Passenger annoyance has been on the rise over the past year, as airlines have found new and unusual fees to charge passengers. European low-cost carrier Ryanair (NASDAQ: RYAAY) has been at the tip of the spear, at one point considering a charge for access to the lavatory. The hidden secret in all this is that it works.

Ryanair's latest fee is nothing short of brilliant. The airline is now slapping customers with a €10 ($14) charge for printing boarding passes at home ... and €40 ($55) to do so at the airport. Since there's no other way to get your boarding pass, this translates to a minimum fee of $14 per flight (with a few small exceptions). Given the company's price advantage in the short-haul European space, the move is unlikely to drive passengers to competitors.

Analyst upgrades:

• Calyon upgraded major network carriers based on falling oil prices and capacity cuts. The analyst is positive over the next 12 months but cautious short-term given the uncertain economy, and volatile markets and oil prices. AMR Corp (NYSE: AMR) and Delta Air (NYSE: DAL) were upgraded to Add from Neutral and UAL Corp (NASDAQ: UAUA) was raised to Neutral from Reduce.
• Ryanair (NASDAQ: RYAAY) was upgraded at Citigroup to Buy from Hold.
• Boardwalk Pipeline (NYSE: BWP) was raised to Buy from Hold at Deutsche Bank.
• Cowen lifted Biogen Idec (NASDAQ: BIIB) to Outperform from Neutral.
• JP Morgan upgraded Choice Hotels (NYSE: CHH) to Neutral from Underweight following the better-than-expected Q3 report.
• Oppenheimer upgraded shares of Integra LifeSciences (NASDAQ: IART) to Outperform from Perform on valuation, the company's minimal exposure to economic conditions, and expectations for margin improvement and a rebound in organic growth.

Analyst downgrades:

• Sherwin-Williams (NYSE: SHW) and AerCap Holdings (NYSE: AER) were downgraded to Neutral from Overweight at JP Morgan.
• UBS downgraded Embarq (NYSE: EQ) to Neutral from Buy following the CenturyTel (NYSE: CTL) merger announcement.

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

• Aetna Inc. (NYSE: AET) net income rose on membership growth and a hike in premium rates.
• Altria Group Inc. (NYSE: MO) beat Q2 estimates, excluding charges related to its international cigarette unit.
• Arcelor Mittal (NYSE: MT) Q2 profit doubled on higher prices and it offered upbeat guidance.
• Comcast Corp. (NASDAQ: CMCSA) Q2 net income rose on higher rates but missed expectations.
• Corning Inc. (NYSE: GLW) earnings were in line with expectations, but revenue fell short.
• Exxon Mobil Corp. (NYSE: XOM) posted another record quarterly profit but Wall Street was looking for more.
• Garmin Ltd. (NASDAQ: GRMN) missed Q2 revenue estimates as fuel prices depressed growth.
• IAC/InterActive Corp. (NASDAQ: IACI) swung to a Q2 loss on a one time charge, but revenue rose.
• Kraft Foods Inc. (NYSE: KFT) beat Q2 earnings expectations on price hikes, and raised its guidance.
• McAfee Inc. (NYSE: MFE) reported healthy Q2 results and announced an acquisition.
• MetLife Inc. (NYSE: MET) missed earnings expectations and lowered its full-year guidance.
• Nucor Corp. (NYSE: NUE) reported record Q2 results and forecast a strong next quarter.
• Ryanair Holdings (NASDAQ: RYAAY) said Q1 profit tumbled on rising fuel prices and recession fears.
• Sirius Satellite Radio Inc. (NASDAQ: SIRI) said it expects a narrower Q2 loss ahead of the merger.
• Starbucks Corp. (NASDAQ: SBUX) swung to a Q3 loss on charges related to store closings.
• Valero Energy Corp. (NYSE: VLO) Q2 earnings fell 67% but still beat Wall Street estimates.
• Viacom Inc. (NYSE: VIA) posted better-than-expected earnings driven by Iron Man and Indiana Jones.

For more highlights from this week, see: General Motors, Motorola, Disney, Sony, Visa, CBS and others

Upcoming quarterly reports include Archer Daniels Midland (NYSE: ADM), Procter & Gamble (NYSE: PG), Jack-in-the-Box (NYSE: JBX), Cisco (NASDAQ: CSCO), News Corp. (NYSE: NWS), Whole Foods (NASDAQ: WFMI), Sprint Nextel (NYSE: S), Time Warner (NYSE: TWX), Freddie Mac (NYSE: FRE), and Blockbuster (NYSE: BBI).

