than-expected Q3 earnings and revenue, sending shares higher.
• Allergan Inc. (NYSE: AGN) reported better-than-expected Q3 numbers, sending shares higher.
• Bare Escentuals Inc. (NASDAQ: BARE) Q3 profit easily topped analysts' estimates, and shares surged.
• Cabot Oil & Gas Corp. (NYSE: COG) received an upgrade following the release of its Q3 numbers.
• Estee Lauder Companies Inc. (NYSE: EL) reported strong Q1 results, sending shares higher.
• E*Trade Financial Corp. (NASDAQ: ETFC) reported a smaller-than-expected net loss for Q3.
• Goodyear Tire & Rubber Co. (NYSE: GT) Q3 earnings topped estimates and revenue was up sequentially.

Today marked intra-day 2009 for the S&P 500 and NASDAQ, although these might not have closed on the highs for the year. Also that won't be known until the formal 4:30-ish closing reset adjustment. This came on the heels of slightly less-bad jobs data and on some confusing retail gains. Unlike earlier Treasury auctions, today's 30-year Treasury Bond auction was a help to the markets as yields reached a high enough level that investors jumped in. Here are today's unofficial closing bell levels:

Dow 8,770.92 +31.90 (0.37%)
S&P 500 944.88 +5.73 (0.61%)
Nasdaq 1,862.37 +9.29 (0.50%)

Top Analyst Upgrades
Top Analyst Downgrades

"Few industries seem as well positioned for future growth as the generic drug industry," says small-cap growth stock specialist Tom Bishop.

In his BI Research newsletter, he explains, "With demographic pointing to an increasingly aging population, and healthcare costs spiraling out of control, low cost generic drugs are clearly part of the solution." Here's a look at generic drug maker Mylan (NYSE: MYL).

"High on the agenda of the Obama administration is to bring health care coverage to some 40 million Americans who are currently not covered.

With a turn of the calendar page, we drift into the middle portion of the current quarter, but the earnings season rolls on. Among the many companies scheduled to report quarterly results this coming week are Time Warner Inc. (NYSE: TWX), Cisco Systems Inc. (NASDAQ: CSCO), News Corp. (NYSE: NWS), and Whole Foods Market International (NASDAQ: WFMI). Let's take a look at which companies Wall Street analysts are expecting to be among the top earnings gainers and decliners this week.

Analysts surveyed by Thomson Financial expect the following to report strong earnings growth when compared to the same period of the previous year.

• DRS Technologies Inc. (NYSE: DRS): $0.85 EPS (+95.3%) on revenue of $823.8 million (+12.0%)
• Integrys Energy Group Inc. (NYSE: TEG): $0.40 EPS (+70.0%) on revenue of $2.6 billion (+9.7%)
• Cimarex Energy Co. (NYSE: XEC): $2.53 EPS (+64.4%) on revenue of $599.9 million (+75.4%)
• Forest Oil Corp. (NYSE: FST): $1.51 EPS (+55.6%) on revenue of $456.1 million (+79.1%)
• Devon Energy Corp. (NYSE: DVN): $3.28 EPS (+48.5%) on revenue of $4.1 billion (+38.5%)
• CMS Energy Corp. (NYSE: CMS): $0.13 EPS (+46.2%) on revenue of $1.4 billion (+6.7%)
• Transocean Inc. (NYSE: RIG): $3.23 EPS (+43.0%) on revenue of $3.1 billion (+112.9%)
• Sara Lee Corp. (NYSE: SLE): $0.26 EPS (+38.5%) on revenue of $3.5 billion (+8.9%)
• Williams Companies Inc. (NYSE: WMB): $0.69 EPS (+37.7%) on revenue of $3.4 billion (+20.0%)
• Harris Corp. (NYSE: HRS): $0.99 EPS (+28.3%) on revenue of $1.4 billion (+18.0%)

MOST NOTEWORTHY: Sanofi-Aventis, Lifecell, Mylan Labs, Panera Bread and Norsk Hydro were today's noteworthy upgrades:

• Societe Generale upgraded shares of Sanofi-Aventis (NYSE: SNY) to Buy from Hold as they believe pipeline maturation over the next 12 months can drive the stock higher.
  
• Piper upgraded shares of Lifecell (NASDAQ: LIFC) to Outperform from Market Perform after their recent survey indicated that AlloDerm remains the leading biologic hernia mesh on the market and competition is making little headway.
  
• JP Morgan upgraded Mylan Labs (NYSE: MYL), Panera Bread (NASDAQ: PNRA) and Norsk Hydro (NYSE: NHY) to Overweight from Neutral. The firm upgraded Mylan based on its position in the global generics market and above-average growth; Panera was upgraded on valuation, as they believe the recent operating risk is now behind the company; Norsk Hydro was upgraded, as they believe the value of the company's aluminum assets are higher than the current share price suggests.

OTHER UPGRADES:

• HSBC upgraded Ride Aid (NYSE: RAD) to Neutral from Underweight.
  
• UBS upgraded Standard Pacific (NYSE: SPF) and Ciena (NASDAQ: CIEN) to Neutral from Sell and Sherwin-Williams (NYSE: SHW) to Buy from Neutral.
  
• Goldman added Cytec Industries (NYSE: CYT) to its Conviction Buy List.

MOST NOTEWORTHY: The U.S. food industry, Mylan Labs, Amerigroup and Isle of Capri were today's noteworthy upgrades:

• BMO Capital upgraded the U.S. food industry sector to Outperform from Market Perform to reflect the group's defensive nature, the recent valuation contraction, and predictable earnings growth. General Mills (NYSE: GIS) is the firm's top pick in packaged food, and they raised Kellogg Company's (NYSE: K) target to $59 and Kraft Foods' (NYSE: KFT) to $36.
  
