Analyst upgrades:

• Jefferies upgraded Warner Chilcott (NASDAQ: WCRX) to Buy from Hold. The firm views Warner Chilcott's acquisition of P&G's (NYSE: PG) pharma business as a positive given its attractive product fit and purchase price.
• ThinkEquity upgraded Google (NASDAQ: GOOG) to Buy from Source of Funds and raised its target to $550 from $400. Previously, the firm thought Google Street estimates were too high and that low single-digit growth in Q2 and Q3 would cause multiple contraction. They said their thesis played out fundamentally but they were wrong on the stock. Given Q2 has past, the analyst raised estimates above consensus and expects an in-line Q3 and for shares to outperform as the economic cycle turns.
• Bernstein upgraded Diageo (NYSE: DEO) to Outperform from Market Perform and views Diageo's valuation as attractive. The firm expects 2H09 results on August 27 to mark a bottom in weakening top-line trends.
• Costco (NASDAQ: COST) was upgraded to Market Perform from Underperform at William Blair.
• Lowe's (NYSE: LOW) was upgraded to Overweight from Equal Weight at Morgan Stanley.
• Siemens (NYSE: SI) was upgraded to Buy from Neutral at BofA/Merrill.

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

• Aeropostale Inc. (NYSE: ARO) strong Q2 results beat expectations due to rising same-store sales.
• Agilent Technologies Inc. (NYSE: A) Q3 earnings topped low expectations and revenue declined.
• Analog Devices Inc. (NYSE: ADI) posted better-than-expected Q3 results but shares fell on weaker margins.
• Baidu Inc. (NASDAQ: BIDU) CEO said its new advertising efforts will boost sales over the long run.
• Barnes & Noble Inc. (NYSE: BKS) had a better-than-expected Q2 profit but same-store sales fell.
• BJ's Wholesale Club Inc. (NYSE: BJ) reported solid Q2 numbers and raised its full-year guidance.

Analyst upgrades:

• Citigroup upgraded National Fuel (NYSE: NFG) to Hold from Sell to reflect better than expected drilling results for the company's Marcellus shale assets. Citi raised its target on shares to $43 from $42.
• Baird upgraded Netezza (NYSE: NZ) to Outperform from Neutral and raised its target to $14 from $7 based on the company's new product announcement and potential revenue acceleration.
• JPMorgan upgraded Liberty Interactive (NASDAQ: LINTA) to Overweight from Neutral. The firm finds the valuation attractive following Liberty's better than expected Q2 results and set a $13 price target on the stock.
• Marlin Business (NASDAQ: MRLN) was upgraded to Outperform from Market Perform at William Blair.
• Paychex (NASDAQ: PAYX) was upgraded to Sell from Conviction Sell at Goldman.
• Hewitt Associates (NYSE: HEW) was upgraded to Buy from Neutral at UBS.

Analyst upgrades:

• JP Morgan upgraded J.C. Penney (NYSE: JCP) to Neutral from Underweight based on lower input costs, stabilization in home, lower markdown dollars, and valuation.
• Oppenheimer upgraded Novellus (NASDAQ: NVLS) to Perform from Underperform as it believes Novellus' market share has stabilized and that the company is a potential acquisition target. The firm raised its price target to $20 from $9.
• Bernstein upgraded ConAgra (NYSE: CAG) to Market Perform from Underperform citing strength in grains and moderating input costs.
• ConocoPhillips (NYSE: COP) was raised to Buy from Neutral at Goldman.
• China Housing (NASDAQ: CHLN) was upgraded to Buy from Hold at Roth Capital.

Trina Solar (NYSE: TSL) is set to step into the earnings spotlight today, with Wall Street expecting a fourth-quarter loss of 4 cents per share. This past year hasn't been kind to TSL as far as earnings are concerned. In two of the three earnings reports thus far, TSL has missed the consensus estimate -- both times by a rather wide margin.

There is no doubt that solar firms have lost a bit of their sizzle, what with dropping crude prices and tightening pursestrings. Unfortunately for TSL, it has been caught up in the wave of downside pressure. Even if the firm bucks the recent trend and reports better-than-expected earnings, it may not rally much, thanks to a massive amount of overhead pressure. TSL's 10- and 20-week moving averages are in position to stop any rally attempt, a role that they have filled since the middle of 2008.

