The new wording in LinkedIn’s user agreement now makes clear that users may not:

Upload, post, email, InMail, transmit or otherwise make available or initiate any content that: Even if it is legal where you are located, create profiles or provide content that promotes escort services or prostitution.

Prostitution is legal in some countries, so LinkedIn’s change sidesteps the legalities and replaces them with morality. Now there’s a slippery slope.

Not everyone is happy about the change. In Nevada, where prostitution is legal, opinion among sex workers is split. The owner of the Mustang Ranch supports LinkedIn, saying that advertising is against state law. Another brothel owner told The Raw Story that he didn’t want to be included in that group of people “who are doing things illegally.”

LinkedIn’s shares are up about 4% at noon today, at $191.69 in a 52-week range of $88.00 to $202.91.

BlackBerry (NASDAQ: BBRY) was cut to Market Perform from Outperform at Bernstein.

Charles Schwab Corp. (NYSE: SCHW) was cut to Underweight from Equal Weight at Barclays.

Clorox Inc. (NYSE: CLX) cut to Neutral from Outperform at Credit Suisse.

E*Trade Financial Corp. (NASDAQ: ETFC) was cut to Underweight from Equal Weight at Barclays.

Gardner Denver Inc. (NYSE: GDI) was cut to Neutral from Outperform at Credit Suisse.

Golar LNG Ltd. (NASDAQ: GLNG) was cut to Sell from an already cautious Neutral rating at Goldman Sachs.

Janus Capital Group Inc. (NYSE: JNS) was cut to Underweight from Overweight at Barclays.

LinkedIn Corp. (NYSE: LNKD) was started as Neutral based upon valuation at Baird.

Renren Inc. (NYSE: RENN) was cut to Perform from Outperform at Oppenheimer.

Smithfield Foods Inc. (NYSE: SFD) was cut to Hold from Buy at BB&T.

TD Ameritrade Holding Corp. (NYSE: AMTD) was cut to Underweight from Equal Weight at Barclays.

See also: Top Analyst Upgrades and Positive Calls This Monday

The U.S. dollar index is trading down 0.14% today, now at 82.105. The GSCI commodity index is up 1.9% at 622.62. WTI crude oil closed up 1.7%, at $95.61 a barrel to close the week with a gain of 2.8%. Brent crude trades up 1.4% at $104.29 a barrel. Natural gas is up 0.6% today at about $4.05 per million BTUs. Gold settled down 0.2% today at $1,464.20 an ounce and closed the week up 0.7%.

The unofficial closing bells put the DJIA up more than 141 points to 14,972.81 (0.95%), the NASDAQ rose about 38 points (1.14%) to 3,378.63, and the S&P 500 rose 1.05% or nearly 17 points to 1,614.34.

There were a several analyst upgrades and downgrades today, including:

• Allstate Inc. (NYSE: ALL) raised to “Conviction Buy” list at Goldman Sachs;
• Western Refining Inc. (NYSE: WNR) raised to ‘outperform’ at Credit Suisse;
• AngloGold Ashanti Ltd. (NYSE: AU) cut to ‘sell’ at Goldman Sachs;
• Sysco Corp. (NYSE: SYY) cut to ‘sell’ at Cantor Fitzgerald; and
• MBIA Inc. (NYSE: MBI) cut to ‘strong sell’ at S&P Capital IQ.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading:

• American International Group Inc. (NYSE: AIG) is up 6.1% at $44.69 after posting a new 52-week high of $44.90 earlier today;
• Gilead Sciences Inc. (NASDAQ: GILD) is up 5.8% at $55.18 after posting a new 52-week high of $56.35 earlier today;
• Kraft Foods Group Inc. (NASDAQ: KRFT) is up 5.1% at $53.11 after posting a new 52-week high of $54.10 earlier today;
• LinkedIn Corp. (NYSE: LNKD) is down 13.3% at $174.82 (more coverage here);
• SunPower Corp. (NASDAQ: SPWR) is down 2.4% at $14.93 (more coverage here);
• Automatic Data Processing Inc. (NYSE: ADT) is up 2.7% at $69.21, a new 52-week high; and
• Duke Energy Corp. (NYSE: DUK) is down 0.5% at $74.41.

