The earnings crunch rolls on, and here are a few of the highlights of this past week's earnings coverage from BloggingStocks:

• Activision Inc. (NASDAQ: ATVI) earnings soared on popularity of Guitar Hero and other game franchises.
• Arch Coal Inc. (NYSE: ACI) beat earnings expectations and offered revised guidance.
• Avon Products Inc. (NYSE: AVP) beat estimates despite lower profits due to restructuring costs.
• Chattem Inc. (NASDAQ: CHTT) beat estimates and raised its guidance.
• Cisco Systems Inc. (NASDAQ: CSCO) met estimates but a weak forecast raised concerns.
• Dionex Corp. (NASDAQ: DNEX) beat estimates on strength in petrochemical and food/beverage markets.
• Electronic Data Systems Corp. (NYSE: EDS) earnings fell, helping to raise concerns about tech stocks.
• Flextronics International Ltd. (NASDAQ: FLEX) beat estimates and affirmed its outlook.
• Gannett Inc. (NYSE: GCI) missed fourth-quarter earnings estimates on lower ad revenue.
• Las Vegas Sands Corp. (NYSE: LVS) missed expectations due to rising construction costs.
• MGM Mirage (NYSE: MGM) forecast it would beat earnings expectations by as much as 10 cents a share.
• Old Dominion Freight Line Inc. (NASDAQ: ODFL) beat revenue estimates and raised its guidance.
• RealNetworks Inc. (NASDAQ: RNWK) warned it would miss first-quarter and full-year expectations.
• Silicon Laboratories (NASDAQ: SLAB) beat expectations and raised its guidance.
• THQ Inc. (NASDAQ: THQI) posted disappointing results that included cancelled game franchises.
• Time Warner Inc. (NYSE: TWX) met estimates and announced restructuring plans (see transcript).
• Unilever (NYSE: UL) fourth-quarter net income tanked on a sell-off of its European frozen food business.
• Walt Disney Co. (NYSE: DIS) posted better-than-expected results on gains in TV and theme parks.

MOST NOTEWORTHY: Old Dominion Freight (ODFL), Jamba (JMBA), AMD (AMD), Orbitz Worldwide (OWW) and Quest Diagnostics (DGX) were today's notable initiations:

• Baird is positive on Old Dominion's (NASDAQ: ODFL) growth opportunities, valuation, 2008 improving truck fundamentals, and a potentially seasonally stronger Q4, starting shares with an Overweight rating and $36 target.

• Merriman initiated Jamba (NASDAQ: JMBA) with a Buy rating, as the company aggressively expands its store base beyond California.

• BMO Capital believes AMD (NYSE: AMD) may lose the Intel platform integrated graphics market, and sizeable Intel platform discrete graphics market share. The firm initiated AMD shares with an Underperform rating and $10 target.

• Soleil has concerns regarding Orbitz Worldwide's (NYSE: OWW) decelerating growth and poorer business mix vs. competitors and started shares with a Hold rating and $13 target.

• Credit Suisse initiated Quest Diagnostics (NYSE: DGX) with a Neutral rating and $61 target, citing the recent UnitedHealth (UNH) contract loss, slowing growth, and valuation for its Neutral rating...

OTHER INITIATIONS:

• McDermott (NYSE: MDR) and Capella Education (NASDAQ: CPLA) were initiated with Buy ratings at Citigroup.

• JMP Securities started ShoreTel (NASDAQ: SHOR) with a Market Outperform rating.

• Credit Suisse initiated LabCorp (NYSE: LH) with an Outperform rating.

• FTN Midwest started Northwest Airlines (NYSE: NWA) with a Buy rating.

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

MOST NOTEWORTHY: AU Optronics (AUO), RightNow Tech (RNOW), Alaska Air (ALK), Nordstrom (JWN), Gap (GPS) and Old Dominion Freight Line (ODFL) were today's noteworthy upgrades:

• HSBC upgraded AU Optronics (NYSE: AUO) to Overweight from Neutral following the company's Q2 results.

• Jefferies raised RightNow Technology (NASDAQ: RNOW) to Buy from Hold, believing low expectations have created a buying opportunity and that fundamentals remain intact.

• JP Morgan upgraded shares of Alaska Air (NYSE: ALK) to Overweight from Netural on valuation.

• Citigroup upgraded Nordstrom (NYSE: JWN) to Buy from Hold on valuation; they consider the recent pullback a buying opportunity.

• Citigroup upgraded Gap (NYSE: GPS) to Buy from Hold from valuation and expects for better execution and cost savings in 2008 under the new CEO.

• Credit Suise upgraded Old Dominion Freight Line (NASDAQ: ODFL) to Outperform from Neutral on valuation...

OTHER UPGRADES:

• Merriman upgraded MicroTune (NASDAQ: TUNE) to Buy from Neutral.

• Citirgroup raised Aeropostale (NYSE: ARO) to Hold from Sell.

• Merrill upgraded Cathay General (NASDAQ: CATY) to Neutral from Sell.

• The NYSE Euronext (NYSE: NYX) was upgraded to Neutral from Sell.

• Wachovia raised shares of Wendy's (NYSE: WEN) to Market Perform from Underperform.

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