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All three of the major indexes finished Tuesday in the red, but there were several big names that moved up to new 52-week highs in Tuesday's trading.

Walgreen Co. (NYSE: WAG): The drugstore giant had a really good day on Wall Street after posting better than expected earnings in the morning before the market opened. The company posted earnings of 44 cents per share versus analyst estimates of 39 cents. The stock set a new 52-week high of $38.44 and closed the day up 9.2% at $37.35.

Bruce Watson over at sister site DailyFinance.com highlighted some news that is actually more important than many people might believe. At first glance, it's almost a trite little curiosity. Upon further inspection, its vital nature becomes compelling.

The article discussed the elimination of personal check-writing at retail points of sale. A few Whole Foods Market (NASDAQ: WFMI) locations, as well as 70 Fresh & Easy supermarkets in California, are no longer accepting checks as a viable form of payment. Whole Foods is apparently taking the idea out for a test run, but Fresh & Easy seems to be more serious about the idea.

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

• Activision Blizzard Inc. (NASDAQ: ATVI) reported better-than-expected Q2 results, sending shares higher.
• Blackstone Group (NYSE: BX) said it swung to a Q2 profit despite a dearth of leveraged buyouts.
• CBS Corp. (NYSE: CBS) Q2 earnings declined but still topped estimates, sending shares higher.
• Coinstar Inc. (NASDAQ: CSTR) reported stellar Q2 results driven by its the popularity of RedBox.
• Clorox Co. (NYSE: CLX) posted solid Q4 earnings but said revenues were flat due to currency effects.
• Duke Energy Corp. (NYSE: DUK) lower Q2 earnings beat expectations by a penny but revenue fell short.

Whole Foods Markets, Inc. (NASDAQ: WFMI), once the grocery darling of the investing market, took a serious wrong turn somewhere in the M&A market in 2007. Ever since the ill-fated acquisition of Wild Oats, WFMI has taken a dive, plunging from highs in the $60s (2006) and $50s (until late 2007) to as low as $8.68 this past December. So it was with great joy that investors heralded news of the company's fiscal third quarter results last night, exceeding analyst expectations, with earnings per share of $0.25, or $35.0 million, and sales up 2% over the year-ago quarter, to $1.9 billion. Same-store sales declined compared to the year-earlier quarter, but reversed their declining trend, down 2.5% from Q3 2008 but up from Q2 2009.

The markets closed down in negative territory, but today will feel like a win to many traders. Each day the news keeps getting a set up for a sell-off and nothing materializes. Bears are even getting frustrated because of no substantial pullbacks. The weaker employment data had little dent, but then the weaker services market kept the rally from emerging today.

Here are today's unofficial closing bell levels:

Dow 9,280.97 -39.22 (-0.42%)
S&P 500 1,002.68 -2.97 (-0.30%)
Nasdaq 1,993.05 -18.26 (-0.91%)

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It was easy to discount a company dedicated to selling high-end groceries in the midst of a terrible global downturn. And Whole Foods (NASDAQ: WFMI) has indeed suffered from investor fears. Shares of the company fell from year-ago levels of about $22 per share to lows of near $8 per share in the dark days of December 2008. They have since rebounded to the $22 level on green shoots speculation. On Monday, however, they tumbled again to $18.80. Is it time to buy?

That's a tricky question. First, the positives. Whole Foods is a well-managed grocery chain. It has been extremely disciplined in its expansion push, choosing good locations. It has also overcome relatively low revenues per employee by posting higher margins on items and much higher average cash register rings.

Michelle Obama has made healthy eating a priority in her role as first lady. Her emphasis on the earth-to-table approach to dining emphasizes local and organic ingredients -- and fits squarely with the mission of Whole Foods Market (NASDAQ: WFMI).

Obama's White House garden is great top-of-mind stuff and demonstrates the value of a healthy lifestyle. It may not be for everyone, but there will be enough followers that will think more and more about going organic.

We all know the impact that celebrities have on businesses. One of the most obvious instances of this phenomenon comes from the Oprah Winfrey Show. For example, when a title makes it into her book club, millions of loyal followers immediately take action, and sales follow.

These days, Michelle Obama is giving Oprah a run for her money. The First Lady is being closely watched by millions, and she too has a loyal following. She also appears to have a fashion sense that resonates with consumers around the globe. We all saw the number of stories and speculation about her gown during the inauguration.

