The Federal Reserve's next Beige Book report is scheduled to be released this week. This report is a compilation of anecdotal information on current economic conditions from each of the 12 Federal Reserve Bank districts, and it is released eight times a year. The data comes from interviews with business contacts, economists, market experts, and other sources. The June report is expected to show strengthening signs of expansion, though results could be mixed across the 12 districts.

Economic data due out this week include:

Analyst Upgrades

• Macquarie upgraded Boeing (BA) to outperform from neutral based on increased delivery forecasts for next year. The firm has an $83 target on the stock.
• William Blair upgraded Polycom (PLCM) to outperform from market perform, citing strong industry demand and improving execution.
• Rodman & Renshaw upgraded Idera Pharmaceuticals (IDRA) to outperform from market perform to reflect the company's platform technologies and partnership potential.
• Stanley Black & Decker (SWK) was upgraded to buy from hold at Deutsche Bank.
• Jacobs Engineering (JEC) was raised to overweight from neutral at JPMorgan.
• Felcor Lodging (FCH) was upgraded at FBR Capital to outperform from market perform.

Earlier this month, Bob Evans (NASDAQ: BOBE) rallied on the heels of a very positive earnings report. The company said its profits improved by 31% on a slight decline in sales and improved cost savings.

More importantly, the company provided guidance that was above Wall Street estimates. Like most retailers, BOBE is experiencing softness in its business, but not a complete collapse as many expected.

The current recession has touched all sectors. The rules of the game have been changed, and nobody is safe. The paradigm is shifting.

One of the consequences of the current state is a new-found appreciation for savings in the U.S. A consumer who does not spend is bad news for the retail sector, and it is bad news for an economy dependent on consumer spending.

The one glimmer of hope comes from the restaurant space. When it became clear that this recession would be long and deep, consumers clamped wallets shut. Dining out in this environment was an easy luxury to cut.

Much of the attention this week will no doubt be on how the impending General Motors (NYSE: GM) bankruptcy will shake out, as well as the usual economic concerns: Has the housing market bottomed? Will oil prices keep rising? Is the employment situation getting any better? And so on (see highlights of the economic calendar below).

What probably won't get much attention are quarterly earnings, as the earnings season for this quarter winds down. But there are a few reports that analysts surveyed by Thomson Reuters have high hopes for.

• Friedman Billings upgraded LSI Corp (NYSE: LSI) to Outperform from Market Perform as it believes the risk/reward is attractive at current levels as the company's near-term business trends are stabilizing. The firm maintains a $4 target on the stock.
  
• Merriman upgraded shares of Medarex (NASDAQ: MEDX) to Neutral from Sell on valuation following the stock's 40% decline year-to-date.
  
• Morgan Stanley upgraded ITT Educational (NYSE: ESI) to Overweight from Equal Weight. The firm believes valuation appropriately discounts risks from its internal lending program.
• Noble (NYSE: NE) was upgraded to Buy from Neutral at Goldman and added to the Conviction Buy List.
  
• Energizer (NYSE: ENR) was raised to Neutral from Sell at UBS.
  
• Arch Chemicals (NYSE: ARJ) was upgraded at KeyBanc to Hold from Underweight.

• Roth Capital upgraded Charlotte Russe (NASDAQ: CHIC) to Hold from Sell. The firm is positive on management's strategy to drive improved operating performance and is encouraged by the company's longer-term growth prospects.
  
• Banc of America upgraded shares of Las Vegas Sands (NYSE: LVS) to Neutral from Sell following the company's capital raise as they see a more balanced risk/reward at current levels. The firm lowered their target to $5 from $12.
  
• Constellation Brands (NYSE: STZ) was raised to Buy from Neutral at UBS.
  
• Credit Suisse upgraded Ameriprise (NYSE: AMP) to Outperform from Neutral.
  
• Bob Evans (NASDAQ: BOBE) was upgraded to Hold from Underweight at KeyBanc.
• J. Sainsbury (OTC: JSAIY) was upgraded to Buy from Hold at ING and to Neutral from Underweight at JP Morgan after the company topped earnings expectations.

• JP Morgan downgraded General Motors (NYSE: GM) to Neutral from Overweight citing the "ambiguity of government aid structure" and the likely dilution to equity. The analyst said GM needs money now to get past December 2008 and will need at least $15B to get through 2009, with the total bailout potentially reaching $30B.
  
• Goldman downgraded Dell (NASDAQ: DELL) to Sell from Neutral and added shares to the Conviction Sell List.
  
• J.C. Penney (NYSE: JCP) was lowered to Equal Weight from Overweight at Morgan Stanley.

