Following today's market close, technology giant Cisco Systems (NASDAQ: CSCO) had its chance to impress Wall Street with its fiscal first quarter results, and the company did not disappoint.

Going into this afternoon's earnings report, analysts had been expecting to see the company show earnings of 31 cents per share, but the company surprised to the upside by posting actual earnings of 36 cents per share for its fiscal first quarter. For the same period last year the company had earnings of 42 cents per share.

As I write this, shares of Microsoft (NASDAQ: MSFT) are down well over 3% to $24.83. That's a drop of 89 cents per share. The catalyst? A downgrade from Goldman Sachs (NYSE: GS).

According to Bloomberg, the institution removed the software giant from its conviction buy list. There's concern that the first quarter won't be overwhelmingly positive. Understandably, Wall Street got a little nervous and decided to book some profits. Microsoft has had a decent run as of late.

If you are one of the investors out there watching General Motors stock each day trying to pick the perfect time to buy the stock... don't! For whatever reason, people have continued to buy General Motors stock, despite the fact that the company and the government have issued warnings that the stock is destined to be worthless.

I read an interesting article that reported yesterday there were 12.6 million shares of General Motors traded. Maybe people do not realize that the company went into bankruptcy, or maybe they are just trying to profit off of traders that are not aware that this is not new General Motors stock, but the volumes are a bit curious.

Are you looking for Nirvana when you invest? Forget about it. It doesn't exist.

Let's start with two big losers that relied on financial data and ended up on the trash heap. First we have Long Term Capital. Founded by John Meriwether, Robert C. Merton, and Myron Scholes. They formed the largest hedge fund in the U.S. in the 1990s with an estimated 4.6 billion in capital. Merton and Scholes had won the Nobel Prize in economics for developing a pricing model for options called the "Black Scholes Model." Since both men had won the Nobel Prize, this should have been Nirvana. Now comes along the Russian financial crisis and Long Term Capital was on the wrong side of history. They took such a beating that the Federal Reserve had to help bail them out for a time until they went bust in 2000.

Goldman Sachs & Co. Inc. (NYSE GS) is a powerhouse when it comes to making money from trading. Goldman is now a bank and receives all the benefits that come with its new banking status.

As for Goldman's trading profits, the firm had 46 separate days in the second quarter in which trading revenues were $100,000, setting a new record. This compares with 34 $100 million days in the first quarter.

TheStreet.com's Jim Cramer says it's a farce when a $10 million investment from one rogue trader can move oil up relatively easily.

Here are things that the commodities traders' lobby always stops: margin increases and any sort of regulation against manipulation. They always claim that the markets are too "deep" and they always have stats that back it up. We saw this in the commoditization of stock sectors that are now dominated and manipulated by power ultra futures.

The "deepness" of any sector is, of course, an illusion if you actually trade, but if you don't trade you are tempted to attribute anything to the rise and fall of a sector except manipulation, because manipulation means common-sense margin regulation, which cuts down on fees and therefore ruins the business. No one ever allows a cut in fees -- too much money at stake, too many politicians that can be easily bought, too many agency regulators that can easily be captured.

Manipulation's just part of the game -- a sanctioned part.

Activision Blizzard (NASDAQ: ATVI), a software publisher which competes with Electronic Arts (NASDAQ: ERTS) and distributes games for consoles from Sony (NYSE: SNE), Microsoft (NASDAQ: MSFT), and Nintendo (OTC: NTDOY), is a stock I own in a long-term account. I've been thinking about selling at times, but for now, I'm holding on. The long-term prospects still look good for the most part.

But, I had been looking at various trading ideas and wanted to capture a shorter-term gain for a trading account. The market has been so tough this year. When the recent rally in the indexes started, I didn't want to become part of the group that was desperate to get in on the action, only to expose my portfolio to more risk than necessary. Believe me, when you're afraid of missing a rally, you just might end up with some bad timing.

Options and trading specialist Bernie Schaeffer selects stocks based on a combination of fundamental, technical and sentiment-based metrics.

His research leads to long trading positions for his Schaeffer's Master Portfolio and short trading plays for his Schaeffer's Short Selling services.

Here's a long at four of his latest trading ideas -- long positions in Netflix (NASDAQ: NFLX) and VMware (NYSE: VMW) as well as short position in Exxon Mobil (NYSE: XOM) and Apple (NASDAQ: AAPL).

This post was written by Minyanville contributor Smita Sadana.

A trade doesn't simply have an initiation and finale – the most important part of a trade is its evolution and constant re-assessment if the original thesis that the trade was initiated with, still holds true.

On that note, let's look at First Solar (NASDAQ:FSLR). I started a short position in it on 6/1 when instead of participating in the market advance, it lagged (due to a LA Times story that FSLR's acquisition of "strategic land rights" is under scrutiny). Recall, it came on the heels of a cautious mention in Barron's on May 26th. So, both times, FSLR reacted negatively to negative news and volume picked up on both those instances.

Today, Pacific Crest Securities reiterated its buy rating on FSLR and called the recent weakness a "buying opportunity."

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Coca-Cola (NYSE: KO), the archrival of PepsiCo (NYSE: PEP), has been acting very bubbly recently in terms of price action. I noticed it had a nice move on Friday. Others have noted the positive price change as well, including this item, which discusses the option activity surrounding Coke and the overall technical position of the stock.

