Seagate Technology (NASDAQ: STX) stock was not expected to advance as quickly as it has: but under these investing conditions, we'll take it. In fact, Seagate's stock chart has been a stairway to heaven, which is why I'm Reiterating my Buy rating for the company, first recommended on July 8, 2009 at a price of $9.50. If you purchased Seagate's shares then, you're up an impressive 63%.

The Buy rating in July for hard disc drive manufacturer Seagate was based largely on the company's demonstrated business model, and the calculation that traditional, desktop, bulky PCs will continue to dominate the computer market, led by office purchases, for the next three to five years, and probably longer, despite the steady increase in mobile devices/platforms. The mobile cubicle may be on the rise, but the office cubicle isn't disappearing.

The markets had a relatively flat day to start the week, but there were some big name stocks that traded up to new 52 week highs in today's session. The DOW was up 0.2%, NASDAQ was down 0.01%, while the S&P saw the most change, closing up 0.4%.

Here are a couple of the bigger names that traded up to new 52 week highs in today's trading.

• Intel Corporation (NASDAQ: INTC): Chipmaker Intel Corp. traded up to a new 52 week high today of $20.65. It set its 52 week low of $12.05 back on 2/23/09. The stock is trading higher today ahead of the company's third quarter earnings numbers, which are due out tomorrow following the market close. Analysts are expecting the company to show earnings of 27 cents per share. The company reported a loss of 7 cents per share for its second quarter. The stock closed the day up 1.1% at $20.40, up $0.23 on the day.

Analyst upgrades:

• Deutsche Bank upgraded Blackrock (NYSE: BLK) to Buy from Hold as it believes the BGI acquisition is becoming more accretive with the market rally and that the company's core trends are healthy. The firm raised its target on shares to $230 from $180.
• Citigroup upgraded Burlington Northern (NYSE: BNI) to Hold from Sell as it believes the risk/reward on shares is balanced based on 2010 estimates. Citi raised its target on shares to $89 from $75.
• Auriga upgraded Eclipsys (NASDAQ: ECLP) to Buy from Hold on expectations the company's margin expansion initiatives will drive benefits in 2010 and 2011. The firm raised its target on shares to $24 from $16.
• Seagate (NASDAQ: STX) was upgraded to Overweight from Market Weight at Thomas Weisel and to Buy from Hold at Deutsche Bank.
• Web.com (NASDAQ: WWWW) was upgraded to Outperform from Market Perform at FBR Capital.
• CenturyTel (NYSE: CTL) was upgraded to Overweight from Equal Weight at Morgan Stanley.

Louisiana Pacific (NYSE: LPX) closed at $6.11. LPX September option implied volatility is at 78, November is at 77; below its 26-week average of 106 according to Track Data, suggesting decreasing price movement.

Seagate (NYSE: STX) closed at $12.30. STX September 10 puts were active on August 20 with volume of 4,564 contracts. STX September option implied volatility is at 49, December is at 51; below its 26-week average of 68, according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

Ah yes, the mobile/wireless age. Just down the road, everyone will carry their computer to work, in space-age, wafer-thin notebook forms, which will also do yeoman duty as phones and wireless reading devices.

Well, here's a little attention-getter: traditional, desktop, bulky PCs will dominate the market, led by office purchases, for the next 3-5 years, and probably longer. The mobile cubicle may be on the rise, but the office cubicle isn't disappearing, and that's a good reason to own Seagate Technology (NASDAQ: STX).

Analyst upgrades:

• Morgan Stanley upgraded CNOOC Ltd (NYSE: CEO) to Equal Weight from Underweight to reflect higher crude oil price estimates.
  
• Goldman upgraded VMware (NYSE: VMW) to Conviction Buy from Neutral and raised its target to $29 from $27 following positive checks that indicate strong business actively. The analyst expects VMW's revenue growth to be up 9% in 2009 vs. expectations for overall IT spending to be down.
  
• UBS upgraded ON Semiconductor (NASDAQ: ONNN) to Buy from Neutral and raised its target to $5 from $3.80 based on positive Asia checks that indicate an improving demand outlook and that the company could beat near-term expectations.
• Vodafone (NYSE: VOD) was lifted to Buy from Neutral at Goldman and to Overweight from Equal Weight at Morgan Stanley.
  
• Ashland (NYSE: ASH) was raised to Overweight from Neutral at JP Morgan.

Seagate Technology (NYSE: STX) and Western Digital Corp. (NYSE: WDC) are the two top dogs in the hard drive business. While Seagate's merger with competitor Maxtor years ago should have helped quash Western Digital further, the latter has stayed strong and today has a share price Seagate can only dream of. Indeed, Seagate just tossed out Bill Watkins as CEO as the company tries to put the hurt on the competition. It just got a whole lot harder.