Visit AOL Money & Finance for more earnings coverage.

MOST NOTEWORTHY: Sunoco, Ryanair and HSBC Holdings were today's noteworthy downgrades:

• JP Morgan downgraded Sunoco (NYSE: SUN) to Underweight from Neutral citing expected margin pressure due to high leverage to sweet crude. Goldman also downgraded shares of Sunoco to Neutral from Buy.
  
• Deutsche Bank downgraded shares of Ryanair (NASDAQ: RYAAY) to Sell from Hold as they believe the European airlines sector will trade well below book value until the companies deal with higher oil prices.
  
• UBS cut HSBC (NYSE: HBC) to Neutral from Buy to reflect the potential for higher losses at the company's household unit and weak performance at its U.S. bank.

OTHER DOWNGRADES:

• Broadpoint lowered MTS Medication (NYSE: MPP) to Neutral from Strong Buy.
  
• HSBC cut Southern Peru Copper (NYSE: PCU) to Neutral from Overweight.
  
• Goldman downgraded CNH Global (NYSE: CNH) to Neutral from Buy and PetroChina (PTR) to Sell from Buy.

MOST NOTEWORTHY: Wilmington Trust, DiamondRock Hospitality and Omrix Biopharm were today's noteworthy initiations:

• B. Riley initiated Wilmington Trust (NYSE: WL) with a Neutral rating and $33 target and points out the company has greater exposure to construction and development loans than most small- and mid-cap banks.
  
• DiamondRock Hospitality (NYSE: DRH) was assumed with a Market perform rating and $13.50 target at Keefe Bruyette. The firm sees limited upside given expectations for continued moderation in RevPAR trends, limited operating margin expansion and an uncertain economic outlook.
  
• Rodman & Renshaw believes that the issues that have plagued Omrix Biopharm (NASDAQ: OMRI) are now largely reflected in shares and that the company has improved visibility on business fundamentals with solid execution. The firm assumed coverage with an Outperform rating and $18 target.

OTHER INITIATIONS:

• UBS initiated Millennium Pharma (NASDAQ: MLNM) with a Neutral rating and $16 target.
  
• Credit Suisse initiated Ryanair (NASDAQ: RYAAY) with a Neutral rating.
  
• Morgan Stanley started Brasken (NYSE: BAK) with an Underweight rating.

MOST NOTEWORTHY: The exchange sector, Progenics Pharma, Tyco Electronics and PharMerica were today's noteworthy initiations:

• Keefe Bruyette initiated coverage on Exchange Sector: The firm started shares of CME Group Inc (NYSE: CME), NYMEX Holdings Inc (NYSE: NMX) and NYSE Euronext Inc (NYSE: NYX) with Outperform ratings and a $669 target, $147 target and $90 target, respectively. The firm also started shares of Investment Technology Group (NYSE: ITG), Nasdaq Stock Market Inc (NASDAQ: NDAQ) and IntercontinentalExchange Inc (NYSE: ICE) with Underperform ratings and a $47 target, $36 target and $158 target, respectively, and shares of Knight Capital Group (NASDAQ: NITE) with an Underperform rating and $13 target.
  
• Progenics Pharmaceuticals (NASDAQ: PGNX) was added to Friedman Billings' Top Picks list and its Outperform rating was maintained. The firm has a high degree of confidence in the success of the MNTX Ph III studies in post-operative ilieus, as well as the FDA approval of the subcutaneous injection in terminally ill patients with opiod-induced constipation around the 1/31/07 PDUFA date.
• RBC believes margin expansion will drive long-term appreciation in Tyco Electronics Ltd (NYSE: TEL) and started shares with an Outperform rating and $41 target.
• PharMerica Corporation (NYSE: PMC) was initiated with an Underperform rating at Bear Stearns. The firm believes PMC will be pressured by customer losses and generic reimbursement cuts and sees shares trading in $12-$13 range.

OTHER INITIATIONS:

• Ryanair Holdings (NASDAQ: RYAAY) was initiated with a Market Outperform rating at Avondale.u
• Banc of America initiated shares of Town Sports International (NASDAQ: CLUB) with a Sell rating and $15 target.
  
• Goldman started shares of Genesis Lease Ltd (NYSE: GLS) and Aircastle Ltd (NYSE: AYR) with Neutral ratings.

Sometimes an innovation that makes perfect sense economically will get blasted by consumers for emotional reasons that have more to do with perception than anything else. Take flying on airplanes for example, where consumers want low fares but also grumble about stuff like having to pay for the peanuts. Irish carrier Ryanair (NASDAQ: RYAAY) has ultra-low fares, but also little in the way of free amenities: Seat assignments, checked bags, early boarding, and food all cost extra.

