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

• Activision Blizzard Inc. (NASDAQ: ATVI) shares rose after it reaffirmed its full-year earnings and sales outlook.
• Automatic Data Processing Inc. (NASDAQ: ADP) will have low double-digit EPS growth, predicts one analyst.
• AutoZone Inc. (NYSE: AZO) posted a decline in earnings but a small rise in sales, sending shares lower.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) posted better-than-expected Q2 earnings and higher revenue.
• CarMax Inc. (NYSE: KMX) rallied to a new 52-week high after topping analysts' Q2 earnings expectations.
• Carnival Corp. (NYSE: CCL) reported better-than-expected Q3 results and raised its full-year guidance.

Late Friday, Potash Corp. (NYSE: POT) cut its 2009 earnings guidance due to "lower than forecasted potash sales volumes" stemming from "slow demand and limited restocking by fertilizer distributors around the world." The fertilizer company now forecasts earnings between $3.25 and $3.75 per share, down from an earlier forecast of $4 to $5 per share. The company also expects third-quarter, per-share earnings to hit at the low end of its determined range between 80 cents and $1.20. The consensus estimate calls for 93 cents per share.

POT had been a stellar performer, hitting a high in the $120 region earlier this year. However, the stock is now in the process of bouncing between the $84 level and its 20-week moving average. The current situation is currently better than the way 2008 ended.

Analyst upgrades:

• Kaufman Bros. upgraded Computer Sciences (NYSE: CSC) and Cognizant (NASDAQ: CTSH) to Buy from Hold on better demand trends as it believes overall enterprise IT spending is turning more positive. The firm raised its target on Computer Sciences to $62 from $54 and on Cognizant to $45 from $42.
• Citigroup upgraded E-Trade (NASDAQ: ETFC) to Buy from Hold as it believes loan less trends have improved and the company could potentially be acquired. Citi raised its target on shares to $2.30 from $1.50.
• Auriga upgraded Microsoft (NASDAQ: MSFT) to Buy from Hold as it believes consensus expectations for 2010 are too low, but admits the company's Q1 results could be fairly weak. Auriga believes Microsoft is coming up to its "most powerful product cycle in many years" and raised its price target on shares to $30 from $24.
• Motorola (NYSE: MOT) was upgraded to Buy from Neutral at UBS.
• Fidelity Southern (NASDAQ: LION) was upgraded to Neutral from Reduce at SunTrust.
• Sonoco Products (NYSE: SON) was upgraded to Buy from Neutral at BofA/Merrill.

"Investing in the fertilizer business may not sound sexy, but the dynamics and fundamentals of the food business will turn it into one of the most profitable sectors you could find.," explains global expert Tony Sagami.

In his The Asia Stock Alert he suggests, "Every farmer needs to use fertilizer -- and the most used and most important fertilizer is potash. And Potash Corporation of Saskatchewan (NYSE: POT) is set to make a bundle supplying potash to the world."

"There are approximately 6.6 billion people on our planet today, but that number is expected to grow to 8.2 billion by 2030. That's a lot of mouths to feed. Plus, the amount of food each mouth is eating is also increasing.

The University of Michigan has reported that its preliminary consumer sentiment report for July was atrocious. This was also probably the last day ahead of earnings season where traders could expect it to be quiet ahead of next week's earnings season flurry.

Here were the unofficial closing bell levels:

Dow 8,123.69 -59.48 (-0.73%)
S&P 500 877.40 -5.28 (-0.60%)
Nasdaq 1,753.38 +0.83 (0.05%)

Goldman Sachs Upgrades/Downgrades

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

• Accenture Ltd. (NYSE: ACN) beat earnings expectations but revenue was hurt by currency effects.
• Bed Bath & Beyond Inc. (NASDAQ: BBBY) strong Q1 results beat estimates but same-store sales fell.
• CKE Restaurants Inc. (NYSE: CKR) lower Q1 earnings and strong sales both topped expectations.
• ConAgra Foods Inc. (NYSE: CAG) higher Q4 earnings were in line with expectations, and shares slipped.
• Darden Restaurants Inc. (NYSE: DRI) Q4 results were higher, but it warned of continuing challenges.
• Hennes & Mauritz (OTC: HMRZF) reported strong Q2 numbers, though same-stores sales slipped.