General Motors (NYSE: GM) closed at $2.50. GM is required to submit a recovery plan to the government today as a part of an agreement to receive billions of dollars of federal assistance. GM Feb 3 straddle is priced at 69 cents, GM Feb 2.5 straddle is at $1.18 according to Track Data, suggesting larger price movement.

Seagate (NYSE: STX) closed at $4.37. STX's Chairman of the Board Stephen Luczo purchased 500,000 shares of STX on February 12, 2009. STX March option implied volatility of 120 is above its 26-week average of 89, according to Track Data, suggesting larger price movement.

Palm (NASDAQ: PALM) closed at $8.70. GSMA Mobile World Congress is being held in Barcelona today. PALM March option implied volatility of 122 is above its 26-week average of 107, according to Track Data, suggesting larger price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com.

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

Today was just another one of those days that shows you why it is hard to have any solid conviction right now. The jobs numbers matched the highest report of new unemployment benefits of last month, and that is a high back to 1982. Housing starts are also non-existent. Throw in a technology earnings disaster and a financial firm hatred on all but a few companies, and you are back to the urge to go drink rot-gutt booze with the homeless. Here are today's unofficial closing bell levels:
DJIA: 8,120.81 (-1.30%)
S&P500: 827.38 (-1.53%)
NASDAQ: 1,465.49 (-2.76%)
Top Analyst Upgrades
Top Analyst Downgrades

Apple Inc. (NASDAQ: AAPL) was one of the few tech gainers after the company significantly beat earnings. It even had its first $10 billion revenue quarter. The guidance was soft, but Wall Street is still taking the history of being overly conservative as the norm. Shares were up 7% at $88.96 right before the close.

Microsoft Corp. (NASDAQ: MSFT) was one of today's big disappointments. The company released earnings early, and the conference call comments outlined it all. Shares were down 11% to $17.13 right before the close. Count that as a new 52-week low. And a multi-year low.

Southwest Airlines, Inc. (NYSE: LUV) managed to post solid earnings yet again with earnings at $0.08 EPS against estimates of $0.05. What is interesting is that it has lowered its fuel hedging ahead as it sees a prolonged bear market in oil prices. Shares rose almost 18% to $9.84 right before the close.

Citigroup Inc. (NYSE: C) was a head scratcher for most as the company managed to name Dick Parsons as non-executive chairman of the board. Many feel this is a "zero-change" policy from the company. Shares were down another 14% at $3.14 right before the close.

Seagate Technology (NYSE: STX) fell after posting losses and guidance for more weakness ahead. No recovery in sight is its message. Shares were down a sharp 25% at $3.19 before the close, and that is a new multi-year low.

eBay Inc. (NASDAQ: EBAY) fell sharply and the losses held after the online auction giant posted a drop of 31% in earnings and its first time that it has seen a revenue decline. Shares were down a sharp 13% at $11.56 right before the close.

JPMoragn Chase (NYSE: JPM) has amazingly managed to surprise Wall Street when it reported its quarterly results this morning. Maybe that's why it decided to report six days early. JPMorgan even managed to avoid a loss in the fourth quarter, perhaps a sign it is managing much better than others during this crisis than other banks. Of course, it wasn't that rosy as its reported profit of $702 million, or 7 cents per share, was down sharply -- 76% -- from $2.97 billion, or 86 cents per share, a year ago. Analysts expected break-even results. Shares were 3% higher in premarket trading.

Apple Inc. (NASDAQ: AAPL) CEO Steve Jobs announced Wednesday after the close he is taking a medical leave of absence until the end of June. COO Tim Cook will be taking over Jobs' day-to-day operations, but Jobs said he'll still be involved in strategic decisions. When shares resumed trading in after-hours, they were down some 8%. Only last week Jobs said he suffers from a hormone imbalance that caused him to lose weight, but that he will remain CEO during his recovery. This has been quite the reversal that he says is due to his problems being "more complex" than originally thought.
This morning, also, Bloomberg reports that Jobs "could be facing surgery to remove his pancreas," according to doctors.
Apart from Jobs illness, though, Gartner has released a preliminary report on U.S. and worldwide PC shipment, which places Apple in fourth place in U.S market share at 8.0% in the fourth quarter, down from 9.5% in the third quarter of 2008.
RBC Capital Mkts downgraded AAPL from Sector Perfrom to Underperform. Oppenheimer lowered its target price from $135 to $120.
AAPL shares were down 7% in premarket trading.