Before markets open Monday morning we are scheduled to hear earnings reports from Apollo Global Management LLC (NYSE: APO), Bridgepoint Education Inc. (NYSE: BPE), Sysco Corp. (NYSE: SYY), and Westlake Chemical Corp. (NYSE: WLK).

Some standouts among heavily traded stocks today include:

Arena Pharmaceuticals (NASDAQ: ARNA) is down 9% at $7.64. The drug maker has withdrawn its application for approval of a weight-loss drug in Europe. More coverage here.

American Capital Agency Corp. (NASDAQ: AGNC) is down 8.1% at $30.42. The mortgage REIT reported terrible results after markets closed last night.

Weatherford International Inc. (NYSE: WFT) is up 8.3% at $13.74. The oil field services company expects a profit boost from its Mexican operations.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

• 11:30 a.m. – 3- and 6-month bill auctions
• 3:00 p.m. – Treasury STRIPS

Have a great weekend!

A low-end version of the Nokia Corp. (NYSE: NOK) Lumia may be Microsoft Corp.’s (NASDAQ: MSFT) best opportunity to get share in the mobile sector. (Reuters)

The Consumer Financial Protection Bureau (CPFB) will investigate car lending companies over certain questionable practices. (Reuters)

Its property and casualty business pushes American International Group Inc. (NYSE: AIG) results higher. (Reuters)

Intel Corp. (NASDAQ: INTC) picks it chief operating officer to lead the company and disappoints investors who want change to move the firm beyond PCs. (Reuters)

CEO Ivan Glasenberg of the newly merged Glencore Xstrata says layoffs are critical to his plans. (WSJ)

Verizon Communication Inc.’s (NYSE: VZ) chief executive officer says Verizon Wireless may not pay its annual dividend to Verizon or Vodafone Group PLC (NASDAQ: VOD) in the hope Vodafone will sell its shares. (WSJ)

The Reserve Bank of India cuts its rate to 7.25%. (WSJ)

Barnes & Noble Inc.’s (NYSE: BKS) Nook will start to run Google Inc. (NASDAQ: GOOG) apps. (WSJ)

Shares of LinkedIn Corp. (NYSE: LNKD) fall on a weak outlook. (WSJ)

European Central Bank President Mario Draghi says the bank may decide to ease more after it cut its key rate to 0.5%. (WSJ)

The average home price in 100 of China’s largest cities moved up by the higher rate in a year-and-a-half. (WSJ)

International Business Machines Corp. (NYSE: IBM) discussions with Lenovo about selling its server division fail. (WSJ)

Market share improvement in North America, Asia and Europe push General Motors Co. (NYSE: GM) shares higher. (WSJ)

A slew of regulatory issues badly damage J.P. Morgan & Co.’s (NYSE: JPM) role as the premier bank in the United States. (NYT)

Michael Bloomberg’s positive comments about the Financial Times cause more speculation he might buy it. (NYT)

Commercial mortgage trading by Fannie Mae and Freddie Mac comes under scrutiny. (FT)

Siemens A.G. (NYSE: SI) cuts its forecast, which may pressure its CEO to leave. (Bloomberg)

Shoe company Adidas posts record profits. (Bloomberg)

On a GAAP basis, LinkedIn reported quarterly diluted EPS of $0.20, compared EPS of $0.04 in the year-ago quarter.

LinkedIn now claims more than 225 million members, which is up from 200 million in early January. At the end of the first quarter, membership totaled 218 million.

For the second quarter, the company guided revenue to a range of $342 to $347 million and adjusted EBITDA to a range of $77 to $79 million. For the full year, the company expects revenues of $1.43 to $1.46 billion, an upward revision of $20 million. Full-year adjusted EBITDA is expected to rise by $15 million, to $330 to $345 million.

The consensus analysts’ forecast for the second quarter calls for revenues of $359.24 million and EPS of $0.31. For the full year EPS is pegged at $2.07 on revenues of $1.49 billion. LinkedIn’s failure to match or beat that revenue figure pasted the stock after the report was released.

The company’s CEO said:

Q1 was a strong quarter for LinkedIn with member engagement and financial results reaching record levels. We remained focused on delivering great products that increasingly make LinkedIn the essential daily resource for global professionals.

Shares are trading down nearly 7.5% at $186.81 in after-hours trading today, in a 52-week range of $88.00 to $202.91. Thomson Reuters had a consensus analyst price target of around $176.50 before today’s report.

