The market is looking fairly flat in the early going. There are plenty of earnings to pick apart, as well as more analysts' moves. Let's take a look.

Story Stocks

Xilinx ( XLNX): Shares are down after reporting results.

Cintas ( CTAS): Uniform play is lower after posting its results.

Harley Davidson ( HOG): Shares are getting hit on second-quarter profit drop of 91%. Announcing more job cuts.

Nokia ( NOK): wireless phone giant is down big on market share loss.

JP Morgan ( JPM): Stock is down slightly despite easy earnings for this banking giant.

Baxter International ( BAX): Stock is up early following quarterly results.

Marriott International ( MAR): Stock is lower on big profit drop in the quarter.

Biogen Idec Inc. ( BIIB): Early gains for Biotech play despite lowered 2009 EPS outlook.

PPG Industries, Inc. ( PPG): Stock is higher despite 42% profit drop in Q2.

Novartis AG ( NVS): Stock is higher after company reaffirms 2009 guidance.

Polycom, Inc. ( PLCM): Stock is up following second-quarter results.

Landstar System, Inc. ( LSTR): Another disappointing transports stock earnings report.

Amphenol Corporation ( APH): Stock is lower following Q2 results.

Genuine Parts ( GPC): Stock flat as revenue falls 13%.

Charles Schwab ( SCHW): Stock slightly higher despite second-profit falling 30%.

Upgrades to Watch

Qualcomm ( QCOM): Started as a buy at RBC Capital Markets.

Intuit ( INTU): Credit Suisse raises price target to $33.

Dominion Resources ( D): Barclays Capital raises price target to $32.

Capital One Financial ( COF): Jefferies raises stock to a buy.

Gannett Co. ( GCI): Benchmark Company raises stock to a buy. $7 price target.

Dr Pepper Snapple Group Inc. ( DPS): Merrill Lynch/Bank of America starts stock as a buy. $27 price target.

Walt Disney ( DIS): Bernstein raises stock to an outperform.

American Express ( AXP): JP Morgan upgrades stock to a neutral. $25 price target.

CarMax, Inc. ( KMX): Jefferies raises stock to a buy.

Intel Corp ( INTC): Argus upgrades stock to a buy. $20 price target.

Cerner Corp ( CERN): William Blair starts stock as a buy.

Raytheon ( RTN): Merrill Lynch/Bank of America raises stock to a buy. $62 price target.

Downgrades to Watch

Marathon Oil Corporation ( MRO): Benchmark Company cuts stock to a hold.

Hasbro ( HAS): Barclays Capital cuts estimates. $30 price target.

Salesforce.com ( CRM): Morgan Stanley cuts estimates. $28 price target.

Microsoft ( MSFT): Argus cuts stock to a sell.

Plays/Themes

Treasuries ( TLT): Bonds are rebounding after three-day losing streak.

Oil ( USO): Oil prices are back down in the red.

Gold ( GLD): Yellow metal is slightly lower in the early going.

What's the Trade?

Keep an eye on the SRS and SKF this morning for long opportunities. I would let the morning open play out and see how the stocks are trading. I wouldn't get super aggressive and I'd plan on being out of the position before the close possibly. Google ( GOOG) and IBM Corp ( IBM) are reporting this afternoon. Also, I would ring the register on the APC and OXY longs. I'll be back with more.
At the time of publication, the author had no positions in stocks mentioned, although positions may change at any time.

Tom Reese and Paul Rubillo are senior editors of Dividend.com. Visit Dividend.com for more dividend stock ratings, picks, news, and analysis for long-term and income-seeking investors.