Electronic Arts Inc. (ERTS) was down in the after-hours session by over 9% on the heels of the gaming publisher's Q3 report. Non-GAAP sales were off by over 20%. Adjusted income came in at 33 cents per share. This was two cents higher than expectations according to my earnings preview, but a lot less than the 56 cents per share earned in the comparable frame.

The press release mentions the lower quantity of titles released during the holiday season as being a driver of the decline in revenue (a tough European market was also cited). That may be, but it doesn't absolve EA of its fundamental challenges.

Facebook wants to take over the display advertising on its larger-than-life social network. In the process, it will stop using Microsoft (MSFT) to display the majority of advertising at what is becoming one of the most heavily-trafficked pieces of Internet real estate globally.

Is Microsoft angry? It should be -- every time the world's largest software company crafts some small way to try and compete with Internet advertising leader Google (GOOG), the rugs gets pulled from under it.

How are readers finding the news? Well, increasingly, the answer is Facebook. The social networking site, which boasts well over 350 million registered users, is now the fourth largest referral source of traffic to online news destinations. Almost a year ago, only 0.5% of traffic to news and media sites came from Facebook. Today, that level is 3.5%, according to data from Web analytics firm Experian Hitwise.

Only Google (GOOG), Yahoo! (YHOO) and MSN (MSFT) send more traffic to news sites. Google News, a subset of the search engine giant, failed to keep pace with Facebook, despite the fact that it exists specifically to send Internet users to media outlets. Only 1.39% of referrals came from this source.

Electronic Arts (ERTS), a software maker whose colleagues include Activision Blizzard (ATVI), Microsoft (MSFT), Nintendo (NTDOY) and Sony (SNE), will be reporting third-quarter numbers on Monday, Feb. 8, after the market closes up shop. This is going to be an interesting one.

I doubt there are many market watchers out there who aren't aware of the problems in the video game industry; 2009 was not the best of years for the sector, and investors are hoping that 2010 will execute a rebound. However, EA has specific fundamental problems. The declines seen in its share price cannot be solely sourced to the macro conditions of the current console cycle.

Microsoft (MSFT) is constantly called "dinosaur" and "laggard" in regards to its reputation in the consumer computer and electronics areas. One thing the world's largest computer software company does well, however, is crank out billions in sales (and profits) every quarter -- something that garners it fleeting recognition.

Shortly after the introduction of Apple, Inc.'s (AAPL) long anticipated iPad tablet computer I was quite surprised to receive an email from one of our more astute readers boldly stating "Game, set and match. See you at $300"

My immediate reaction was that this overly zealous stock trader and Apple enthusiast had let all reason escape his cranium. For me it reinforced how irrational investors are and how little they understand numbers. Apple stock will not reach $300 this year.

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

• Apple Inc. (AAPL) posted its highest quarterly revenue ever, easily beating estimates, as iPhone sales doubled.
• Boeing Co. (BA) swung to a larger-than-expected Q4 profit but guidance fell short of analysts' estimates.
• Chevron Corp. (CVX) fell short of analysts' earnings estimates for Q4, sending shares lower.
• Cisco Systems Inc. (CSCO) shares rose after optimistic statements by the CEO ahead of Q2 results.
• Eastman Kodak Co. (EK) shares surged after it beat Q4 expectations by a wide margin and cash flow improved.
• Ford Motor Co. (F) reported its first annual profit in four years due to cost-cutting and improved market share.
• Halliburton Co. (HAL) reported lower Q4 earnings but beat estimates by a penny, and revenue also fell.

Today had the markings of a good day, but for obvious reasons, +5.7% GDP in Q4 was only so high because Q$-2008 was so awful. We continued to see technology stocks and the broader market sell off on chart and technical levels despite what are solid earnings. The real issue today may be Washington D.C. and high valuations after so many stocks have doubled, tripled, or risen even more off of lows. This selling of everything feels like the bears might be taking back at least some control after literally have no vote for more than 10 months.