The U.S. dollar index is trading up 0.91% today, now at 82.226. The GSCI commodity index is down 2.1% at 611.06. WTI crude oil closed up 3.2%, at $93.99 a barrel. Brent crude trades up 2.9% at $102.83 a barrel. Natural gas is down 6.4% today at about $4.05 per million BTUs on a larger-than-expected build in U.S. inventories (more coverage here). Gold settled up 1.5% today at $1,467.60 an ounce.

The unofficial closing bells put the DJIA up more than 131 points to 14,831.58 (0.89%), the NASDAQ rose about 41 points (1.26%) to 3,340.62, and the S&P 500 rose 0.94% or nearly 15 points to 1,597.59.

There were a several analyst upgrades and downgrades today, including Yelp Inc. (NYSE: YELP) raised to ‘market perform’ at Northland Securities; Invesco Ltd. (NYSE: IVZ) raised to ‘buy’ at Sterne Agee; Arch Coal Inc. (NYSE: ACI) raised to ‘equal weight’ at Morgan Stanley; Genco Shipping & Trading Ltd. (NYSE: GNK) cut to ‘underperform’ at Credit Suisse; and SolarCity Corp. (NASDAQ: SCTY) cut to ‘neutral’ at Goldman Sachs.

Earnings reports since markets closed last night resulted in some price moves today, including these as of the last half hour of trading: Archer Daniels Midland Co. (NYSE: ADM) is down fractionally at $33.58; Avis Budget Group Inc. (NASDAQ: CAR) is up 1.4% at $28.85; CBS Corp. (NYSE: CBS) is up 2.6% at $47.62 after posting a new 52-week high of $48.30 earlier today; Facebook Inc. (NASDAQ: FB) is up 5.6% at $28.97 (more coverage here); JDS Uniphase Corp. (NASDAQ: JDSU) is up 4% at $13.02; Las Vegas Sands Corp. (NYSE: LVS) is up 1.5% at $57.09 after posting a new 52-week high of $57.88 earlier today (more coverage here); Seagate Technology PLC (NASDAQ: STX) is up 7.5% at $39.71 after posting a new 52-week high of $39.92 earlier today; Tesoro Corp. (NYSE: TSO) is up 5.8% at $53.83; Visa Inc. (NYSE: V) is up 5.7% at $175.44 after posting a new 52-week high of $179.66 earlier today; Alpha Natural Resources Inc. (NYSE: ANR) is down 4.2% at $7.16 (more coverage here); Cigna Corp. (NYSE: CI) is up 4.2% at $68.10 after posting a new 52-week high of $68.87 earlier today; Goldcorp Inc. (NYSE: GG) is down 0.6% at $28.67(more coverage here); and Monster Worldwide Inc. (NYSE: MWW) is up 8.3% at $4.64.

Before markets open tomorrow morning we are scheduled to hear earnings reports from American International Group Inc. (NYSE: AIG), Gilead Sciences Inc. (NASDAQ: GILD), Kraft Foods Group Inc. (NASDAQ: KRFT), LinkedIn Corp. (NYSE: LNKD), SunPower Corp. (NASDAQ: SPWR), Automatic Data Processing Inc. (NYSE: ADT), and Duke Energy Corp. (NYSE: DUK).

Some standouts among heavily traded stocks today include:

MGM Resorts International (NYSE: MGM) is up 6.7% at $14.73 after posting a new 52-week high of $14.90 earlier today. The hotel and casino operator posted a surprise profit on the strength of its Macau business.

Halcon Resources Corp. (NYSE: HK) is down 9% at $5.72. The independent energy company reported poor earnings this morning.

ING U.S. Inc. (NYSE: VOYA) is up 5.7% at $20.62. The U.S. insurance arm of Dutch giant ING held its IPO today. More coverage here.