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

• Abercrombie & Fitch Co. (NYSE: ANF) reported dismal Q1 numbers as same-store sales plunged.
• Applied Materials Inc. (NASDAQ: AMAT) dismal Q2 results were in line with analysts' expectations.
• Bankrate Inc. (NASDAQ: RATE) reported lower earnings and revenue for Q1 and offered no guidance.
• Blockbuster Inc. (NYSE: BBI) earnings, revenue, and same-store sales all fell in the first quarter.
• Dr Pepper Snapple Group (NYSE: DPS) Q1 earnings declined but still topped analysts' expectations.

Whole Foods Market, Inc. (NASDAQ: WFMI) reported its earnings at $0.19 non-GAAP EPS and $1.86 billion in revenues for the second quarter, and Thomson Reuters had consensus estimates of $0.18 EPS and $1.87 billion. The earnings included non-cash asset impairment charges of approximately $13 million, or $0.05 per share.

There are several things that are good about the quarter and there are a few issues. Same store sales were -4.1%, yet it showed operating cash flow of $173 million and generated $98 million of free cash flow. The company also maintained certain aspects of guidance, at least sort of. It sees opening two additional stores (including one relocation) in the third quarter and sees opening three stores in the fourth quarter, and is still waiting on the divestment approval from the FTC.

Today was just a weird day as we sold off, but marginally compared to elsewhere. Parts of Asia and Europe, as well as Latin America, saw their equity markets hit hard over fears of a pandemic swine flu outbreak. Many traders feel this is a notion that will pass as a footnote rather than as a catastrophe, and this was a very light day for data. Sheila Bair at FDIC did manage to call the bank liquidity crisis over.

Here are today's unofficial closing bell levels:

Dow 8,025.00 -51.29 (-0.64%)
S&P 500 857.51 -8.72 (-1.01%)
Nasdaq 1,679.41 -14.88 (-0.88%)

Top Analyst Upgrades
Top Analyst Downgrades

This post is part of a seven article report -- Food for thought: Best bets in food & beverage stocks.

"We think there's enormous potential for profit as Whole Foods Market (NASDAQ: WFMI) recovers from its deeply oversold position," says Mike Cintolo. Here's the latest from The Cabot Top Ten report.

"Whole Foods is the fourth-largest grocery store operator in the U.S., a rank it's achieved, among far older competitors, by competing not on price but on quality. In particular, Whole Foods has succeeded by satisfying shoppers' demand for healthy, earth-friendly organic foods.

Analyst upgrades:

• Goldman upgraded Intercontinental Exchange (NYSE: ICE) to Conviction Buy from Neutral and raised their target to $90 from $60. Goldman cites ICE's positioning and potential for upward EPS revisions for the upgrade.
  
• Jefferies upgraded FMC Technologies (NYSE: FTI) to Buy from Hold as they believe solid deepwater activity levels will lead to solid EPS results in 2009 and 2010. The firm raised their price target to $45 from $27.
  
• Friedman Billings upgraded Devon Energy (NYSE: DVN) to Outperform from Market Perform on valuation and expects significant improvement in basis differentials for the company's Barnett production starting the second half of Q2. The firm raised their price target to $60 from $50.
• Elan Corp (NYSE: ELN) was raised to Neutral from Sell at Piper Jaffray.
  
• Banco Santander (NYSE: STD) was upgraded at Keefe Bruyette to Outperform from Market Perform.

Analyst upgrades:

• KeyBanc upgraded Greenbrier (NYSE: GBX) to Buy from Hold as it believes the company has options to forestall covenant violations or bankruptcy, event if conditions deteriorate further.
  
• Friedman Billings upgraded Whole Foods (NASDAQ: WFMI) to Market Perform from Underperform citing low expectations, favorable FTC settlement, progress on cost cutting, and valuation.
  
• JP Morgan believes First Merit (NASDAQ: FMER) is one of the best positioned Midwest banks to weather the storm and notes its compelling valuation and capital levels. The firm upgraded shares to Overweight from Neutral.
• Coca-Cola Enterprises (NYSE: CCE) was raised to Buy from Neutral at Goldman.
  
• Newell Rubbermaid (NYSE: NWL) was upgraded to Buy from Neutral at Banc of America/Merrill.
  
• Compass Minerals (NYSE: CMP) was lifted to Outperform from Perform at Oppenheimer.

Today was one of those strange Friday sessions where you just never felt stable. Interestingly enough, the 8.1% unemployment rate ended up moving the market up briefly, but only briefly. Most of the day was spent in red numbers with a rally that brought the markets back to a flat close.

The focus is still on what is coming out of Washington D.C. and just how long and how deep this recession is going to be.

Here are today's unofficial closing bell levels:
Dow 6,626.94 +32.50 (+0.49%)
S&P 500 683.39 +0.84 (+0.12%)
Nasdaq 1,293.85 -5.74 (-0.44%)
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