The market was lower most of the day after the Commerce Department reported that consumers were saving a lot more than they were spending. Frankly, after yesterday's big gains today could have sold off much more and there would have been little concern.

Here are today's unofficial closing bell levels:

Dow 8,433.78 -38.62 (-0.46%)
S&P 500 918.48 -1.78 (-0.19%)
Nasdaq 1,838.22 +8.68 (0.47%)

Analyst upgrades:

• Jefferies upgraded Aruba Networks (NASDAQ: ARUN) to Buy from Hold following the company's Q3 results to reflect improved visibility. The firm raised its target price to $6.50 from $3.
• Citigroup upgraded Mosaic (NYSE: MOS) and Potash (NYSE: POT) to Buy from Hold and Agrium (NYSE: AGU) to Hold from Sell as it believes stronger grain fundamentals more than offset China contract risk. The firm raised its target on Mosaic to $72 from $48, on Potash to $145 from $83 and on Agrium to $55 from $36.
• Fulton Financial (NASDAQ: FULT) Was upgraded to Market Perform from Underperform at Keefe Bruyette.
• Rio Tinto (NYSE: RTP) was raised to Neutral from Sell at Goldman.
• Noble Corp. (NYSE: NE) was upgraded at Deutsche Bank to Buy from Hold.

The fertilizer sector is one sector that investors who can tolerate moderate risk should not pass up.

I'm Reiterating a Buy recommendation for Potash (NYSE: POT), re-established with a Buy recommendation here on March 31, 2009, and for Mosaic (NYSE: MOS), re-established here on April 3, 2009; and adding a Buy recommendation for Agrium (NYSE: AGU).

Agricultural entity Monsanto (NYSE: MON) reported Q2 numbers on Thursday. While some metrics were down, I came away from the earnings release thinking that the company is probably a good long-term holding. Short-term could be a different story, though, as the stock has had a run-up recently.

Sales increased 8% in the second quarter, but profits on a dollar basis decreased 3%. On an adjusted basis, however, net income beat Wall Street's expectations. Analysts were looking for $2.07 per share. Monsanto delivered $2.16 per share. Excellent.

It's a market than can frustrate -- and humble -- institutional investors and individual investors alike. Moreover, perhaps the most memorable dimension to the bear market that began in October 2007 will be its ability to take down the stocks of companies with demonstrated business models, and Potash Corp. (NYSE: POT) is one.

Potash remains one of the preeminent fertilizer companies in the world, producing three critical, primary plant nutrients and phosphate animal feed ingredients, for both developed and developing world markets. It is the largest producer in the world of its namesake, potash, which accounted for 43% of revenue in 2008.

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

• Air Products and Chemicals Inc. (NYSE: APD) met Q1 profit estimates and lowered its guidance.
• Apple Inc. (NASDAQ: AAPL) stellar Q1 results easily topped analysts' expectations, sending shares higher.
• Coach Inc. (NYSE: COH) unimpressive Q2 results due to holiday sales were in line with expectations.
• General Electric Co. (NYSE: GE) Q4 profits were dragged down finance, consumer divisions.
• Harley-Davidson Inc. (NYSE: HOG) Q4 earnings tumbled on lower demand globally and domestically.
• Johnson & Johnson (NYSE: JNJ) reported better-than-expected Q4 earnings but lower revenue.
• Microsoft Corp. (NASDAQ: MSFT) released its dismal Q2 results early and announced job cuts.
• Potash Corp. of Saskatchewan Inc. (NYSE: POT) Q4 earnings more than doubled on higher prices.
• Seagate Technology (NYSE: STX) fell after posting losses and guidance for more weakness ahead.
• Sony Corp. (NYSE: SNE) warned that it would post its biggest loss ever in full-year 2008.
• State Street Corp. (NYSE: STT) earnings tumbled on charges but still topped analysts' estimates.
• UnitedHealth Group Inc. (NYSE: UNH) Q4 earnings were in line with estimates and it reaffirmed its outlook.
• United Technologies Corp. (NYSE: UTX) modest Q4 earnings growth was in line with expectations.

