Brown-Forman Corporation (NYSE: BF.B) is engaged in the manufacture, bottling and marketing of alcoholic beverages. It provides whiskies, bourbons, wines, tequila, liqueurs, vodka, rum, gin and ready-to-drink products, under a variety of well-known brand names. Spirit products include Jack Daniel's, Canadian Mist, Early Times and Southern Comfort. Wine labels include Bolla, Fetzer, Bel Arbor and Five Rivers. The company's beverages are sold in more than 130 countries. Diageo (NYSE: DEO) and Constellation Brands (NYSE: STZ) are major competitors.

The firm pleased investors last week, when it reported Q4 EPS of 81 cents and revenues of $772.3 million. Analysts had been looking for 69 cents and $751.2 million. Management also guided FY09 EPS to $3.73-$3.98 ($3.84 consensus). The outlook incorporated expectations for continued international growth and anticipated increases in fuel and raw material costs.

The fourth quarter turned out to be a good one for National Semiconductor Corp. (NASDAQ: NSM) and Brown-Forman Corp. (NYSE: BF.B), producer of Jack Daniels Tennessee Whiskey. On Thursday, both companies reported results that beat Wall Street forecasts.

For the quarter ended May 5, National Semiconductor, the Santa Clara, Calif.-based chip maker, reported net income of $83.2 million, or 34 cents per share. Revenue rose to $462 million from $455.9 million in the year-ago period.

Analysts polled by Thomson Financial expected income of 26 cents per share on revenue of $449.5 million.

For the full fiscal year, National Semiconductor recorded net income of $332.3 million, or $1.26 per share, and revenue slipped to $1.89 billion from $1.93 billion.

The company also forecast fiscal first-quarter revenue of $460 million to $475 million, compared to analysts' expectations of $451.2 million.

Shares of National Semiconductor rose 78 cents, or 3.6%, to close at $22.66, and climbed another $2.13, or 9.4% in after-hours trading.

MOST NOTEWORTHY: Caterpillar Inc (CAT), Movie Gallery (MOVI), Cache, Inc (CACH) and Manor Care, Inc (HCR) were today's noteworthy downgrades:

• UBS downgraded shares of Caterpillar (NYSE: CAT) to Reduce from Neutral and lowered their target to $70 from $78 to reflect decelerating revenues in the company's core businesses, global capacity additions in construction machinery, competitive concerns and valuation.

• Soleil downgraded Movie Gallery (NASDAQ: MOVI) to Sell from Hold following comments after yesterday's close about missing certain debt covenants.

• Suntrust downgraded shares of Cache (NASDAQ: CACH) to Neutral from Buy citing the company's attempt to reconstruct itself in a difficult economic period with tough comps and in a waning trend cycle.

• Manor Care (NYSE: HCR) was cut to Market Perform from Outperform at Wachovia, citing the acquisition by the Carlyle Group. Soleil cut Manor Care to Hold from Buy on the news...

• UBS downgraded BG Group (NYSE: BRG) to Neutral from Buy.

• Roth downgraded MRV Communications (NASDAQ: MRVC) to Hold from Buy.

• Matrix lowered Brown-Forman (NYSE: BF.B) to Hold from Buy.

• JP Morgan cut Liberty International (OTC: LBYIY) to Neutral from Overweight.

Analyst summaries provided by TheFlyOnTheWall.com (subscription required).