While the release of economic data doesn't stop next week (see economic schedule highlights below), the earnings season does wind down dramatically. Most of the S&P 500 companies already have reported on the past quarter, which means dismal earnings news is largely behind us, at least for a while. About the only companies of note expected by analysts surveyed by Thomson Reuters to report falling earnings this week are Costco Wholesale Corp. (NASDAQ: COST), Wendy's/Arby's Group Inc. (NYSE: WEN), Foot Locker Inc. (NYSE: FL), Bank of Montreal (NYSE: BMO), and Steinway Musical Instruments Inc. (NYSE: LVB).

While PetSmart Inc. (NASDAQ: PETM) and Big Lots Inc. (NYSE: BIG) quarterly profits are expected to be about the same as a year ago, Liz Claiborne Inc. (NYSE: LIZ), Kenneth Cole Productions Inc. (NYSE: KCP), Ciena Corp. (NASDAQ: CIEN), and Trina Solar Ltd. (NYSE: TSL) are expected to have swung to losses in the most recent quarter.

Nissan Motor Co. (NASDAQ: NSANY) reported a $904 million quarterly loss and said it expects this year to be its first annual loss in nine years. Nissan is cutting 20,000 jobs, or 8.5% of its workforce. NSANY shares declined over 6.5% in premarket trade.

Barclays PLC (NYSE: BCS) reported Monday that its net profit for 2008 fell just 1% after several major one-off gains helped compensate for over 8 billion pounds ($11.8 billion) of write-downs. The bank's balance sheet, meanwhile, ballooned 67% to 2.05 trillion pounds. Pretax profit for the year dropped 14% to 6.08 billion pounds, well ahead of analyst estimates. Barclays said it will resume dividend payments in the second half of the year. Shares in Barclays soared over 12% in premarket trade.

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

• AnnTaylor Stores Corp. (NYSE: ANN) posted dismal Q3 results as same-store sales sank.
• Autodesk Inc. (NASDAQ: ADSK) declined to release an outlook for next year due to the economic turmoil.
• BASF AG (OTC: BASFY) profit warning resulted in analysts' upgrades and downgrades both.
• Dell Inc. (NASDAQ: DELL) handily beat Q3 expectations due in part to share buybacks.
• GameStop Corp. (NYSE: GME) missed Q3 earnings expectations and same-store sales declined.
• Hewlett-Packard Co. (NYSE: HPQ) forecast Q4 results above estimates on cost cutting and global reach.
• Home Depot Inc. (NYSE: HD) reported better-than-expected Q3 results though sales had declined.
• LDK Solar Co. Ltd. (NYSE: LDK) Q3 earnings more than doubled and revenued surged 70%.
• Lowe's Cos. Inc. (NYSE: LOW) posted better-than-expected Q3 results though same-store sales slipped.
• McDonald's Corp. (NYSE: MCD) 2009 earnings prospects resulted in an analyst's upgrade.
• Nokia Corp. (NYSE: NOK) earnings warning resulted in upgrades from a few analysts.
• PetSmart Inc. (NASDAQ: PETM) topped expectations and forecast full-year profits higher than estimates.
• Suntech Power Holdings Co. (NYSE: STP) fell short of earnings expectations and lowered its guidance.
• Trina Solar Ltd. (NYSE: TSL) Q3 earnings quadrupled and revenue more than tripled on increased demand.

Increasing demand for solar energy and solar products proved to be a boon for Trina Solar Ltd. (NYSE: TSL) and LDK Solar Co. Ltd. (NYSE: LDK) as both companies reported Wednesday that their earnings soared in the third quarter. Investors were not impressed, however, pushing shares lower.

Trina Solar, a maker of solar photovoltaic products, said its net income quadrupled to $32.1 million, or $1.17 per American Depository Share, from the same period of the previous year. These results included a foreign currency exchange loss of $4.9 million. Revenue more than tripled to $290.7 million.

Analysts surveyed by Thomson Reuters, on average, had expected a profit of $1.21 per share on revenue of $276.9 million.

However, the company lowered its full-year 2008 revenue estimate to range between $800 and $850 million because the company expects fewer product shipments for the year than previously forecast.

Shares of Trina Solar fell to a 52-week low of $6.81 Wednesday. The share price is 86.8% lower than a year ago.