SkyBus Airlines will be trying that approach here in the States, with fares starting at as little as $10. It's going to charge $5 per checked bag, and will even sell the right to have your company's logo on its planes (I nominate BloggingStocks).

SkyBus's Rules of Flying sound like they were written by the Soup Nazi from Seinfeld: Bring cash for food, bring a book, don't call us, and don't be late.

Here's what I like about this airline: You only pay for the services you want. People might like the idea of free peanuts and free baggage checking, but, Economics 101 folks: Nothing is really free. Instead of having every passenger absorb the cost of free peanuts, why not just charge the people who want them? It makes perfect sense to me.

We'll see how SkyBus does. It might take some getting used to, but I have to think this is the future of the airline industry.

MAJOR PAPERS:

• The Wall Street Journal reported that Sallie Mae (NYSE: SLM), the education loan company, has agreed to sell itself for $25B to J.P. Morgan Chase and Co (NYSE: JPM) and Bank of America Corporation (NYSE: BAC).
• The Wall Street Journal also reported that Google Inc (NASDAQ: GOOG) and Clear Channel Communications Inc (NYSE: CCU) have agreed to a multi-year deal in which Google will sell advertising on Clear Channel's 675-plus radio stations.

OTHER PAPERS:

• According to the Daily Mail, Sir Richard Branson's Virgin is planning on taking on Ryanair Holdings plc (NASDAQ: RYAAY) in a air fare war for transatlantic routes.
• Nestle SA ADS (OTC: NSRGY) has reportedly placed a bid to acquire India's Mount Everest Mineral Water, according to the Economic Times.
• The U.K. Times reported that it has emerged that a key BP plc ADS (NYSE: BP) pipeline has been closed for over six months due to suspected corrosion.

MOST NOTEWORTHY: British Airways plc (BAB), Ryanair Holdings plc (RYAAY), Cox Radio, Inc (CXR) and Autoliv Inc (ALV) were today's noteworthy initiations:

• Deutsche Bank upgraded shares of both British Airways (NYSE: BAB) and Ryanair Holdings plc (NASDAQ: RYAAY) to Hold from Sell on valuation.

• Credit Suisse upgraded shares of Cox Radio Inc (NYSE: CXR) to Neutral form Underperform on valuation following the stock's recent pullback. Bear Stearns also upgraded Cox Radio to Outperform from Peer Perform on valuation.

• Merrill Lynch upgraded shares of Autoliv Inc (NYSE: ALV) to Neutral from sell.

OTHER UPGRADES:

• Wachovia upgraded Heelys, Inc (NASDAQ: HLYS) to Outperform from Market Perform following positive channel checks, which could lead to upside to the Street's Q1 EPS estimate of 18c, and valuation.

• Stifel upgraded VistaPrint Ltd (NASDAQ: VPRT) to Buy from Hold with a $43 target. The firm said risks from taxes and non-transaction revenue have been diminished to levels that allow them to focus on the core printing business.

• Ameristar Casinos, Inc (NASDAQ: ASCA) was upgraded to Buy from Hold at Jefferies.

• Bear Stearns upgraded Waddell & Reed Financial, Inc (NYSE: WDR) to Outperform from Peer Perform based on strong operating leverage and valuation.

• Potash Corp (NYSE: POT) was upgraded to Buy from Neutral at UBS.

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

MOST NOTEWORTHY: Energy Partners (EVEP) and HB Fuller (FUL) led a moderate initiation list Monday as the Dow and Nasdaq moved higher in early trading.

• AG Edwards initiated EV Energy Partners (NASDAQ:EVEP) a Buy and a $22 target, as the firm likes the company's experienced management team, debt-free balance sheet, and low-risk development opportunities.
• Keybanc initiated H.B. Fuller Co. (NYSE:FUL) with a Buy and $28 target, citing low manufacturing cost, portfolio mix and pricing power.
• CE Unterberg initiated Shanda Interactive Entertainment Ltd. (NASDAQ:SNDA) with a Buy and $21 target, as the firm is positive on the company's new revenue model.

OTHER INITIATIONS:

• UBS Investment initiated Ryanair (NASDAQ:RYAAY) with a Buy and a $60.41 target.
• Finally, SG Cowen initiated International Business Machines Corp. (NYSE:IBM) with a Neutral, citing valuation and a lack of traction in its services unit for the rating.

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