Stay tuned for Friday. Fed Governor Daniel Tarullo and Richmond Fed President Jeffrey Lacker are giving speeches. We have also noted the following events on the schedule (all times Eastern):

• 8:30 a.m. – Non-farm payrolls and employment situation
• 10:00 a.m. – Factory orders
• 10:00 a.m. – ISM non-manufacturing index

There are many risks to Facebook that have to be considered. Earnings of 2013 are just not among them. Here were some of the metrics to consider from the last quarter:

• Daily active users rose by 26% to 665 million on average for March 2013.
• Monthly active users were up 23% to 1.11 billion as of March 31, 2013.
• Mobile monthly active users were up 54% to 751 million.
• Ad revenue was $1.25 billion and mobile accounted for 30% of that revenue.
• Earnings of $0.12 per share fell short of the $0.13 per share expected, but sales of $1.46 billion narrowly topped expectations of $1.44 billion.
• Non-GAAP costs and expenses were up 56% from a year ago at $895 million in the first quarter.
• Non-GAAP operating margin was 39% for the first quarter of 2013, versus 46% a year ago.
• Instagram reached 100 million monthly active users.

So, why don’t earnings really matter for now? Facebook is getting its Home launch tweaked, and realistically we would say that this is nowhere close to even being in the second inning of its launch. The effort is going to be difficult to monetize, but the hyper-use that may come from it can lead to all sorts of new ad models that the company is only thinking of now.

Last night it was easy for pundits to say that mobile use was more than 60% of all Facebooking now, but only 30% of sales. Mobile does cannibalize desktop ad revenue, and you cannot find anyone to disagree there. If you have a content business, you know this all too well. But the growth is happening here, and it is only going to continue. Facebook could get much more aggressive if it wants to because the company does not charge any of its users for general mobile and desktop use.

Facebook has always said that it will be free. That might not be the case forever, at least not as far as different tiered plans could be considered. Imagine if Facebook just came out with a $1.00 per month plan that had certain bells and whistles. Zuckerberg does not want to do that, but what if that becomes the way that Facebook does not have to worry about the mobile degradation of desktop revenues.

This will not sound good to those of us who get annoyed by Facebook users getting addicted to the point that they are Facebooking during dinner, movies and conversations. Mark Zuckerberg thinks that mobile engagement is only a fraction of what it can be.

Another reason that Facebook’s earnings do not matter right now is that LinkedIn Corp. (NYSE: LNKD) has such an astronomical valuation compared to Facebook that it makes Facebook stock actually look cheap. Facebook is worth more than $65 billion, versus more than $21 billion for LinkedIn. The difference is that LinkedIn’s annual sales for 2013 are projected to be about $1.5 billion, while Facebook generated close to that in just the first quarter alone. LinkedIn trades at close to 150 times expected 2013 earnings and 95 times the expected 2014 earnings. Facebook’s earnings multiple, even after the earnings gain of more than 3%, is 50 times expected 2013 earnings and 36 times the expected 2014 earnings estimate.

Does this mean that you should run out and instantly buy up Facebook stock? No, but you need to get past all the noise around a single quarterly earnings report. Mark Zuckerberg has survived a disaster and embarrassment of an IPO that really hurt thousands upon thousands of investors. He is now showing that mobile usage will be an earner, and that is the real reason that Facebook’s earnings do not matter. If Zuckerberg wants to try something new, he can always change directions if it is not working. As far as spending and the pressure on earnings, Zuckerberg can simply tell the investment community, “Look, I invested to pressure this quarter and next quarter’s earnings by a couple cents per share to double earnings in 2016 or 2017.”

Facebook is the true newcomer to the lot for the migration to mobile, and the company has far less financial demands placed on it over the likes of Google Inc. (NASDAQ: GOOG) and Microsoft Corp. (NASDAQ: MSFT). The proof is in the reaction after missing on the actual earnings. Facebook’s stock is up 3.7% at $28.45 on what is almost 60 million shares at mid-day. If earnings really mattered here, today you would see Facebook in negative territory rather than being up.

Again, this is not a recommendation to just go out and buy Facebook shares. You just do not need to bother yourself watching each earnings metric, other than sales growth and mobile revenue growth, for what very well may be the rest of this year. The actual earnings per share will matter, but maybe not until well into 2014.