• Credit Suisse upgraded Mylan Laboratories (NYSE: MYL) to Outperform Underperform, as the firm believes investors are "too negative" on the Merck transaction. The firm said the company is well-positioned long-term to be a leader in the global generics industry.
• Credit Suisse also upgraded shares of Amerigroup Corporation (NYSE: AGP) to Outperform from Underperform, as they believe the company is poised for better than expected margin improvement in 2007 and 2008.
• Isle of Capri Casinos Inc's (NASDAQ: ISLE) rating was upped to Buy from Hold at Morgan Joseph, citing indications of progress in the company's turnaround.

OTHER UPGRADES:

• Epic Bancorp (NASDAQ: EPIK) was upgraded to Buy from Hold at Sandler.
• Aruba Networks Inc (NASDAQ: ARUN) was upgraded to Outperform from Sector Perform at Pacific Crest.
• Lazard upgraded shares of Amylin Pharmaceuticals (NASDAQ: AMLN) to Buy from Hold.
  
• BMO Capital upped shares of Goodrich Petroleum (NYSE: GDP) to Outperform from Market Perform.

MOST NOTEWORTHY: The more noteworthy companies initiated today were ValueClick, Inc (VCLK), Delta Air Lines, Inc (DAL), 24/7 Real Media, Inc (TFSM), Knology, Inc (KNOL) and Allos Therapeutics, Inc (ALTH):

• Banc of America believes ValueClick Inc (NASDAQ: VCLK) is well-positioned for continued strong secular online ad growth and initiated shares with a Buy rating and $35 target.

• Lehman is positive on Delta Air Lines (NYSE: DAL) valuation and earnings growth, starting shares with an Overweight rating and $26.50 target.

• Banc of America believes 24/7 Real Media's (NASDAQ: TFSM) valuation is full at current levels and started shares with a Neutral rating and $12 target.

• RBC believes shares of Knology (NASDAQ: KNOL) are fairly-valued and would wait for a pullback, initiating shares with a Sector Perform rating.

• ThinkEquity started Allos Therapeutics (NASDAQ: ALTH) with a Buy rating and expects significant news flow data on PDX in 2007-2008. In addition, the firm expects to hear an update on enrollment from the PROPEL study, which could be ahead of expectations, and Phase I data in NSCLC in the fall...

OTHER INITIATIONS:

• Goldman resumed coverage with Mylan Laboratories (NYSE: MYL) and Exco Resources, Inc (XCO) with Neutral ratings.

• Merrill Lynch resumed coverage of News Corp (NYSE: NWS) with a Buy rating.

• Lehman started Input/Output, Inc (NYSE: IO) With an Overweight rating and $18 target.

• Needham started Vasco Data Security International, Inc (NASDAQ: VDSI) with a Hold rating.

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

MOST NOTEWORTHY: Chico's FAS, Inc (CHS), Live Nation (LYV) and Clear Channel Communications, Inc (CCU) were some of today's notable upgrades:

• Friedman, Billings, Ramsey upgraded shares of Chico's FAS Inc (NYSE: CHS) to Market Perform from Underperform and raised their target to $25 from $17 on valuation.

• Matrix USA upgraded Live Nation (NYSE: LYV) to Hold from Sell on valuation.

• Sanders Morris upgraded Clear Channel Communications (NYSE: CCU) to Hold from Sell, as the firm believes the disapproval by holders to sell the company will result in shares trading in the $34-$37 range.

OTHER UPGRADES:

• Lehman upgraded PPL Corp (NYSE: PPL) to Overweight from Equal-Weight.

• Friedman, Billings, Ramsey continued to recommend shares of Urban Outfitters, Inc (NASDAQ: URBN) with an Outperform rating as the firm has seen consistent progress at both the company's divisions throughout March. Friedman added Urban Outfitters to its Top Picks list.

• JP Morgan raised Sonic Corp (NASDAQ: SONC) to an Overweight rating from Neutral, and believes shares have priced in softer Q2 sales that were pre-announced late-February.

• Martha Stewart Living Omnimedia, Inc (NYSE: MSO) was upgraded at Bear Stearns to Peer Perform from Underperform.

• Morgan Stanley upgraded Mylan Laboratories (NYSE: MYL) to Neutral from Sell.

• Goldman Sachs upgraded the Mortgage Insurance sector to Neutral from Cautious.

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

MAJOR PAPERS:

• According to the Wall Street Journal (subscription required), four months after acquiring YouTube, Google Inc (NASDAQ: GOOG) is struggling to find allies in the television business.
• The Journal's "Heard on the Street" column focused on Mylan Labs (NYSE: MYL), which it said could have "room to run" depending on a key court battle with Pfizer Inc (NYSE: PFE) which it may learn the results of any day.
• According to the online edition of Barron's (subscription required), the Street isn't giving enough credit to GlaxoSmithKline (NYSE: GSK), which has an industry-leading pipeline and profits poised to increase in 2008.
• The Financial Times (subscription required) reported that Wal-Mart Stores (NYSE: WMT) is pressuring its suppliers to better represent women and minorities on the teams that handle Wal-Mart's business.
• The Financial Times also reported that Warner Music Group (NYSE: WMG) has made peace with independent record labels, which could clear the way for the company to make a $6B bid for EMI Corp (OTC: EMIPY).

OTHER PAPERS:

• Investor's Business Daily's "New America" column mentioned Sina Corp (NASDAQ: SINA) positively, saying Sina is the top search engine in China, beating both Google Inc and Yahoo Inc (NASDAQ: YHOO). With e-commerce gaining momentum in the country with a larger population than any other, Sina and analysts have very high hopes for increasing advertising sales in the next two years.