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TheStreet.com's Jim Cramer says traders who focus on the negative will pounce on this poor report.

Thanks for nothing, Dell (DELL) (Cramer's Take)! Given that this market seems to care less about the good like NetApp (NTAP) (Cramer's Take), Ross Stores (ROST) (Cramer's Take) or Limited (LTD) (Cramer's Take) and is focused on the bad, like the semi-downgrade from Bank of America Merrill Lynch, I am sure that Dell will be viewed as part and parcel with the downgrade.

I can't stand Dell. I actually slam it in Getting Back to Even, taking a chance that it would get its act together and make me look bad on the very quarter the book is released. Looks like that was a lot of worry for nothing.

TheStreet.com's Jim Cramer says the world's economies are getting too strong to obey these downgrades of Intel and TI.

When Wall Street starts looking at tech companies as they would industrials -- as they should be scrutinized -- then we will not get downgrades like Bank of America/Merrill's takedowns of Intel (INTC) (Cramer's Take) and Texas Instruments (TXN) (Cramer's Take).

The essence of these two downgrades is the looming inventory correction that everyone has feared from $14 a share onward for Intel and $18 for Texas Instruments at the start of the summer. At every step I have heard of this coming breakdown, the double ordering and the decline in demand as one analyst after another has warned us of the apocalypse around the corner.

Yamana Gold (NYSE: AUY) closed at $11.79. Gold is recently up 0.40% to $1093.70 according to Bloomberg. AUY November option implied volatility is at 60; January is at 59; versus its 26-week average of 59, according to Track Data, suggesting non-directional price movement.

Limited (NYSE: LTD) closed at $17.89. LTD reported comparable store sales decreased 2% for Q3. LTD is expected to report Q3 EPS on November 19. LTD November option implied volatility is at 60; December is at 56 above its 26-week average of 53, according to Track Data, suggesting larger price movement.

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

Consumers are finally spending more, with September posting the first gain in more than a year. The International Council of Shopping Centers and Goldman Sachs (NYSE: GS) found that retail sales inched 0.1% higher last month. It doesn't seem like much, but a gain when you anticipate a fall is good news magnified. But, it came at the expense of great deals and other tools to entice somewhat hesitant customers into stores.

Kohl's (NYSE: KSS) and Limited Brands (NYSE: LTD) reported sales increases in September for stores open more than a year. J.C. Penney (NYSE: JCP), Macy's (NYSE: M) and Target (NYSE: TGT) posted declines, but they were better than expected. Delayed school openings thanks to a late Labor Day helped push to September sales that might have occurred in August otherwise.

Of course, all eyes are on the coming holiday season. The National Retail Federation forecasts U.S. consumer spending of $437.6 billion – up only slightly from $433.7 billion four years ago. So, we still have a lot of ground to make up before we can celebrate a recovery. As long as the situation is staying steady, though, we'll at least have a solid starting point.

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.

Limited Brands (NYSE: LTD), whose colleagues include Gap (NYSE: GPS) and Hanesbrands (NYSE: HBI), is one sexy company. It operates the Victoria's Secret chain of stores among other concepts. However, it's been having trouble increasing sales and income during the recession -- like every other retailer out there, of course. But the stock has been strong, and the bulls have yet more evidence that their thesis on the business might be justified.

Limited Brands reported second quarter results Wednesday after the close. Its adjusted earnings were 19 cents per share versus 27 cents per share in the comparable period last year. Total sales dropped 9.5%, and same-store revenues collapsed 9%. With numbers like those, where do I get the idea that the bulls might have a case?

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

• AnnTaylor Stores Corp. (NYSE: ANN) reported a smaller-than-expected Q1 loss as sales slumped.
• Barnes & Noble Inc. (NYSE: BKS) smaller-than-expected Q1 net loss sent shares higher.
• Children's Place Retail Stores Inc. (NASDAQ: PLCE) solid Q1 results were in line with expectations.
• Dick's Sporting Goods Inc. (NYSE: DKS) posted higher-than-expected Q1 results but same-store sales fell.
• Gap Inc. (NYSE: GPS) lower Q1 earnings beat expectations and lower revenue was in line.