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

• ADC Telecommunications Inc. (NASDAQ: ADCT) beat Q2 estimates and raised its full-year guidance.
• Alcoa Inc. (NYSE: AA) near-term earnings prospects led to an analyst downgrade.
• Banco de Chile (NYSE: BCH) earnings prospects after an acquisition led to an analyst's upgrade.
• Benihana Inc. (NASDAQ: BNHN) posted lower Q4 profits but still beat earnings estimates.
• Bob Evans Farms Inc. (NASDAQ: BOBE) reported solid Q4 results due in part to cost management.
• Brown-Forman Corp. (NYSE: BF.B) easily beat Q4 estimates and offered full-year guidance.
• CMGI Inc. (NASDAQ: CMGI) lowered its guidance, sending shares tumbling 25%.
• Coca Cola Hellenic Bottling Co. (NYSE: CCH) warned of weaker earnings due to economic conditions.
• Conn's Inc. (NASDAQ: CONN) reported solid Q1 results and issued in-line guidance for the year.
• Dick's Sporting Goods Inc. (NYSE: DKS) earnings prospects impress analysts despite recent guidance.
• Guess? Inc. (NYSE: GES) topped Q1 expectations due to strong international expansion.
• Krispy Kreme Doughnuts Inc. (NYSE: KKD) swung to a Q1 profit despite falling revenues.
• Lehman Brothers Holdings Inc. (NYSE: LEH) posted a bigger-than-expected loss on further write-downs.

Bob Evans Farms (NASDAQ: BOBE) owns and operates full-service restaurants, under the Bob Evans and Mimi's Cafe brand names. The Bob Evans chain consists of 571 stores in the Midwest, mid-Atlantic and Southeast regions of the United States. Mimi's Cafe runs 132 restaurants, primarily in California and other western states. The company is also a leading producer of pork sausage and complementary homestyle convenience foods, under the Bob Evans and Owens brand names. Smithfield Foods (NYSE: SFD) is a competitor.

The firm pleased investors last week, when it reported solid Q4 results and issued in-line guidance for its FY09 performance. The CEO attributed success to cost management on the restaurant side and better-than-expected numbers from the food products business. The shares were subsequently upgraded from "neutral" to "buy" at MKM Partners.

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

• Bob Evans Farms Inc. (NASDAQ: BOBE) posted stronger-than-expected Q4 earnings.
• Ciena Corp. (NASDAQ: CIEN) beat earnings expectations, but share prices slipped anyway.
• Daktronics Inc. (NASDAQ: DAKT) Q4 results beat expectations and it raised its revenue outlook.
• Diageo (NYSE: DEO) is recession-proof and should deliver solid results, predicts one adviser.
• Donaldson Company Inc. (NYSE: DCI) beat Q3 expectations and raised its full-year guidance.
• Ensco International Inc. (NYSE: ESV) was upgraded because of its earnings growth potential.
• Lehman Brothers Holdings Inc. (NYSE: LEH) earnings prospects don't impress Jim Cramer.
• Netezza Corp. (NYSE: NZ) beat Q1 expectations and offered full-year revenue guidance.
• Potash Corp. (NYSE: POT) earnings are "set to soar" says one analyst, due to rising demand and prices.
• Sherwin-Williams Co. (NYSE: SHW) lowered its Q2 and full-year forecasts, sending shares down.
• Take-Two Interactive Software Inc. (NASDAQ: TTWO) beat Q2 estimates on Grand Theft Auto IV demand.
• Trina Solar Ltd. (NYSE: TSL) beat Q1 estimates but shares fell on the disappointing Q2 outlook.
• Wal-Mart Stores Inc. (NYSE: WMT) was upgraded due to its earnings outlook and increased productivity.

See also: Earnings highlights: Toll Bros., National Semiconductor, Dr Pepper, Guess and others

Also, continued real estate losses are expected to hurt the quarterly reports of banks such as like Wachovia (NYSE: WB), Wells Fargo (NYSE: WFC), and National City (NYSE: NCC). And Steven Mallas wonders why Playboy (NYSE: PLA) shares have tanked since its last earnings report.

Upcoming results to watch for include Krispy Kreme (NYSE: KKD), Pall Corp. (NYSE: PLL), Pep Boys (NYSE: PBY), Korn Ferry (NYSE: KFY), and Casey's General Stores (NASDAQ: CASY).

Visit AOL Money & Finance for more earnings coverage.

Guess (NYSE:GES) is up 7% on strong earnings.

Bob Evans (NASDAQ:BOBE) is up 3% on good same-store sales.

Tibco Software (NASDAQ:TIBX) is off 9% on a poor quarter.

Lehman (NYSE:LEH) is down 6% over concerns that it may have trouble raising money.

Hovnanian (NYSE:HOV) is down 4% after reporting weak earnings.

Stocks may trade differently in the pre-market than they do in the regular session.

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

Restaurant operator Bob Evans Farms Inc. (NASDAQ: BOBE) and apparel designer and retailer Guess Inc. (NYSE: GES) both reported earnings growth on Tuesday that beat analysts' expectations.

Bob Evans said its fiscal fourth-quarter profit rose 5% from the year-ago period to $16.1 million, or 52 cents per share. Revenue rose 4% to $436.4 million. Analysts polled by Thomson Financial had estimated earnings of 41 cents per share on sales of $441.5 million.

The company said results were boosted by increases in both its restaurant and food products segments. Same-store sales at Bob Evans brand restaurants rose 1.7%. And the quarter included a pretax gain of $700,000 from the sale of real estate assets.