Here are today's closing bell levels:

Dow 10,102.55 -17.91 (-0.18%)
S&P 500 1,073.87 -10.66 (-0.98%)
Nasdaq 2,147.35 -31.65 (-1.45%)

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Nintendo (NTDOY), the power behind the Wii console and the DS handheld, and a feared competitor in the corporate eyes of both Sony (SNE) and Microsoft (MSFT), released earnings to the market this week. According to Bloomberg, the gaming giant experienced a better than 20% contraction in operating profit in the last quarter.

However, net profit rose over 80% because of currency issues. This was pretty cool, since the effect of the yen had been a previous concern. Also cool was the fact that Nintendo came in ahead of estimates.

Microsoft (MSFT), the tech giant behind the Windows operating system, whose colleagues include Apple (AAPL), Google (GOOG), IBM (IBM), and Yahoo! (YHOO), issued Q2 numbers after the bell on Thursday. Revenues increased 14%, and diluted earnings per share went up well over 50% to 74 cents.

In terms of expectations, Earnings.com says 59 cents was the number to beat. Obviously, the company had no problem doing that. As the news outlets have been reporting, Windows 7 was the big driver of the quarter's success.

U.S. stock futures edged higher Friday following robust results from Amazon and Microsoft and as Federal Reserve Chairman Ben Bernanke was confirmed for a second term. But still ahead are GDP figures, which Wall Street will focus on to get a clearer picture of economic activity.

At 8:30 a.m., the government will disclose fourth quarter gross domestic product, the broadest measure of economic activity. Most likely, the economy grew in the fourth quarter for a second straight quarter and possibly at the fastest pace in nearly four years. Analysts estimate the economy grew 4.5% in the final three months of 2009, according to Thomson Reuters. Much of it was due to the stimulus, economists say, and if that stops, they worry growth would slow, or even stop.

For the most part, SAP (SAP) sells sophisticated and expensive business software. Needless to say, such offerings are often deferred as budgets get squeezed.

However, after a tough 2009, it looks like SAP is seeing some improvement. In fact, the company expects revenue growth of 4% to 8% in 2010. Moreover, it looks like operating margins will improve because of the cost-cutting efforts. How much? The expectation is for 30% to 31%. Last year's margin was at 27.4%.

Google (GOOG) proudly posted its fourth-quarter numbers on Thursday after the bell, probably assuming it would see a bid once the market digested its performance. But it didn't happen. Instead, the market sold the company on what I would call a very good report. Are you getting the feeling that the bullish sentiment on Wall Street is fading away?

The search giant, feared by both Microsoft (MSFT) and Yahoo! (YHOO), among others, said it made $6.79 per share on a non-GAAP basis. Which means management grew the bottom line by a more than respectable 33%. According to our earnings preview, the market was looking for $6.43.

A big player in the tech sector is ready to report today. Google (GOOG) will publish Q4 results later this afternoon. Traders and investors alike get super excited when the search behemoth tells the world how it's doing.

I think the company will show that it's doing quite well. According to Earnings.com, expectations peg the per-share profit at $6.43. If that number is hit, then the growth rate will be a solid 26% (last year at this time, Google made $5.10 per share). Of course, most people aren't interested in hitting the projected stat, they want management to rise above it and demonstrate true earnings power.

Here's something many of us thought would never happen: Apple Inc. (AAPL) teaming up with Microsoft Corporation (MSFT) for, well, anything. The mighty Google Inc. (GOOG) is the common enemy. How so? Check out the embedded Google services on the Apple iPhone.

With internet search on mobile devices becoming the soup du jour in tech circles, whoever wins mobile search on the iPhone is due some greatness. So far, Google has been there. With Google's Android mobile operating system becoming more and more of a perceived competitor to the iPhone, Apple probably wants Google off the iPhone. It makes logical sense, and it would not be the first time that Microsoft's has cozied up to Apple.