Worries about Apple Inc.’s (NASDAQ: AAPL) profits press its stock value under $400. (Reuters)

LinkedIn Corp. (NYSE: LNKD) will test mobile ads in it smartphone app. (Reuters)

Twitter begins to examine tweets to better target ads. (Reuters)

China will allow the yuan to trade in a wider range. (WSJ)

Bundesbank President Jens Weidmann tells the Wall Street Journal that Europe’s financial repair could take a decade. (WSJ)

The International Energy Agency says the progress of green energy has slowed. (WSJ)

Carnival Corp. (NYSE: CCL) will spend as much as $700 million to upgrade hospital and safety systems on its ships. (WSJ)

The growth of the PayPal operation of eBay Inc. (NASDAQ: EBAY) slows, according to its earnings report. (WSJ)

Microsoft Corp. (NASDAQ: MSFT) earnings likely will show the company’s products have not triggered global PC growth. (WSJ)

Large bank profits may push regulators to put more regulations on the banking system. (NYT)

The United States has become Japan’s top export market, taking the position from China. (FT)

The International Monetary Fund says monetary easing could cause credit bubbles. (FT)

Gold miners lose $169 billion as the price of the metal falls. (Bloomberg)

The basic tenets of the rule were issued in a press release by the SEC. Could the announcement have been placed on Facebook as an adequate way for the government to distribute its decision? Apparently, the SEC would have had to tell investors who want to track its decisions which social media it will use. The core of the pronouncement is this:

The Securities and Exchange Commission today issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.

Facebook and Twitter are mentioned, but MySpace, LinkedIn Corp. (NYSE: LNKD) and Google Inc.’s (NASDAQ: GOOG) Google+ are not. LinkedIn prizes itself on reaching business people and professionals. Maybe, with well more than 200 million members, it is not large enough. Google would argue that Google+ has been a raging success, but some critics say it is not used much because of the dominance of Facebook. However, Google+ has 400 million members. However, the search company says only one hundred million are active each month. How many monthly active users do Facebook and Twitter have? Who knows for certain?

The SEC has not really solved the issue of how social media can be used for important public corporation announcements. It has set very, very wide guidelines. Maybe these will work for large investment firms that can track countless messages on social networks, once companies say which ones they will use. As for everyone else, who knows?

These are some of this Tuesday’s top analyst upgrades, downgrades and initiations seen from select Wall St. research calls. A new wave of initiations at UBS is skewing the calls to include many more technology and Internet names compared to normal.

Amazon.com Inc. (NASDAQ: AMZN) started as Neutral at UBS.

AOL Inc. (NYSE: AOL) started as Buy with $44 price target at UBS.

Apple Inc. (NASDAQ: AAPL) maintained Buy but removed from Conviction Buy List at Goldman Sachs (FULL SUMMARY).

Buffalo Wild Wings Inc. (NASDAQ: BWLD) started as Neutral at Credit Suisse.

Charles Schwab Corp. (NYSE: SCHW) cut to Neutral from Outperform at Credit Suisse.

CME Group Inc. (NASDAQ: CME) cut to Neutral from Outperform at Credit Suisse.

eBay Inc. (NASDAQ: EBAY) started as Buy with $64 target at UBS.

Exxon Mobil Corp. (NYSE: XOM) cut to Perform from Outperform at Oppenheimer.

Facebook Inc. (NASDAQ: FB) started as Neutral at UBS.

Read also: 5 big dividend hikes to watch for in April

Google Inc. (NASDAQ: GOOG) started as Buy with $945 target at UBS.

Goldman Sachs Group Inc. (NYSE: GS) cut to Neutral from Buy at BofA/Merrill Lynch.

Groupon Inc. (NASDAQ: GRPN) started as Sell at UBS.

Hewlett-Packard Co. (NYSE: HPQ) cut to Sell from Neutral with $16 target price at Goldman Sachs.

LinkedIn Corp. (NYSE: LNKD) started as Neutral at UBS.

Morgan Stanley (NYSE: MS) cut to Neutral from Outperform at Credit Suisse.

Priceline.com Inc. (NASDAQ: PCLN) started as Buy with $825 price target at UBS.

Read also: UBS Sees 25% or More Upside in These Key Stocks

Rackspace Hosting Inc. (NYSE: RAX) cut to Market Perform at Wells Fargo.

SunTrust Banks Inc. (NYSE: STI) cut to Neutral from Outperform at Credit Suisse.

Yahoo! Inc. (NASDAQ: YHOO) started as Buy with $27 target at UBS.

Yelp Inc. (NYSE: YELP) started as Buy with $30 target at UBS.

Zynga Inc. (NASDAQ: ZNGA) started as Neutral at UBS.

We have offered two views on the bull market trends. First is the bull market roadmap for April and beyond. The second and contrarian view is in the 10 things thich could wreck the bull market.