For the year, Bob Evans reported income of $64.9 million, or $1.95 per share, compared with $60.5 million, or $1.66 per share, in the prior year. Revenue rose 5% to $1.74 billion.

Shares rose 85 cents, or 3%, to close at $29.09. Shares are up 8.3% year to date.

Here's a peek at what analysts surveyed by Thomson Financial are expecting from companies scheduled to report quarterly results in the first week of June, 2008.

The following companies are expected to post earnings growth, compared to the same period in the previous year:

• Take-Two Interactive (NASDAQ: TTWO) up 136.6% (from a loss) to $1.12 per share, on $499.1 million in revenue
• Lululemon Athletica Inc. (NASDAQ: LULU) up 58.3% to 12 cents per share, on $71.8 million in revenue
• Vimpelcom Communications (NYSE: VIP) up 54.2% to 59 cents per share, on $2.1 billion in revenue
• Focus Media Ltd. (NASDAQ: FMCN) up 36.4% to 33 cents per share, on $161.3 million in revenue
• Ciena Corp. (NASDAQ: CIEN) up 29.7% to 37 cents per share, on $238.4 million in revenue
• Greif Inc. (NYSE: GEF) up 24.1% to 87 cents per share, on $839.9 million in revenue
• Vail Resorts Inc. (NYSE: MTN) up 18.4% to $2.44 per share, on $474.8 million in revenue
• Guess? Inc. (NYSE: GES) up 17.4% to 46 cents per share, on $451.6 million in revenue
• Del Monte Foods Co. (NYSE: DLM) up 15.4% to 26 cents per share, on $1.0 billion in revenue
• Cooper Companies Inc. (NYSE: COO) up 14.6% to 48 cents per share, on $256.7 million in revenue
• Jackson Hewitt Tax Service Inc. (NYSE: JTX) up 1.9% to $2.08 per share, on $161.6 million in revenue

There is an outfit headquartered in Columbus, Ohio that got its start as a twelve-stool diner owned by a local farmer. He said he could not get any decent sausage for the diner and began making his own back at the farm. That was fifty-nine years ago. Both the diner and the sausage-making businesses have since prospered.

Bob Evans Farms (NASDAQ: BOBE) owns and operates full-service restaurants, under the Bob Evans and Mimi's Cafe brand names. The Bob Evans chain consists of 579 stores in the Midwest, mid-Atlantic and Southeast regions of the United States. Mimi's Cafe runs 118 restaurants, primarily in California and other western states. The company is also a leading producer of pork sausage and complementary home-style convenience foods, under the Bob Evans and Owens brand names. Smithfield Foods (NYSE: SFD) is a competitor.

The firm had good news for investors last Monday evening, when it announced Q2 EPS of 45 cents and revenues of $426.3 million. Analysts had been expecting 39 cents and $425.5 million. Management also guided FY08 EPS to $1.77-$1.84 ($1.72 consensus). The stock popped through 30-day and 50-day moving average resistance on the news and began consolidating the gain in a bullish "flag" pattern. Then, on Thursday evening, the board authorized a two million share addition to its stock buyback program. That boosted the current fiscal year authorization to five million shares and took the stock price to the top of the flag. Further upside is expected.

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

• Agilent Technologies Inc. (NYSE: A) beat expectations in both earnings and revenues.
• Bob Evans Farms Inc. (NASDAQ: BOBE) beat estimates despite rising labor and commodities costs.
• Cimatron Ltd. (NASDAQ: CIMT) reported record revenues and improved profits.
• FedEx Corp. (NYSE: FDX) cut its outlook, leading the share price to a 52-week low.
• Fossil Inc. (NASDAQ: FOSL) had a strong quarter due to international sales and cost cutting.
• Home Depot Inc. (NYSE: HD) profits declined due to the housing slowdown.
• JCPenney Co. (NYSE: JCP) beat low expectations despite it first profit decline in three quarters.
• PepsiCo Inc. (NYSE: PEP), reaffirmed its full-year forecast after the recent restructuring announcement.
• Sotheby's (NYSE: BID) narrowed its losses, due largely to higher auction and private sale commissions.
• Starbucks Corp. (NASDAQ: SBUX) met expectations but lowered its guidance.
• Tandy Brands Accessories Inc. (NASDAQ: TBAC) posted losses due to overreliance on a single customer.
• TJX Cos. (NYSE: TJX) fell short of expectations but offered sunny full-year guidance.
• Tyco International Ltd. (NYSE: TYC) beat expectations and offered "cautiously optimistic" outlook.
• Wal-Mart Stores Inc. (NYSE: WMT) beat estimates on improved U.S. performance and international growth.

Jim Cramer offers three tests for financial stocks. Zac Bissonnette examines the relationship between earnings and the number of press releases generated by a company.

Upcoming results to watch for include: Hewlett-Packard Co. (NYSE: HPQ), Target Corp. (NYSE: TGT), Whole Foods Market (NASDAQ: WFMI), Abercrombie & Fitch Co. (NYSE: ANF), Gap Inc. (NYSE: GPS), and Deere & Co. (NYSE: DE).

Visit AOL Money & Finance for more earnings coverage.