Seagate Technology (NYSE: STX) has told CEO William Watkins to hit the road, and has brought in Chairman and former CEO Stephen Luczo to replace him. Watkins, one of the funniest and most candid CEOs on the planet, has been the operational wizard behind Seagate's manufacturing turnaround in the last five years while he also cut Seagate's global workforce by half as the company became leaner and more aggressive. It also swallowed competitor Maxtor a few years ago, but has never been able to squash competitor Western Digital Corp. (NYSE: WDC), which continues to eat its lunch at every opportunity.

Still, Seagate's quarterly results on January 21st may show that the world's largest disk drive maker has fallen hard on the back of consumer spending slowdowns and reduced orders from its largest OEM and distribution partners. Seagate President and COO David Wickersham also abruptly resigned yesterday, which makes us all wonder just what kind of internal turmoil there was at the top of Seagate's management ranks.

Luczo, the banker who took Seagate private in 2000 with a group of investors only to take it public again a few years later with a fat check in his pocket, isn't a technologist. He's not an operational guy, nor a manufacturing guy. He is a finance guy who will no doubt have to turn Seagate's fortunes around once again to prop up its flagging stock price, which has plummeted from over $28 just over year ago to less than $5 today.

Today was just one of those strange days where the markets fell throughout the day on no real market moving news. There was a low news-flow and there was a lack of any meaningful cause and effect. This is supposed to be the kick-off to the earnings season, although that doesn't come on with much major force until next week.

Here are today's unofficial closing bell levels:
Top Analyst Calls

Seagate Technology (NYSE: STX) was a horrible stock today with the company replacing the CEO and announcing it was going to slash 10% of its U.S. workforce later this month. Shares were down 16% late in the day at $4.72.

Morgan Stanley (NYSE: MS) and Citigroup Inc. (NYSE: C) both fell on news that the firms were about to launch a joint venture. Smith Barney, according to sources, could become a joint venture 51% owned by Morgan Stanley. Morgan Stanley was down almost 5% at $18.20 and Citigroup was down almost 20% at $5.43 late in the day.

Analyst upgrades:

• JP Morgan upgraded Astoria Financial (NYSE: AF) to Neutral from Underweight on valuation as it finds the stock fairly valued at current levels.
• Seagate Technology (NASDAQ: STX) was upgraded to Neutral from Sell at American Technology.

Analyst downgrades:

• Soleil downgraded Sunoco (NYSE: SUN) to Hold from Buy on valuation following the recent rally and is concerned about rising distillate inventories on the East Coast.
• Deutsche Bank downgraded MedCath (NASDAQ: MDTH) to Hold from Buy and lowered its target to $12.50 from $14 as it believes FY09 consensus estimates remain too high.
• Piper Jaffray downgraded ReneSola (NYSE: SOL) to Neutral from Buy and Canadian Solar (NASDAQ: CSIQ) to Sell from Neutral.
• LHC Group (NASDAQ: LHCG) was cut to Hold from Buy at Deutsche Bank.

Wall Street's optimism in last week's preview about the earnings of tech stocks wasn't misplaced, as there were many more positive surprises than negative ones among the stocks we looked at. This week will bring plenty more data for investors in and watchers of the sector to mull over. Apple Inc. (NASDAQ: AAPL), AT&T Inc. (NYSE: T), and Microsoft Corp. (NASDAQ: MSFT), for example, are expected by analysts surveyed by Thomson Financial to post modest earnings gains from a year ago, to $1.11 per share (on $8.1 billion in sales), $0.72 per share (on $31.3 billion in sales), and $0.47 per share (on $14.8 billion in sales) respectively. All three of these companies ended the week closer to their 52-week lows than highs, and analysts on average consider them each a buy.

Here's a look at some of the week's biggest expected earnings gainers and decliners in the sector:

• Baidu.com Inc. (NASDAQ: BIDU): $1.25 per share (+44.0%) on revenues of $134.7 million (+103.2%)
• Broadcom Corp. (NASDAQ: BRCM): $0.44 per share (+38.6%) on revenues of $1.3 billion (+33.8%)
• QLogic Corp. (NASDAQ: QLGC): $0.31 per share (+29.0%) on revenues of $170.0 million (+21.2%)
• FLIR Systems Inc. (NASDAQ: FLIR): $0.32 per share (+28.1%) on revenues of $275.2 million (+44.0%)
• Juniper Networks Inc. (NASDAQ: JNPR): $0.30 per share (+26.7%) on revenues of $927.4 million (+26.2%)
• Waters Corp. (NYSE: WAT): $0.75 per share (+17.3%) on revenues of $391.6 million (+11.1%)
• Flextronics International Ltd. (NASDAQ: FLEX): $0.29 per share (+17.2%) on revenues of $8.7 billion (+57.3%)
• EMC Corp. (NYSE: EMC): $0.19 per share (+10.5%) on revenues of $3.7 billion (+12.9%)