Here are highlights of some other earnings reports from Thursday:

• Gap Inc. (NYSE: GPS) reported a 21% increase in its fourth-quarter profit year over year. The $265 million, or 35 cents per share, matched analysts' expectations. Revenue totaled $4.68 billion, down 5% from the previous year.
• Kohls Corp. (NYSE: KSS) fourth-quarter profit fell about 15% year over year to $411.7 million, or $1.31 per share, just beating analysts' estimates. Sales rose less than 1% $5.49 billion, but same-store sales fell.
• Revlon Inc. (NYSE: REV) said Thursday it swung to a fourth-quarter profit of $40.8 million, or 8 cents per share, matching expectations. Revenue rose 1% to $382.6 million.
• Dell Inc. (NASDAQ: DELL) posted a lower-than-expected quarterly profit of $679 million, or 31 cents per share. Revenue rose to $16 billion from $14.5 billion a year ago.
• Novell Inc. (NASDAQ: NOVL) swung to a profit in its fiscal first quarter: $16.8 million, or 5 cents per share, matching expectations. Revenue rose to $230.9 million from $218.4 million a year ago.
• Freddie Mac (NYSE: FRE) reported that its loss widened to $2.5 billion, or $3.97 a share, in the fourth quarter as mortgage defaults increased. On Wednesday, Fannie Mae (NYSE: FNM) reported a $3.6 billion loss for the fourth quarter, or $3.80 a share.
• American International Group Inc. (NYSE: AIG) swung to a loss of $5.29 billion, or $2.08 per share, in the fourth quarter, on home loan related investment losses.
• Del Monte Foods Co. (NYSE: DLM) fiscal third-quarter 2008 net income rose 15% year over year to to $53.3 million, or 26 cents per share. Revenue rose 10% to $1 billion. Both EPS and revenue beat expectations.
• XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) said narrowed its fourth-quarter loss to $239 million, or 78 cents per share, thanks to a 20% jump in revenue year over year to $307.7 million.

MOST NOTEWORTHY: Novell, Con-Way and Flamel Technologies were today's noteworthy upgrades:

• Jefferies named Novell (NASDAQ: NOVL) its Tuesday Value Pick and upgraded shares to Buy from Hold based on expectation for revenue stabilization and gradually improving margins throughout 2008. They note the company has $3.64 in cash per share.
  
• JP Morgan upgraded Con-Way (NYSE: CNW) to Overweight from Neutral, citing strong execution following the company's Q4 report.
  
• Flamel Tech (NASDAQ: FLML) was raised to Buy from Neutral at Merriman, as they believe low expectations and the company's robust pipeline create upside the potential for upside in 2008.

OTHER UPGRADES:

• Toyota (NYSE: TM) was upgraded to Neutral from Underweight at HSBC.
  
• UBS upgraded Arris (NASDAQ: ARRS) to Buy from Neutral.
  
• BNP Paribas raised Siliconware Precision (NASDAQ: SPIL) to Buy from Hold.

Here are a few highlights of this past week's earnings coverage from BloggingStocks:

• Analogic Corp. (NASDAQ: ALOG) easily beat expectations, sending shares higher.
• Ciena Corp. (NASDAQ: CIEN) posted a loss and forecast sales for 2008 below estimates.
• Coca-Cola Enterprises Inc.'s (NYSE: CCE) earnings outlook led shares to a 52-week high.
• Cooper Cos. (NYSE: COO) swung to a loss on acquistion costs and litigation.
• Copart Inc. (NASDAQ: CPRT) beat expectations, sending shares to a new high.
• Costco Wholesale Corp. (NASDAQ: COST) posted a solid quarter, in line with expectations.
• Cost Plus Inc. (NASDAQ: CPWM) posted a smaller-than-expected net loss.
• Fleetwood Enterprises Inc. (NYSE: FLE) narrowed its loss through improved efficiency.
• General Electric Co. (NYSE: GE) reaffirmed its 4Q forecast, but the forward outlook disappointed investors.
• H&R Block Inc. (NYSE: HRB) warned of a deep loss due to the mortgage meltdown.
• Korn/Ferry International (NYSE: KFY) beat estimates and revised its guidance.
• Leap Wireless International Inc. (NASDAQ: LEAP) posted a loss, but share prices rose anyway.
• Lehman Brothers Holdings Inc. (NYSE: LEH) earnings fell for the third quarter in a row.
• Methode Electronics Inc. (NYSE: MEI) beat estimates, spurred by international sales.
• Novell Inc. (NASDAQ: NOVL) swung to a loss, surprising Wall Street.
• Synopsys Inc. (NASDAQ: SNPS) beat expectations and offered guidance.
• Texas Instruments Inc. (NYSE: TXN) raised its guidance for the fourth quarter.

For more than a week, Novell, Inc. (Nasdaq: NOVL) has delayed its earnings. But, we got the results yesterday -- and they were fairly ho-hum. Fiscal Q4 revenues increased 5% to $244.9 million but there was a net loss of $17.9 million or $0.05 per share. Keep in mind that there were one-time expenses for the sale of a consulting division.

Novell got a big boost from its Linux platform, which saw a 69% increase in revenues and 4,700 new customers, such as Wal-Mart Stores, Inc. (NYSE: WMT), Credit Suisse Group (ADR) (NYSE: CS) and Wachovia Corporation (NYSE: WB). There were also some key enterprise deals with Dell Inc. (Nasdaq: DELL) and Lenovo.

No doubt, Novell is still in the restructuring mode. Some of the initiatives include: outsourcing technical talent to low-wage countries; stronger partner relationships; and shared services with its back office.

However, with $1.3 billion in the bank -- which represents more than half of Novell's market cap -- there will likely be pressure from investors, such as for buybacks.

Tom Taulli is the author of various books, including The Complete M&A Handbook and The Edgar Online Guide to Decoding Financial Statements. He also operates DealProfiles.com.

Luminent Mortgage (NYSE: LUM): Enters into a new financing agreement to improve capital base. Shares up 31%.

Evergreen Solar (NASDAQ:ESLR): UBS upgrades the stock, which is trading higher by 19%.

Novell (NASDAQ:NOVL): Falling 9% on fiscal Q4 loss.

Rio Tinto (NYSE:RTP): Selling off almost 4% on concerns about whether the firm will be bought out.

Douglas A. McIntyre is an editor at 247wallst.com.

Stock futures were lower this morning, pointing to a similar start for U.S. stocks. Investors are eying Citi's decision to move some $49 billion of SIV assets onto its balance sheet, while awaiting consumer prices to be released an hour before the opening bell.

Yesterday, U.S. stocks closed mixed. Renewed inflation worries as the PPI climbed 3.2% in November put pressure on stocks, but better-than-expected retail sales and a good earnings forecast from industrial Honeywell International (NYSE: HON) helped lift 's earnings forecasts helping lift sentiment. The Dow ended up 41 points, or 0.33%, the S&P 500 added 1.8 points, or 0.12%, while the Nasdaq Composite Index ended the day down 2.6 points, or 0.1%.

Today, prices at the consumer level will be reported at 8:30 a.m. EST. CPI, a closely watched inflation gauge, is expected to have risen 0.6% in November, after a 0.3% climb in October. Core CPI, which strips the volatile food and energy costs, is estimated to have risen 0.2% in November, same as the month before.
Also being released today just before the opening bell is November industrial production and capacity utilization.

Coca-Cola (NYSE: KO) -

KO announced Muhtar Kent as its new CEO, succeeding resining chairman and CEO Neville Isdell. Isdell will remain chairman until April 2009. KO overall option implied volatility of 21 is near its 26-week average of 20 according to Track Data, suggesting non-directional risk.