Limited Brands (NYSE: LTD), the retailer that runs stores such as Bath & Body Works, Pink, and the sexy Victoria's Secret, issued its Q1 numbers after the bell on Wednesday.

The bottom line didn't look bad. Not that it looked great, mind you. The company earned 1 cent per share. The fact that there was any profit at all was big news. According to analysts, a loss of 3 cents per share was more likely.

The revenue picture was not so pretty, however. Net sales dropped by 10%. And same-store sales decreased 7%. I guess buying lingerie isn't a top priority during a time when jobs are being cut and consumers look in terror upon their 401(k) balances.

TheStreet.com's Jim Cramer says if you need money for anything important in the near future, get it out of the stock market.

Fall back. Fall back to basic principles. What do people have to do whether they want to do it or not? What do governments have to pay for whether they want something or not? What must be used whether you like it or not?

That's where we are right now in the helter-skelter pell-mell race to take all stocks to single digits as the notion of a worldwide global depression sinks in.

Cisco Systems Inc. (NASDAQ: CSCO) reported earnings Wednesday after close, beating estimates, but warning that incoming orders declined dramatically -- 20% -- in January. For the quarter, Cisco reported earnings of 32 cents per share excluding items, beating the average analyst estimate by 2 cents. CSCO shares declined 3.4% in premarket trading.

Swiss Reinsurance Co. will get a capital injection of $2.6 billion from Warren Buffett's Berkshire Hathaway (NYSE: BRK.A) after warning investors it expects to lose $869 million for the full year. The investment will pay a 12% coupon and could convert into a stake of more than 20% in the company.

Even though Black Friday sales were better than expected, most retailers saw their November sales plunge. As I posted in April, Wal-Mart Stores, Inc. (NYSE: WMT) would likely benefit from consumers' recession diet. That has proven to be a fairly safe bet, but the scary thing is that just about every other retailer is taking a hit.

A glimmer of good news is that for many of those that hurt, the results were not as bad as expected. Here are the actual results of five retailers (with expected results in parentheses):

• Wal-Mart +3.4%, (+2.1%)
• Costco Wholesale (NYSE: COST) -5%, (-2.4%)
• Limited Brands (NYSE: LTD) -8%, (-11.6%)
• Pacific Sunware (NASDAQ: PSUN) -10%, (-14.3%)
• Bon-Ton Stores (NASDAQ: BONT) -16%, (-14.5%)

An emerging theme is that expectations are so bad that retailers seem able to exceed them. However, there is no guarantee that such outcomes are likely to continue. If retailers do better than expected then forecasters may raise their estimates until retailers can't exceed them.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned.

General Motors Corp. (NYSE: GM), Ford Motor Co. (NYSE: F) and Chrysler executives are returning to Congress for what many see as a crucial hearing as the automakers hope will persuade skeptical lawmakers to bail them out with a $34 billion in emergency aid. Still, a top Senate Democrat wants to hand their problem to the Federal Reserve. Automakers executives are also considering accepting a pre-arranged bankruptcy as the last-resort price of getting a multibillion-dollar government bailout, according to Bloomberg sources. GM and Ford shares are down 6.1% and 7.7% in premarket trade (8:10 am). As of 11:45, GM shares declined nearly7%, Ford's were flattish.

Wal-Mart Store Inc. (NYSE: WMT) November same-store sales were expected to fall 7% gain 2.1%, but rose 3.4%. WMT is trading 2.8% higher in premarket (8:10 am). WMT shares traded higher during the session.
Costco Wholesale Corp (NASDAQ: COST) reported that November same-store sales fell 5%.
Limited Brands Inc. (NYSE: LTD) reported November same-store sales fell 12%.

Toll Brothers (NYSE: TOL) reported a loss of nearly $80 million, or 49 cents per share, including about $175 million in pre-tax writedowns. Without the charges, the company reported a profit of 23 cents per share. Revenue fell to $698.9 million from $1.17 billion a year ago. TOL beat analyst estimates of 46 cents per share on revenue of $681.4 million, according to Thomson Reuters. TOL decline to issue guidance for next year. As of 11:47, TOL shares were 9.5% higher.

