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"Over the next five years the energy patch should offer some of the best investments around, and one standout is Schlumberger (NYSE: SLB)," says Stephen Leeb in The Complete Investor.

"Schlumberger, by a wide margin, is the best and most dominant. Its services range from well testing to pressure pumping to seismic testing, and it's No. 1 in virtually every area it occupies.

"Some of its operations, especially those that maintain the health of existing wells, are highly recession-resistant.

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

• Amazon.com Inc. (NASDAQ: AMZN) reported strong Q1 results easily beat expectations.
• Bank of America Corp. (NYSE: BAC) posted better-than-expected Q1 earnings, helped by home refinancing.
• Caterpillar Inc. (NYSE: CAT) reported its first quarterly loss since 1992 and cut its revenue outlook.
• Coca-Cola Co. (NYSE: KO) posted Q1 earnings that were in line with expectations, but shares fell.
• eBay Inc. (NASDAQ: EBAY) posted better-than-expected Q1 earnings despite a decline in sales.

Early this morning, oil firm Schlumberger (NYSE: SLB) reported earnings of 78 cents per share -- which was considerably lower than last year's same-quarter results of $1.09 per share. While the results were worse than a year ago, SLB managed to top the consensus estimate by three cents. Quarterly revenue totaled $6.0 billion, which was off from last year's revenue of $6.29 billion.

SLB, which is the world's largest oilfield services company, attributed the lower results to a slump in energy demand, which forced customers to reduce activity and search for price reductions. The company also noted that the rate of decline in its oilfield services division dropped considerably compared to the fourth quarter, thanks mainly to a sharp drop in the firm's North American natural gas rig count. SLB stated, "Our visibility on 2009 has not materially changed from the end of the fourth quarter."

Valero Energy (NYSE: VLO) closed at $20.50. VLO is scheduled to report Q1 EPS on April 28. Crude oil futures are recently up 1.51% to $49.59. VLO May option implied volatility of 63 is below its 26-week average of 73 according to Track Data, suggesting decreasing price movement.

Schlumberger (NYSE: SLB) closed at $46.23. SLB is scheduled to report Q1 EPS on April 24. May option implied volatility of 61 is below its 26-week average of 65, according to Track Data, suggesting decreasing price movement.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

"Many experts believe that oil prices are at unsustainably low prices now, and they expect a sharp rise in the commodity price as supply and demand come back into line again," says turnaround expert George Putnam.

In The Turnaround Letter, he suggests, "If oil does begin to rise again, the oilfield service stocks could rebound sharply." Here, he takes a look at large cap plays on a rebound within the oilfield services sector.

"We all know that oil prices have fallen dramatically from their highs in the summer of 2008. But different types of oil-related stocks have reacted quite differently to the price change in the underlying commodity.

"For example, while oil itself has dropped nearly 70% from its 12-month high, the stock of the largest integrated oil company, Exxon-Mobil (NYSE: XOM), is down only 26%, less than the stock market as a whole.

"Long term, supply remains the key issue to watch in the crude oil market; depressed prices continue to force producers to scale back on exploration and development spending," says energy expert Elliott Gue.

In The Energy Strategist, he says, "I watch oil service giant Schlumberger (NYSE: SLB) as a gauge of overall health in energy markets; it has its hands in just about every imaginable oil- or gas-producing market on the planet."

"Schlumberger's fourth quarter earnings release and conference call were far and away the most bearish from the company in at least five years.

"CEO Andrew Gould was notably downbeat, particularly during the analysts' question and answer (Q&A) session. Predictably, earnings estimates have plummeted since that call.