Novell (NASDAQ: NOVL) -

NOVL postponed its Q4 and full year 2007 earnings release because of inquiries from the SEC about NOVL's accounting practices. NOVL, a provider of network software, closed at $6.94. NOVL overall implied volatility of 46 is above its 26-week average of 35 according to Track Data, suggesting larger risk.

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

As firms become increasingly dependent on efficient and secure access to enterprise data, the advantages of a unified architectural approach to database management become increasingly apparent. There is an outfit in Oceanport, New Jersey, noted for the degree to which its systems employ that approach.

CommVault Systems (NASDAQ: CVLT) provides data management software and related services. Its unified suite of applications is used for enterprise-wide data migration, backup, archiving, data replication and disaster recovery. The firm serves customers in manufacturing, financial services, health care, transportation and the public sector. It has strategic partnerships with the likes of Dell (NASDAQ: DELL), Hitachi (NYSE: HIT) and Novell (NASDAQ: NOVL).

The firm pleased investors last week when it announced fiscal Q2 EPS of 12 cents and revenues of $47.4 million. Analysts had been expecting 12 cents and $45.9 million. The revenue figure was a company record. Management also guided FY08 EPS to 57-59 cents (56 cent consensus) and FY08 revenues to $194-$196 million ($192.81 million consensus). In discussing the favorable outlook, the CEO noted significant progress in expanding the company's market positions in backup and emerging products.

The key to the effectiveness of network software is the experience of the provider. There is an outfit in Waltham, Massachusetts that shapes up pretty good along that line. It has been in business for nearly a quarter of a century and serves more than 50,000 customers.

Novell Inc. (NASDAQ: NOVL) is engaged in the development, implementation and support of mixed source and open source business software. The firm's flagship NetWare operating system integrates corporate networks, connecting servers with PCs, storage systems and printers. Novell also provides network management software, directory services products, a version of the Linux operating system and IT consulting services. Strategic partners include Dell (NASDAQ: DELL), Intel (NASDAQ: INTC) and Oracle (NASDAQ: ORCL).

The company pleased investors last week, when it reported fiscal Q3 EPS of five cents and revenues of $243 million. Analysts had been looking for two cents and $234.8 million. Management also guided FY07 revenues to $925-$955 ($942.42M consensus). First Albany subsequently spoke well of the stock, citing an improved balance sheet, a low valuation and potential future restructuring/buyback catalysts. The NOVL price popped on the news and has since settled into a bullish "flag" consolidation pattern. Equities frequently exit flags moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.

Brokers recommend the issue with two "strong buys," three "buys," seven "holds" and one "sell." Analysts expect a 43% growth rate through the next year. The NOVL Price to Sales ratio (2.68), Price to Book ratio (2.23), Price to Free Cash Flow ratio (6.70) and EPS Growth rate (66.67%) compare favorably with industry, sector and S&P 500 averages. Institutional investors hold about 73% of the outstanding shares. The stock is one of those used to calculate the S&P 500 Index. Over the past 52 weeks, it has traded between $5.70 and $8.26. A stop-loss of $6.35 looks good here.

Larry Schutts is a contributing editor for Theflyonthewall.com and the Vice-President of Stockwinners.com.

In what has become a market roller coaster ride, U.S. stock futures were down this morning, indicating a lower start, a day after the Dow has staged a nearly 250 point rally. It seems the uncertainty regarding the Federal Reserve's next move left investors looking for direction. Today, more economic data is on the docket as well as several companies reporting earnings. It seems the market may yet again change direction today.

Yesterday, U.S. stocks recovered most of Tuesday's selloff. The Dow industrials, which dropped 280 points on Tuesday finished the day up 248 points Wednesday. The Street was encouraged by a letter Fed Chairman Bernanke sent to Sen. Charles Schumer, in which he said the Fed was monitoring the financial markets and was prepared to take action if necessary.