For more highlights from this week, see eBay, Google, IBM, Southwest, UAL, AMR, Northern Trust and others

I think it's fair to say that there's much trepidation about the earnings season that picks up steam this week. And for better or worse, numbers from the big financials have begun to roll in. Last week we saw profit sink for JPMorgan Chase (NYSE: JPM) and significant losses from Bank of American Corp. (NYSE: BAC), Citigroup Inc. (NYSE: C), and Deutsche Bank (NYSE: DB).

Analysts surveyed by Thomson Reuters expect Bank of New York Mellon Corp. (NYSE: BK) to be among those financials reporting fourth-quarter earnings growth this week. They anticipate that Bank of New York will post a profit of $0.70 per share, compared to $0.67 per share a year ago and $0.72 in the previous quarter. Revenue is expected come to $3.8 billion, about the same as it was a year ago. Bank of New York has fallen short of earnings estimates in two of the past five quarters, by as much as 11.1%. For the full year, analysts are looking for $2.78 per share (+5.8%) on $14.8 billion (+4.2%). The consensus recommendation of analysts is to buy BK, and the long-term EPS growth rate forecast is 10.7%. Shares are 48.7% lower than a year ago. Other financials expected to report quarterly earnings growth this week include SunTrust Banks Inc. (NYSE: STI) and M&T Bank Corp. (NYSE: MTB).

The Mosaic Company (NYSE: MOS), one of the world's leading producers of concentrated phosphate and potash crop nutrients, reported Monday a fiscal second-quarter profit of $959.8 million, or $2.15 per diluted share. That was 58.6% higher than in the same period of the previous year. Net sales in the quarter ended November 30, 2007 came to $3.0 billion, an increase of 36.9% from a year ago. Analysts surveyed by Thomson Reuters had expected per-share earnings of $1.43 per share on revenue of $3.0 billion.

Mosaic's gross margin for the quarter was $773.7 million, or 25.7% of net sales, compared with $623.1 million, or 28.4% of net sales, a year ago. Mosaic said it ended the second quarter with $2.8 billion in cash and cash equivalents.

For the first half ended November 30, 2008, net sales were $7.3 billion, an increase of 74.6% compared to last year. Year-to-date operating earnings were $2.2 billion compared with $979.2 million for the same period a year ago.

The Minnesota-based company said worldwide crop nutrient sales activity is expected to remain weak through the third quarter, so the company is reducing production to manage excess inventories, reduce capital expenditures, and maintain financial strength and flexibility. Mosaic expects its operating cash flow to be negative at least through the third quarter as a result of the weak near-term outlook.

The share price rose Monday 2.2% to $37.67. Shares have risen 36.6% in the past month, but are 60.5% lower than a year ago.

Shares of rival Potash Corp. (NYSE: POT) also rose on Monday.

Visit AOL Money & Finance for more earnings coverage.

This post is part of a special annual report -- Top Stock Picks '09 -- in which TheStockAdvisors.com asked 75 leading newsletter advisors to select their favorite investment for the new year.

"Potash Corp. of Saskatchewan (NYSE: POT), the world's largest integrated fertilizer company, is my top pick for 2009," says long-term growth stock specialist Dennis Slothower.

In his Stealth Stocks, he explains, "If you are an aggressive investor looking for a stock that has tremendous potential under an Obama massive stimulation program, Potash has significant potential."

The advisor continues, "POT is the largest producer of potash worldwide by capacity. In 2007, it estimates its potash operations represented 17% of global production and 22% of global potash capacity.

"The company is the second largest nitrogen producer worldwide by ammonia capacity. In 2007, POT estimates its nitrogen operations produced 2% of the world's ammonia production. It is also the third largest producer of phosphates worldwide by capacity.