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

• Adobe Systems Inc. (NASDAQ: ADBE) posted strong Q4 and full-year results, but with flat Q4 revenues.
• Best Buy Inc. (NYSE: BBY) beat Q3 expectations though earnings tumbled, and shares rose about 18%.
• Carnival Corp. (NYSE: CCL) announced that it had lowered its full-year earnings and revenue guidance.
• Discover Financial Services (NYSE: DFS) net income from continuing operations more than doubled in Q4.
• Eaton Corp. (NYSE: ETN) cut its Q4 earnings guidance on weakness in the American auto market.
• FedEx Corp. (NYSE: FDX) Q2 earnings topped expectations and it reaffirmed its guidance.
• General Electric Co. (NYSE: GE) declined to provide quarterly earnings guidance in its annual outlook.
• General Mills (NYSE: GIS) posted a higher-than-expected profit on cost cutting and increased marketing.
• Gilead Sciences Inc. (NASDAQ: GILD) strong earnings growth are expected by one analyst to continue.
• Goldman Sachs Group (NYSE: GS) swung to an anticipated Q4 loss and reported negative revenues.
• Healthcare Realty Trust Inc. (NYSE: HR) was downgraded due to its near-term earnings prospects.
• Honeywell International Inc. (NYSE: HON) affirmed a lower 2009 outlook and said it expects profits to fall.

Analyst upgrades:

• JP Morgan upgraded Altria (NYSE: MO), citing the company's 25% cash return to shareholders by 2010 and its market leadership.
  
• RBC Capital upgraded Core Laboratories (NYSE: CLB) based on its solid balance sheet and liquidity, strong market positions, and technology-driven products.
  
• RBC Capital believes Schlumberger's (NYSE: SLB) earnings will decrease the least vs. its peers through 2010 and notes its breadth of products/services.
• Tellabs (NASDAQ: TLAB) upgraded to Overweight from Equal Weight at Barclays.
  
• Bally Tech (NYSE: BYI) upgraded to Buy from Neutral at Goldman.
  
• Best Buy (NYSE: BBY) upgraded to Buy from Neutral at Piper Jaffray.

• Goldman downgraded Apple (NASDAQ: AAPL) citing consumer spending concerns and valuation.
  
• Merrill downgraded JP Morgan (NYSE: JPM) citing expectations for credit costs to get worse in the US.
  
• Wachovia downgraded a handful of names, including Chesapeake (NYSE: CHK), in the Exploration & Production space as they believe natural gas prices have more downside in order to balance supply/demand fundamentals.

• Jefferies upgraded shares of Red Hat (NYSE:RHT) to Buy from Hold after their checks indicated Red Hat's November quarter results will be in-line due to solid Jboss sales. The firm also believes a potential new partnership with Cisco (NASDAQ:CSCO) could provide share upside.
  
• Barclays upgraded Amazon.com (NASDAQ:AMZN) to Overweight from Equal Weight as they believe the company's competitive position will strengthen during the current downturn and that the company will gain share.
• JP Morgan upgraded YRC Worldwide (NASDAQ:YRCW) to Neutral from Underweight following the announcement that the company and the Teamsters will vote on contract modifications.
• Del Monte Foods (NYSE:DLM) was raised to Overweight from Equal Weight at Stephens.
  
• Thomson Reuters (NYSE:TRI) was upgraded at Morgan Stanley to Equal Weight from Underweight.
  
• Reliant Energy (NYSE:RRI) was lifted to Outperform from Market Perform at Wachovia.

• B. Riley downgraded shares of Hot Topic (NASDAQ:HOTT) to Neutral from Buy to reflect a lack of visibility into 2009 and valuation but raised their target price to $9.30 from $8.20.
• Citigroup cut KLA-Tencor (NASDAQ:KLAC) to Hold from Buy to reflect their more offensive stance on the semi group as they view KLA-Tencor as a more defensive name. The firm lowered their target to $22 from $31.
• KeyBanc downgraded Arch Chemicals (NYSE:ARJ) to Underweight from Hold citing global economic headwinds, the stronger dollar, pension costs, and continued weakness in North American housing, among other reasons.
  
• Jo Ann Stores (NYSE:JAS) was cut to Hold from Buy at Soleil.
• Calyon downgraded Schlumberger (NYSE:SLB) to Outperform from Buy.
• Amdocs (NYSE:DOX) was downgraded to Neutral from Buy at Goldman.