Merck & Co. (NYSE: MRK) issued guidance, saying net income in 2009 may miss analysts' expectations as the drug maker trying to make up for falling sales of its top-selling cholesterol pills with cost cuts, including job reduction. Merck made no change in its forecast for 2008 earnings. MRK shares traded 3.6% lower in premarket (8:14 am). Shares of MRK traded down 3.6% by 11:47.

Analyst upgrades:

• Oppenheimer upgraded shares of Premiere Global (NYSE: PGI) to Outperform from Perform on valuation and believes the company's strategic initiatives will drive "healthy" top-line results in a difficult economy.
  
• Citigroup upgraded Prudential (NYSE: PRU) to Buy from Hold on valuation, as they believe the stock is oversold at current levels. Though upgraded, the firm lowered their target price to $30 from $80.
  
• Citigroup also upgraded Bankrate (NASDAQ: RATE) to Buy from Hold as they believe the company will benefit from the financial market volatility and that the risk/reward is attractive at current levels. The firm maintains a $40 target on the stock.
• Hospitality Properties (NYSE: HPT) was raised to Outperform from Sector Perform at RBC Capital.
  
• Diamond Offshore (NYSE: DO) was upgraded at Merrill Lynch to Buy from Neutral.
  
• Alcon (NYSE: ACL) was upgraded to Outperform from Market Perform at Wachovia.

Analyst downgrades:

Toyota Motor Co. (NYSE: TM) -- recently we've seen more and more signs that the slowdown in general and the auto industry troubles particularly have been hurting Toyota too. Today, Fitch Ratings cut Toyota's top-notch credit rating to "AA" from "AAA," as the carmaker was indeed hit by the world auto market slump, high material cost and from a surging yen. TM shares were down 3% by 11 am.

American International Group Inc. (NYSE: AIG) announced late Tuesday it has closed its $40 billion stock placement with the U.S. Treasury under the government's Troubled Assets Relief Program. The Treasury bought shares of AIG equaling 2% of the company on the date of the investment. AIG shares were up 0.5% by 11 am.

Deere & Co. (NYSE: DE) reported that fiscal fourth-quarter net income fell 18% to $345 million, or 81 cents a share, as sales rose 21% to $7.4 billion. Analysts expected earnings of 99 cents a share on sales of $5.2 billion according to FactSet Research. The guidance for fourth quarter was below estimates. DE shares were 6.3% lower in premarket trading (8:03 am). DE shares were down 9.6% by 11 am.

Tiffany & Co. (NYSE: TIF) reported that its third quarter earnings declined to $44 million, or 35 cents a share on lower sales of $618 million. This was above analyst estimates of 26 cents EPS and sales of $697 million, according to FactSet Research. Tiffany said it plans to reduce staff. TIF shares were 8.6% lower in premarket trading (8:03 am). TIF shares were down 4.1% by 11 am.

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

• Barnes & Noble Inc. (NYSE: BKS) swung to a Q3 loss as same-store sales fell, and it lowered its outlook.
• Corning Inc. (NYSE: GLW) forecast lower profits due to weaker glass sales but has a strong cash position.
• Fortress Investment Group (NYSE: FIG) swung to a Q3 loss as investors requested redemptions.
• Gap Inc. (NYSE: GPS) profit beat estimates despite the decline in sales, and it reaffirmed its outlook.
• HJ Heinz Co. (NYSE: HNZ) strong Q2 results topped expectations but didn't impress the market.
• Intuit Inc. (NASDAQ: INTU) reported solid results and offered modest growth for the next quarter.
• Limited Brands Inc. (NYSE: LTD) Q3 profits and same-store sales fell and it lowered its guidance.
• Macy's Inc. (NYSE: M) fell short of Q3 expectations and said it would reduce capital expenditures in 2009.
• Medtronic Inc. (NYSE: MDT) fell short of Q2 expectations and lowered its full-year guidance.
• PepsiCo Inc. (NYSE: PEP) reaffirmed its previously announced full-year earnings guidance.
• Salesforce.com Inc. (NYSE: CRM) said Q3 earnings and revenue grew sharply, beating expectations.
• Target Corp. (NYSE: TGT) posted weak Q3 numbers and discontinued its share buyback activity.
• Walt Disney Co. (NYSE: DIS) was downgraded on the belief that consensus estimates may be too high.