Today, an article in the WSJ left investors less sure about the Fed's next move as it suggests that Bernanke and the Fed may not rush to cut rates [subscription required]. Bernanke may do so eventually, the Journal writes, but his strategy is to break expectation that financial markets turmoil leads to the Fed bailing out. Meanwhile, investors will have to wait and any speeches, like the one Bernanke is set to give Friday at the Federal Reserve Bank of Kansas City's annual symposium in Jackson Hole, Wyo will be scrutinized.

Today at 8:30 a.m., the second release of second-quarter GDP is due. Economists expect the economy grew at a 4.1% rate in Q2, faster than the original estimation of 3.4%. Update (8:41 a.m.): The U.S. economy bounced back in the second quarter , growing at a 4% annual real growth rate. It is unlikely this will have an impact on the direction of the market.
Also at 8:30, weekly jobs claims will be reported.

Overseas, Asian markets rebounded, closing higher. Hong Kong led the rally in Asia due to earnings while news of out China was that Finance Minister Jin Renqing resigned.
In Europe, despite news that European banks are battling short-term loan crunch, shares rose for the ninth time in ten sessions, also helped by some strong earnings.

In corporate news:

Lehman Brothers upgraded Motorola Inc. (NYSE: MOT) to Overweight from Equal weight, saying it expects a recovery in the the group's phone unit.

Earnings are due from Tiffany & Co. (NYSE: TIF), and after the close, Dell (NASDAQ: DELL) - expected 30 EPS.

Novell (NASDAQ: NOVL) shares are up 2.2% in premarket trading after the company reported quarterly results yesterday, beating estimates.

More corporate news: Before the bell: YHOO, AAPL, GE, GM, SHLD

Before the bell: Stock futures rise as markets ready to recover

Apple Inc. (NASDAQ: AAPL) shares are up over 1.7% in premarket trading after the company officially announced yesterday it will be holding a "special event" on September 5, The Beat Goes On. Expectations are that Apple will introduce several new products. According to Theflyonthewall, Goldman Sachs said it expects a new family of iPods to be announced during the event, a week ahead of expectations. The new iPods will likely include greater functionality at current price points and Goldman believes this will create another opportunity for upside in the second half of 2008. Bloomberg also reports that the release of new models of the company's iPod media player is expected during the event. Piper Jaffray's Gene Munster said, "I would say 99 percent it's a new iPod."

Meanwhile, Nokia Corp. (NYSE: NOK) is up nearly 4% in premarket trading after the company announced launching new top-end phones a new online music store, and a global gaming service, directly competing with Apple.

In the auto industry, U.S. car makers continue their effort to expand overseas. Ford Motor Co. (NYSE: F) had signed an agreement with a Spanish union to invest €425 million ($578 million) in its vehicle manufacturing plant in Valencia, eastern Spain. General Motors Corp (NYSE: GM) and Japan's Isuzu Motors Ltd said they would work together more closely in South America.

While Kuwait is in talks with Boeing Co (NYSE: BA) and Airbus SAS about buying aircraft, Boeing announced yesterday it has been awarded a NASA contract valued at approximately $514.7 million to produce the upper stage of the Ares I crew launch vehicle. BA shares are up 0.95% in premarket trading (8:08 a.m.).

Novell Inc. (NASDAQ: NOVL) shares are up 1.5% in premarket trading (8:00 a.m.) as the company is expected to report third-quarter earnings of 2 cents a share.

The theory goes that Linux, the open-source operating system, will replace Windows as the preferred software to run servers. Over time, the cost advantage of software created by a community of developers would overwhelm the pricey Microsoft (NASDAQ: MSFT) product.

So much for theory. Windows is actually taking share from Linux in the server market. According to TheStreet.com "Microsoft picked up 2 percentage points, bringing its market share to 67.1% of servers shipped during the second quarter." Windows server revenue hit $5 billion in the second quarter compared to $1.8 billion for Linux.

