This is the heaviest week for earnings in the annual season, and this morning is loaded with names that have reported. Let's see where the potential winners and losers are and what else may be worth putting on your radar.

Story Stocks

Zions Bancorp ( ZION): Shares are lower after posting second-quarter loss.

Legg Mason ( LM): Stock higher after firm bounces back with a profitable quarter.

Texas Instruments ( TXN): Semiconductor play is lower after posting 56% decline in Q2 profits.

Boston Scientific ( BSX): Stent play is slightly higher following second-quarter results.

UnitedHealth Group ( UNH): Health insurer is higher after raising full-year outlook.

DuPont ( DD): Stock is higher after reaffirming full-year outlook.

Lexmark ( LXK): Stock is down big after missing Q2 estimates.

United Technologies ( UTX): Shares are lower after company trims guidance.

Quest Diagnostics ( DGX): Stock is higher after profit climbs nearly 17%.

Western Union ( WU): Shares are slightly lower after company trims guidance.

Merck ( MRK): Drug giant's shares are higher after reaffirming 2009 guidance.

Comerica ( CMA): Stock is lightly lower after reporting second-quarter profits fell 68%.

Hudson City Bancorp ( HCBK): Stock up slightly, but bad loans are rising.

Caterpillar ( CAT): Stock is jumping up big after company surprises the street by raising guidance.

Peabody Energy ( BTU): Coal giant is lower after trimming full-year guidance.

Freeport McMoran ( FCX): Metals giant is higher after earnings results.

State Street ( STT): Shares drop following Q2 loss.

Lockheed Martin ( LMT): Stock is lower as defense giant cuts full-year guidance.

TD Ameritrade ( AMTD): Online brokerage shares are up after reporting third-quarter numbers.

Coca Cola ( KO): Beverage giant shares are lower following earnings results.

UAL Corporation ( UAUA): Airline operator shares are higher on surprise profit.

Southwest Airlines ( LUV): Regional airline giant shares are slightly higher after Q2 results.

AK Steel ( AKS): Steelmaker shares are slightly lower after reporting Q2 results.

Regions Financial ( RF): Bank shares are lower following Q2 losses as bad loans rise.

Sherwin Williams ( SHW): Shares are slightly lower as company narrows guidance.

Blackrock ( BLK): Stock is slightly higher after reporting earnings beat.

Upgrades to Watch

Expedia ( EXPE): Initiated as a buy at Deutsche Bank.

Cisco Systems ( CSCO): Barclays Capital raises estimates. $23 price target.

Radio Shack ( RSH): Barclays Capital raises estimates. $15 price target.

US Bancorp ( USB): Credit Suisse initiates stock with an outperform rating.

Edwards Lifesciences Corp ( EW): Credit Suisse raises target price to $74.

International Paper ( IP): Deutsche Bank upgrades stock to a buy. $24 price target.

Las Vegas Sands ( LVS): BMO Capital Markets upgrades stock to an outperform. $15 price target.

Halliburton ( HAL): Credit Suisse raises target price to $26.

Dollar Tree ( DLTR): Merrill Lynch/Bank of America initiates stock with a buy. $50 price target.

Family Dollar ( FDO): Merrill Lynch/Bank of America initiates stock with a buy. $35 price target.

Downgrades to Watch

Weatherford International ( WFT): Credit Suisse lowers target price to $23.

BB&T ( BBT): Morgan Stanley cuts estimates. $32 price target.

Nokia ( NOK): Morgan Stanley & Jefferies both cut stock ratings on the wireless phone giant.

Anadarko Petroleum ( APC): Goldman Sachs cuts estimates. $52 price target.

Regency Centers ( REG): Barclays Capital cuts estimates. $36 price target.

Eaton Corp ( ETN): Morgan Stanley cuts estimates. $47 price target.

Themes/Plays

Gold ( GLD): Another positive start for the yellow metal.

Oil ( USO): Oil prices are raising once again.

Treasuries ( TLT): Bonds are lower as the equity markets gain in the early action.

Ultrashorts: SRS & SKF are down in the early going as the market rallies.

What's the Trade?

Caterpillar's ( CAT) performance this morning will be a big tell for the market. Will the shares hold the gains as Eaton Corp ( ETN) did yesterday? I will be watching the financials (RF, STT, CMA, BLK, ZION) that reported this morning as my other chief gauge on the markets. I would also take the momentum names we discussed yesterday: new 52-week high plays (NTES, FFIV, GMCR, etc.) and keep them on my board for potential quick rides as well. I'll be back with the midday update later.

Be sure to visit our complete recommended list of the Best Dividend Stocks as well as a detailed explanation of our ratings system.
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.