I've been pretty stunned by the rise in price. Usually, the stock is a sleepy thing that doesn't do much. Well, that's probably not entirely true, but if you've held the company in your portfolio as long as I've held it in mine, you know that it seems that way at least. I own Coke for the long-term because I love its dividend-paying characteristics. And I love its brand equity. I'm wondering, though, if Coke might make a good trade at the moment. Or, maybe I should start adding to my position before it takes too sharp a rise.

Every few months, it seems, we get an article or two that says Disney (NYSE: DIS) might be a buy. TheStreet.com issued an upgrade on the stock based on several metrics. SmartMoney believes Disney might be a great company for the summertime.

When it comes to Disney, every investor has to be careful. Take every analytical article with a grain of salt. Why? Because even though the fundamentals might be good on the company from a valuation standpoint, Disney's stock has disappointed investors many times in the past. As a long-term shareholder, I know what I'm talking about. And many other pundits have made the same observation: Disney always seems to be cheap to someone at any given time.

Turns out no one is safe from the economic downturn, not even an NBA franchise. The New Orleans Hornets dumped Tyson Chandler (and his paycheck of $12.3 million next year) on the Oklahoma City Thunder. The Hornets received Joe Smith and Chris Wilcox in return, along with the draft rights to DeVon Hardin.

According to various outlets (including ESPN.com), the Hornets have long been shopping Chandler for "financial reasons." The two players received in return have contracts that expire at the end of the season, so this is the classic rent-a-player scenario for the Hornets. New Orleans' payroll was set to hit $77 million next season, and they felt strongly enough about keeping that number in check to deal Chandler.

So, I bought a stock this past week. Microsoft (NASDAQ: MSFT). I was pretty happy about the purchase. Well, strike that. I was sort of happy about the purchase. I don't have to tell you why I hastily added that qualifier. The current recession, quite frankly, is unlike any genus of recession we've seen before. A new taxonomical category needs to be reserved for it, and subsequently studied, so that we may learn to recognize the damn beast the next time it begins to rear its ugly Cloverfield-like head on the financial landscape. Ergo, it's scary to put money down on anything.

But Microsoft seems to be holding up fairly well as of late. And I'm glad that its bad earnings report is out of the way. I bought some shares at $19.30. I'm a little down right now, but I'm hoping that I can get maybe a dollar move out of this position (I might even settle for a little less than that, actually). Yes, I do think Microsoft is most likely a good longer-term bet, but I frankly was looking for the safest trading vehicle I could find. I'm more than certain I didn't find such an ideal concept, but here's my thinking: Microsoft's stock has a decent yield, the company generates a ton of cash, the shares have bounced off their lows, and I figure there's a possibility that I can get an opportunity to sell on a nice intraday move when market sentiment is, at least temporarily, giddy and bullish. Hey, even in a recession as raging as Bill O'Reilly's temper, you get those days.

E Trade Financial Corporation (NASDAQ: ETFC), which competes with TD Ameritrade Holding Corporation (NASDAQ: AMTD) and Charles Schwab (NASDAQ: SCHW), is doing splendidly today. As I write this, the stock is up well over 15%. But I would not touch this one with a ten-foot pole, as they say.

According to this article, E*Trade reported a quarterly loss on Tuesday of $0.50 per share. While that was a lot better than the $3.98 per-share loss reported in last year's Q4, it wasn't enough to beat expectations. Wall Street was hoping for a loss of $0.24 per share. E*Trade said in its press release that daily average revenue trades increased 18% and that 97,000 new accounts were captured. While both of those stats are impressive to a certain degree, an investor must keep in mind that E*Trade is a complicated story. The company really screwed itself by exposing its shareholders to so much financial risk; sure, that might be hindsight now, but it nevertheless is true. And with all the loan provisions and all the issues with the company's involvement with applying for the government's TARP initiative, etc., I can tell you that I absolutely would not want to play around with this stock.

This post was written by Minyanville contributor Jeff Macke.

Good Morning from New York, where the coffee is thick as mud and only slightly less bitter than the news from Toyota Motor Corp. (NYSE: TM). The Japanese automaker said it would be shutting down production for 11 days in the face of falling demand. There are also unconfirmed reports that Japan's finest will dump its planned expansions in Russia and Thailand, which I view as "good news" and "bad news," respectively.

Toyota shook off horrible sales reports yesterday. but there's only so much shaking it can do. These reports are like the straws on a camel's back...too many and eventually the load becomes too great. So is the straw that breaks the camel's back factored in to Toyota's stock? Watch TM today.

Your other tell du jour is The Mosaic Company (NYSE: MOS) which is slightly higher pre-market after reporting last night. Mosaic posted an earnings beat and horrific outlook. That outlook is one traders should be expecting from most, if not all, of the Global Growth names which have been rallying sharply of late after crashing in '08. Have traders looked past the earnings slump this year or are they in denial about just how bad it's going to get? The guess here is "probably a little denial and a touch of forward looking."

Whatever your guess, the trading in Toyota and Mosaic today will offer a decent near-term trading tell for how stocks on the bleeding edge of the demand collapse.