General Motors (NYSE: GM), Ford (NYSE: F) and Chrysler executive will return to Congress on Wednesday. After facing less than a receptive Senate Tuesday, they will appear before a House committee today to plead for a "bridge loan" to give them a massive infusion of cash they need to stay afloat in their race against the clock. GM's CEO Wagoner "warned that the failure of the U.S. auto industry could lead to a loss of 3 million jobs within the first year and ripple throughout communities around the country," saying it would be a "catastrophic collapse." GM shares traded 2.9% lower and Ford's 2.4% lower in premarket action (8:04 am). GM shares have been plunging over 15% by midday trading and Ford's by nearly 25% as Senate lowers bailout expectations, seeking to compromise.

Boeing Co. (NYSE: BA) is delaying jet deliveries by as much as 10 weeks as it attempts to recover from a strike by its machinists, according to a report in the Wall Street Journal. BA shares were down 2.6%, with the market, by midday trading.

Toyota (NYSE: TM) -- The troubles in the auto industry don't affect just American carmakers.Toyota said Wednesday it will reduce production in the U.S. to cope with slowing sales there. It will stop production at all its plants in the U.S. and Canada for two extra days next month, and cut about half of 500 temporary workers at a plant in Georgetown, Kentucky by March. It will also reduce production of two models. TM shares were down 4% by midday trading.

Last week, JA Solar Holdings Co. Ltd. (NASDAQ: JASO) posted a quarterly loss and lowered its guidance. But as interest in alternative energy continues to grow, analysts polled by Thomson Financial are still looking for good things from solar energy concerns scheduled to report earnings this week.

Strong growth at Trina Solar Ltd. (NYSE: TSL) in the third quarter prompted it to lift its guidance back in October. Analysts expect the Chinese company to post profits that are 76.3% higher than a year ago, or $1.18 per share on revenues of $268.4 million (+225.0%). Though Trina Solar missed estimates in the second quarter, analysts on average recommend buying TSL. Shares are down 81.4% from a year ago and trading near an all-time low.

Earnings of rival LDK Solar Co. Ltd. (NYSE: LDK) are expect to have risen 47.9% to $0.71 per share on revenues of $486.7 million (+206.6%). Also based in China, LDK has not missed estimates in recent quarters; in fact, it blew past expectations in the second quarter. Yet the consensus recommendation is to hold LDK. Like Trina Solar, LDK's shares are trading near an all-time low; the share price has fallen 50.0% in the past year.

Analysts anticipate third-quarter earnings for Canadian Solar Inc. (NASDAQ: CSIQ) to be a whopping 96.3% higher than a year ago, or $0.54 per share on revenues of $248.0 million (+154.5%). The company easily topped estimates in the previous quarter. ReneSola Ltd. (NYSE: SOL) and Suntech Power Holdings Co. Ltd. (NYSE: STP) are also expected to report earnings growth of 29.7% ($0.37 per share) and 23.8% ($0.42 per share), respectively. All three of these stocks reached 52-week lows last week, and all are considered buys.

President-elect Barack Obama has often repeated his stance on alternative energy. He plans to spend $150 billion over 10 years on alternative energy, not only as part of his energy independence plan, but also in order to help clean the environment, and perhaps most important of all, to create 5 million new jobs.

With Obama winning in the polls, it is no wonder that on Tuesday solar stock prices soared: SunPower Corporation (NASDAQ: SPWRA) finished the day up 14.6%, Suntech Power (NYSE: STP) also closed 13.5% higher, Evergreen Solar (NASDAQ: ESLR) closed 12.8% higher, Canadian Solar (NASDAQ: CSIQ) was up 14.7% while Trina Solar (NYSE: TSL) gained 9.1%, First Solar (NASDAQ: FSLR) 9.6% and LDK Solar (NYSE: LDK) 4.8%. In fact, over the past week, these solar stocks added about 50% to their value: ESLR +104%, FSLR +55%, STP +53%, SPWRA +51%, LDK +48%, CSIQ +45% and TSL +41%. [Solar stocks are down this morning, seems to me a "sell on the news" decline.]

With these kind of gains recently you might think you're too late, but solar stocks have actually been beaten mercilessly in the past year. While the S&P 500 declined some 31% year-to-date and the Nasdaq declined 33%, solar stocks plunged even worse: STP -75%, TSL -73%, ESLR -69%, SPWRA -61%, CSIQ -56%, LDK -50% and FSLR -34%.

Congress passed a bill that approved about $18 billion of renewable-energy tax credits after repeated failed attempts to do so this year, and now there will be an administration that -- if it sticks to its claims -- will be more supportive of alternative energy. The only question investors should ask, so which do I pick?

