Google, Inc. (GOOG) has pretty much conquered the PC as the default search and information service for the majority of internet users. It's also taking on Apple, Inc. (AAPL), as it wants to become the provider of the next-best-thing wireless platform from the iPhone (a fight that's just now getting started). It's YouTube internet video service is being embedded in millions of new Blu-ray disc players and internet-enabled televisions. Where else does Google has aspirations? How about actual Google TV?

That was certainly a large gain in profit. Now, let's check out what the analysts were thinking. According to Reuters, Wall Street was projecting only 18 cents per share. Management scores again.

Analyst Upgrades

• Deutsche Bank upgraded CME Group (CME) to buy from hold to reflect valuation and the company's improving trends. The firm raised its target price for shares to $325 from $320.
• JPMorgan upgraded Big Lots (BIG) to overweight from neutral. The firm believes the company's stabilizing comps and accelerating square foot growth should drive multiple expansion and raised its target price for shares to $38.
• Soleil upgraded PacWest Bancorp (PACW) to buy from hold as it views the company's bulk loan sale positively. The firm has a $24.50 target on the stock.
• Clean Harbors (CLH) was upgraded to buy from neutral at BofA/Merrill.
• Skilled Healthcare (SKH) was upgraded to outperform from market perform at Leerink.
• FARO Tech (FARO) was upgraded to buy from hold at Needham.

Analyst Upgrades

• Auriga upgraded Intel (INTC) to buy from hold to reflect the stock's relative valuation after channel checks indicated PC shipment plans continue to be solid. The firm raised its target price on shares to $24 from $20.
• Deutsche Bank upgraded RenaissanceRE (RNR) to buy from hold on valuation and believes stock buybacks and reserve releases will drive the company's growth. The firm raised its target price on shares to $65 from $59.
• UBS upgraded Philip Morris (PM) to buy from neutral based on increased confidence in its earnings outlook and relative valuation. The firm raised its target to $54 from $49.
• Chevron (CVX) was raised to outperform from market perform at Bernstein.
• Barnes & Noble (BKS) was upgraded to sell from conviction sell at Goldman Sachs.
• Deutsche Bank (DB) was upgraded to outperform from neutral at Credit Suisse.

Texas Instruments (TXN), a chipmaker whose related companies include Intel (INTC) and Qualcomm (QCOM), reported results for the fourth quarter on Monday after the bell. Profit growth was incredible, but it's difficult to call the stock a buy at this time, at least based on price action.

Revenues increased a whopping 27%. Earnings came in at 52 cents per share. That was more than 100% better than the adjusted 21 cents per share earned in Q4 2008. Operational cash flow went down 10%, but overall, you've got to call this a much improved quarter (a note on cash flow: it pretty much covered capital expenditures, dividends, and share repurchases, which is good news).

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

• Aetna Inc. (AET) shares declined after the insurer issued a surprise earnings warning for 2010.
• Alcoa Inc. (AA) swung to a smaller-than-expected Q4 profit even as revenue declined, sending shares lower.
• Carter's Inc. (CRI) posted strong Q3 earnings that topped estimates and same-store sales growth.
• Chevron Corp. (CVX) shares declined slightly after the company issued a surprise earnings warning.
• Con-Way Inc. (CNW) was downgraded due in part to concerns about near-term earnings.

Analyst Upgrades

• ThinkEquity upgraded Intel (INTC) to buy from hold and has a $25 target on the stock. The firm believes guidance will prove conservative and strong execution, new product cycle, Win7 cycle and corporate PC-Server refresh will drive shares higher.
• Wells Fargo upgraded Holly Energy (HEP) to outperform from market perform after increasing its valuation ranges for small cap pipeline MLPs. The firm raised its valuation range for Holly to $43 to $45.
• SunTrust upgraded Watsco (WSO) to buy from neutral as it believes the carrier joint venture will serve as a long-term catalyst. The firm has a $67 price target on the stock. William Blair upgraded Watsco to outperform from market perform ahead of the company's Q4 results to reflect valuation and improving economic conditions.
• Staples (SPLS) and Office Max (OMX) were upgraded to overweight from neutral at JPMorgan.
• Kellogg (K) was raised to buy from neutral at BofA/Merrill.
• Advanced Micro (AMD) was upgraded to outperform from market perform at FBR Capital.

Chip-maker Intel (INTC), whose colleagues include Advanced Micro Devices (AMD) and Texas Instruments (TXN), issued fourth-quarter data yesterday after the bell. Shareholders must have loved the growth rates. Revenues increased 28% on a year-over-year basis. Adjusted net income on a dollar basis grew well over 200%. Adjusted per-share profit came in at 55 cents versus 15 cents in the comparable period.

As for expectations, Earnings.com says that the market was looking for 30 cents per share. Some coverage compared the 30-cent projection to the reported GAAP income number of 40 cents per share, instead of the non-GAAP number I mentioned above, which would make the earnings beat not as impressive. I usually deal with non-GAAP figures, but either way, Intel has gone above estimates in significant fashion.