The one operating system that did not do well in the last quarter was Unix, which is marketed by Sun (NASDAQ: JAVA) among others.

In some ways the figures are not a surprise, despite the cost advantage of Linux. The large enterprise marketers of the software, Novell (NASDAQ: NOVL) and Redhat (NASDAQ: RHT) have never become large companies.

Linux still operates under the threat of patent litigation. Microsoft has claimed that the open-source software violates several hundred of its patents.

Big enterprises shy away from products with potential IP problems, and that may be Microsoft's biggest weapon.

Douglas A. McIntyre is a partner at 24/7 Wall St.

Monday August 27

• Shanda Interactive Entertainment Ltd (NASDAQ: SNDA) to report Q2 earnings; conference call at 9am.
• Landstar System Inc (NASDAQ: LSTR) to hold Q3 mid-quarter conference call at 2pm.

Tuesday August 28

• Corinthian Colleges Inc (NASDAQ: COCO) to report Q4 earnings; conference call at 12pm.

Wednesday August 29

• TiVo Inc (NASDAQ: TIVO) to report Q2 earnings; conference call at 5pm.
• Novell Inc (NASDAQ: NOVL) to report Q3 earnings; conference call at 5pm.

Thursday August 30

• Freddie Mac Corp (NYSE: FRE) to report Q2 earnings; conference call at 10am.
• Novellus Systems Inc (NASDAQ: NVLS) to hold Q3 mid-quarter conference call at 4:30pm.
• PDUFA Date for Tericia Inc (NASDAQ: TRCA) for Somatuline Autogel for acromegaly.

Friday August 31

• Blyth Inc (NYSE: BTH) to hold Investor Q&A conference call at 2pm.

Main market news: Before the bell: Watching the Fed, investors prop up Goldman Sachs fund

Sears Holdings Corp. (NASDAQ: SHLD) -- The retailer lowered its second quarter earnings forecast and said same stores sales declined. It also announced a new share buyback.

Novell Inc. (NASDAQ: NOVL) -- A federal judge ruled Friday that Novell, not SCO Group Inc. (NASDAQ: SCOX) was the rightful owner of the UNIX operating system. SCO, which has also sued International Business Machines Corp. (NYSE: IBM), had claimed it owned Unix and was entitled to royalties from the popular free Linux operating system.

Mattel Inc. (NYSE: MAT) -- The head of a Chinese toymaker at the center of huge recall involving Mattel's Fisher-Price unit committed suicide, according to state-run media.

Citigroup Inc. (NYSE: C) -- Citigroup lost $700 million in credit business in recent weeks, according to the Financial Times.

When it comes to creating effective network software, experience is the key. There is an outfit in Waltham, Massachusetts that shapes up pretty good that way. It has been in business for nearly a quarter of a century and serves more than 50,000 customers.

Novell Inc. (NASDAQ: NOVL) is engaged in the development, implementation and support of mixed source and open source business software. The firm's flagship NetWare operating system integrates corporate networks, connecting servers with PCs, storage systems and printers. Novell also provides network management software, collaborative tools, directory services products, a version of the Linux operating system and IT consulting services. Strategic partners include Dell (NASDAQ: DELL), Hewlett-Packard (NYSE: HPQ), IBM (NYSE: IBM), Intel (NASDAQ: INTC), Oracle (NASDAQ: ORCL) and Microsoft (NASDAQ: MSFT).

The company pleased investors last week, when it reported Q2 EPS of three cents and revenues of $239.0 million. Analysts had been looking for a penny and $234.8 million. The CEO cited the impact of cost control measures and strength in the firm's Linux and Identity businesses for success. Management also guided FY07 revenues to $925-$955 ($953.50M consensus). NOVL shares popped into a bullish "pennant" consolidation pattern on the news. Prices frequently exit pennants moving in the same direction they were traveling when they entered them. In this case, that would be to the upside.