Rival home improvement chains Home Depot Inc. (NYSE: HD) and Lowe's Companies Inc. (NYSE: LOW) are scheduled to report quarterly results this week. Not surprisingly, given the ongoing housing slump, analysts surveyed by Thomson Financial on average expect both companies to post earnings lower than in the same period a year ago. For Home Depot, that's 61 cents per share, down 20.8%, and for Lowe's, 56 cents per share, down 16.4%. Meanwhile, cabinet maker American Woodmark Corp. (NASDAQ: AMWD), for whom Home Depot and Lowe's are major distributors, is also expected to report lower earnings: 11 cents per share, down 67.6%.

The presidential campaigns have prompted much discussion of energy policy and alternative energy sources. Some solar-energy-related concerns are scheduled to report this week, and expectations seem to be high. Trina Solar Ltd. (NYSE: TSL) is expected to report 81 cents per share earnings, up 67.9%; ReneSola Ltd. (NYSE: SOL) is expected to post earnings of 32 cents per share, up 62.5%; and Suntech Power Holdings Co. (NYSE: STP) is expected to have earnings of 32 cents per share, up 21.9%. Even China Sunergy Co. Ltd. (NASDAQ: CSUN) is expected to have swung to a profit of 3 cents per share, from a per-share loss of 14 cents a year ago.

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

• Bob Evans Farms Inc. (NASDAQ: BOBE) posted stronger-than-expected Q4 earnings.
• Ciena Corp. (NASDAQ: CIEN) beat earnings expectations, but share prices slipped anyway.
• Daktronics Inc. (NASDAQ: DAKT) Q4 results beat expectations and it raised its revenue outlook.
• Diageo (NYSE: DEO) is recession-proof and should deliver solid results, predicts one adviser.
• Donaldson Company Inc. (NYSE: DCI) beat Q3 expectations and raised its full-year guidance.
• Ensco International Inc. (NYSE: ESV) was upgraded because of its earnings growth potential.
• Lehman Brothers Holdings Inc. (NYSE: LEH) earnings prospects don't impress Jim Cramer.
• Netezza Corp. (NYSE: NZ) beat Q1 expectations and offered full-year revenue guidance.
• Potash Corp. (NYSE: POT) earnings are "set to soar" says one analyst, due to rising demand and prices.
• Sherwin-Williams Co. (NYSE: SHW) lowered its Q2 and full-year forecasts, sending shares down.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) beat Q2 estimates on Grand Theft Auto IV demand.
• Trina Solar Ltd. (NYSE: TSL) beat Q1 estimates but shares fell on the disappointing Q2 outlook.
• Wal-Mart Stores Inc. (NYSE: WMT) was upgraded due to its earnings outlook and increased productivity.

See also: Earnings highlights: Toll Bros., National Semiconductor, Dr Pepper, Guess and others

Also, continued real estate losses are expected to hurt the quarterly reports of banks such as like Wachovia (NYSE: WB), Wells Fargo (NYSE: WFC), and National City (NYSE: NCC). And Steven Mallas wonders why Playboy (NYSE: PLA) shares have tanked since its last earnings report.

Upcoming results to watch for include Krispy Kreme (NYSE: KKD), Pall Corp. (NYSE: PLL), Pep Boys (NYSE: PBY), Korn Ferry (NYSE: KFY), and Casey's General Stores (NASDAQ: CASY).

Visit AOL Money & Finance for more earnings coverage.

Trina Solar (NYSE: TSL) shares are falling this morning after the company reported a first-quarter profit of $12.9 million, or 51 cents per share. Despite beating analysts' estimates, TSL shares are dropping as investors seem to be looking at TSL's forecast for the coming quarter, when they expect operating margins to increase by as much as of 2%. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on TSL.

After hitting a one-year high of $73.06 in July, the stock hit a one-year low of $25.88 in March. This morning, TSL opened at $45.12. So far today the stock has hit a low of $44.67 and a high of $48.00. As of 12:05, TSL is trading at $45.65, down $3.98 (-8.0%). The chart for TSL looks bullish and steady up until today's drop.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $55 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn't do what you think but still leverage nice returns. For this particular trade, we will make a 4.2% return in two weeks as long as TSL is below $55 at June expiration. Trina would have to rise by more than 20% before we would start to lose money. Learn more about this type of trade here.

TSL hasn't been above $55 since December and has shown resistance around $51 recently. This trade could be risky if the cost of oil (and alternative energy) keeps skyrocketing over the next two weeks, but even if that happens, this position could be protected by resistance TSL might find around $51, where it topped out in May.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in TSL.