Lululemon Athletica (LULU) is recently up 3% following its board of directors approving a two-for-one stock split. Overall option implied volatility of 46 is near its 26-week average according to Track Data, suggesting non-directional price movement.

Apollo Group (APOL) is recently down 6% after lowering 2012 guidance. Overall option implied volatility of 45 is near its 26-week average according to Track Data, suggesting non-directional price movement.

Update is by Stock Specialist Paul Foster of theflyonthewall.com

Analyst Upgrades

• Deutsche Bank upgraded Ford (F) to buy from hold and raised its price target to $19.50 from $14.50, citing positive demand trends, sustainable market share gains and strong cash flow.
• BMO Capital upgraded MGM Resorts (MGM) to outperform from market perform with an $18 target, citing stabilizing metrics in Las Vegas.
• Deutsche Bank upgraded TRW Automotive (TRW) to buy from hold, citing better-than-expected production trends, and raised its price target for shares to $52 from $39.
• Dr. Reddy's Labs (RDY) was upgraded to buy from underperform at BofA/Merrill.
• Pulte Group (PHM) was upgraded to neutral from sell at UBS and $8.50 price target.
• Vodafone (VOD) was upgraded to buy from neutral at Nomura.

The earnings season kicked off last week with better-than-expected results from Alcoa (AA) and Yum! Brands (YUM), while Marriott (MAR) and Pepsico (PEP) met consensus EPS estimates. This week, bellwether companies Intel (INTC), General Electric (GE), Google (GOOG) and JPMorgan Chase (JPM) are scheduled to report their third-quarter results, and analysts polled by Thomson Reuters are looking for earnings growth from all of them.

Santa Clara, Calif.-based Intel announced the acquisition of McAfee and joint ventures with General Electric and Nokia (NOK) during its third quarter. Analysts forecast earnings for that period to come to 50 cents per share, which is up 34.0% from the same period of last year. The number one semiconductor maker's revenue for the three months ended in September is expected to total $11.0 billion, or 17.1% more than a year earlier. Looking ahead to the full year, the forecast thus far is for earnings of $1.94 per share (+44.8%) and $43.3 billion in revenue (+23.4%). The per-share earnings topped analysts' expectations in the past four quarters, by as much as a dime per share.

Analyst Upgrades

• Citigroup upgraded OpenTable (OPEN) to buy from hold, citing stronger than expected near-term trends and traction for the company's Spotlight offering. Citi upped its price target for shares to $70 from $46.
• Wells Fargo upgraded Werner (WERN) to outperform from market perform, citing valuation, the company's reduction in cost, and its above peer exposure to the pricing cycle.
• Goldman upgraded CarMax (KMX) to neutral from sell based on valuation and higher used car profitability. The firm has a $24 target on the stock.
• Apollo Group (APOL) was upgraded to overweight from equal weight at Morgan Stanley.
• Nokia (NOK) was upgraded to overweight from equal weight at Barclays.
• Zions Bancorp (ZION) was upgraded to outperform from market perform at Bernstein.

Analyst Upgrades

• Oppenheimer upgraded Teva (TEVA) to outperform from perform. The firm expects the company to generate strong 2H10 earnings and thinks the competition created by Novartis's (NVS) Gilenia will be limited.
• Citigroup upgraded Celanese (CE) to buy from hold, citing valuation and the company's move to add assets in China, as well as possible takeover interest.
• Needham raised Stereotaxis (STXS) to buy from hold as the firm thinks that strong clinical data recently announced by the company could result in faster adoption rates of its robotic surgery.
• BMO Capital upgraded Smurfit-Stone Container (SSCC) given strength in the containerboard market.
• Melco Crown (MPEL) was upgraded to buy from neutral at UBS.
• Goldman Sachs raised Temple-Inland (TIN) to buy from neutral.
• Barclays upgraded Lloyds Banking (LYG) to equal weight from underweight.

The calendar quarter winds down this week, and in the days leading up to the Independence Day holiday in the U.S., Apollo Group Inc. (APOL) is expected to be an earnings winner. General Mills (GIS) and Monsanto (MON) are scheduled to report quarterly results this week as well, but analysts surveyed by Thomson Reuters expect them to post smaller profits.

Analysts on average expect for-profit education provider Apollo Group to report that its fiscal third-quarter earnings rose 18.7% from a year ago to $1.55 per share. Revenue for the three months that ended in May is expected to have risen 23.2% in the past year to $1.3 billion. Apollo Group's per-share earnings have topped consensus estimates in the past five quarters, by as much as 13 cents per share. The First Call recommendation of analysts is to buy APOL and has been for more than 90 days. Shares have fallen 28.6% in the past three months and reached a 52-week low of $43.49 on Friday.

Earnings season is winding down, but there are still a few companies that have yet to take their turn in Wall Street's spotlight. Ahead of Monday's opening bell, for-profit education issue Apollo Group, Inc. (APOL) is scheduled to unveil its fiscal second-quarter results.

Analysts surveyed by Thomson Reuters are expecting Apollo to report a profit of 81 cents per share, up from 77 cents per share in the year-ago quarter. Sales for the period are projected to arrive at $1.07 billion.

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

• Apollo Group Inc. (APOL) second quarter EPS guidance fell short of analysts' estimates, sending shares lower.
• CBS Corp. (CBS) higher Q4 earnings were in line with analysts' expectations but free cash flow declined.
• Deere & Co. (DE) posted higher Q1 earnings that easily topped expectations, sending shares sharply higher.
• Gap Inc. (GPS) received a downgrade from an analyst that foresees contracting earnings, returns and margins.
• Hewlett-Packard Co. (HPQ) better-than-expected Q1 results were accompanied by a better-than-expected outlook.

Analysts surveyed by Thomson Reuters expect for-profit education provider Apollo Group Inc. (APOL) to start of the new year right when it reports fiscal first quarter 2010 results this week. During the three months that ended in November, Apollo's subsidiary, Apollo Global, saw management changes and its University of Phoenix was recertified to participate in Title IV programs.

Apollo Group is expected to report that earnings rose 22.8% from a year ago to $1.45 per share. Revenue for the quarter is expected to total $1.2 billion, which is 25.9% higher than a year ago. So far, the forecast is for similar year-over-year growth of EPS and revenue in the second quarter. This Phoenix-based company has topped earnings estimates in the past five quarters, by as much as 13 cents per share.

Apollo Group (NASDAQ: APOL) was recently trading at $58.52 in after market trading, below its close of $72.97. APOL announced an informal inquiry into its revenue recognition practices. APOL November option implied volatility went out at 52, December at 45; verses its 26-week average of 49, according to Track Data, suggesting non-directional price movement.

CBOE Volatility Index: VIX was up 64 cents to 24.96.

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