Shares of food giant Campbell Soup Co. (CPB) traded sharply lower Friday morning after it posted lower-than-expected revenues and lowered forward guidance.

Earnings for the company's second quarter were in-line with analyst estimates at $0.71 per share, but revenues came in at just $2.13 billion for the quarter. Analysts had been expecting to see Campbell report revenues of $2.15 billion.

An excellent interpretative report by Bloomberg News Friday summarized the two-edged sword nature of continued U.S. productivity growth, and it's one investors should review.

Here's the low-down:

U.S. worker productivity, which increased 1.3% in the third quarter, is creating even-more-lean U.S. corporations. Productivity has also risen at an impressive 3.4% annualized rate over the past five quarters.

Medtronic, Inc. (MDT) is expected to report Q2 earnings per share (EPS) on November 23. Overall option implied volatility of 27 is near its 26-week average, according to Track Data, suggesting nondirectional price movement.

Campbell Soup Company (CPB) is expected to report Q1 EPS on November 23. Overall option implied volatility of 18 is near its 26-week average of 19, according to Track Data, suggesting nondirectional price movement.

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

Below are some highlights from this past week's earnings coverage on BloggingStocks. Click through to the original posts for more details.

• Ann Taylor Stores Corp. (ANN) shares rallied on heavy volume after it posted better-than-expected Q1 earnings.
• AutoZone Inc. (AZO) Q3 earnings easily beat consensus expectations and same-store sales rose sharply.
• Borders Group Inc. (BGP) posted a wider operating loss, decreasing gross margin, and a same-store sales decline.
• Campbell Soup Co. (CPB) posted strong Q3 results and offered guidance, boosting shares on a down-market day.
• Costco Wholesale Corp. (COST) posted better-than-expected Q3 results, due in part to a surge in membership sales.

Analyst Upgrades

• Sterne Agee upgraded American Public Education (APEI) to buy from neutral following the Q4 report and guidance. The firm has a $50 target on the stock.
• Jefferies upgraded Lamar Advertising (LAMR) to hold from underperform citing valuation and the improved ad market. The firm raised its target $30 from $22.
• Janney Montgomery upgraded Wilmington Trust (WL) to neutral from sell following the company's $250M stock offering and raised its target price on shares to $13 from $10.
• AeroVironment (AVAV) was upgraded to buy from neutral at SunTrust.
• Scripps Networks (SNI) was upgraded to overweight from equal weight at Barclays.
• TheKnot (KNOT) was raised to buy from hold at ThinkEquity.

Though the earnings season is winding down, and the coming week includes the Thanksgiving holiday in the U.S., plenty of reports are still due out. And analysts surveyed by Thomson Reuters don't seem to be expecting too many turkeys among this week's bunch.

Leading U.S. meat processor Tyson Foods Inc. (TSN), which has just named a new chief executive officer and a new chief operating officer, is expected to report fiscal fourth-quarter earnings of $0.26 per share, up from $0.14 in the same period of last year. But revenue is expected to total $6.9 billion, or 4.3% less than a year ago. The full-year forecast is for a profit of $0.25 per share (-16.7) on $26.4 billion (-3.9%) in sales. This dividend payer has offered upside surprises in the past two quarters, topping estimates by 11 cents per share in the third quarter.

• McAdams Wright expects Dendreon's (NASDAQ: DNDN) near-term momentum to continue but has long-term concerns that Street estimates are too high. The firm upgraded shares to Hold from Sell.
• JPMorgan upgraded Ameristar Casinos (NASDAQ: ASCA) to Overweight from Neutral to reflect valuation, potential catalysts from Colorado's easing gaming regulations, and the company's strong free cash flow. The firm raised its target on shares to $24 from $20.
• Citigroup upgraded Valspar (NYSE: VAL) to Hold from Sell after channel checks indicated paint demand is shifting to big-box retailers, the company's primary sales channel. The firm raised its target on shares to $22 from $19.
• Vulcan Materials (NYSE: VMC) was upgraded to Buy from Neutral at UBS.
• Altera (NASDAQ: ALTR) was raised to Outperform from Sector Perform at RBC Capital.
• Spectra Energy (NYSE: SEP) was upgraded to Neutral from Sell at Goldman.

Campbell Soup Co. (NYSE: CPB) is scheduled to discuss its fiscal third-quarter results tomorrow, May 22, in a conference call at 10:00 AM ET. You can catch the live webcast of the call on the company's website, or dial in at 1-866-219-5631.

For the quarter in which the world's largest soup maker expanded its sodium free offerings, declared a quarterly dividend, and announced an acquisition, analysts polled by Thomson Reuters expect the Camden, N.J.-based food and beverage maker to report earnings of $0.42 per share, down a penny a share from the same period of the previous year. Revenue for the quarter is expected to have fallen 4.5% to $1.8 billion. Campbell's earnings have just beat estimates in the past three quarters.

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

• Campbell Soup Co. (NYSE: CPB) reported solid Q2 numbers despite competition from store brands.
• DreamWorks Animation SKG Inc. (NYSE: DWA) missed Q4 expectations, sending shares lower.
• First Solar Inc. (NASDAQ: FSLR) said Q4 profit more than doubled due to strong demand.
• Garmin Ltd. (NASDAQ: GRMN) posted a lower-than-expected profit on soft sales and lower margins.
• Heidrick & Struggles International Inc. (NASDAQ: HSII) earnings and revenue declined in Q4.
• Home Depot Inc. (NYSE: HD) earnings beat low expectations even as revenue continued to decline.

Analysts surveyed by Thomson Reuters expected the parade of earnings declines to continue into the final week of February, with Martha Stewart Living Omnimedia Inc. (NYSE: MSO), Nordstrom Inc. (NYSE: JWN), Home Depot Inc. (NYSE: HD), Wynn Resorts Ltd. (NASDAQ: WYNN), Macy's Inc. (NYSE: M), DreamWorks Animation SKG Inc. (NYSE: DWA), Limited Brands Inc. (NYSE: LTD), Target Corp. (NYSE: TGT), Royal Bank Of Canada (NYSE: RY), Del Monte Foods Co. (NASDAQ: DLM), Kohl's Corp. (NYSE: KSS), Washington Post Co. (NYSE: WPO), Dell Inc. (NASDAQ: DELL), Gap Inc. (NYSE: GPS), Campbell Soup Co. (NYSE: CPB), RadioShack Corp. (NYSE: RSH), and H.J. Heinz Co. (NYSE: HNZ) all expected to post lower earnings for the most recent quarter. Office Depot Inc. (NYSE: ODP), Saks Inc. (NYSE: SKS), and Cooper Tire & Rubber Co. (NYSE: CTB) are expect to have swung to a loss.

The earnings season is beginning to wind down as we have passed the halfway mark of the quarter and the holiday season begins in earnest next week with Thanksgiving in the United States.

Bermuda-based Frontline Ltd. (NYSE: FRO) is anticipated by analysts surveyed by Thomson Reuters to be one of the biggest earnings gainers among companies scheduled to report quarterly results this coming week. The oil tanker fleet operator is expected to post third-quarter earnings of $1.97 per share, 86.8% higher than in the same period a year ago, on revenues of $399.5 million (+44.6%). Frontline missed estimates by 6.4% in the previous quarter, and the consensus recommendation by analysts is to hold FRO. While Motley Fool likes its robust dividend, Jim Cramer said in a recent Lightning Round that he prefers rival Nordic American Tanker Shipping Ltd. (NYSE: NAT). Shares have fallen 52.9% in the past three months, and reached a 52-week low of $25.00 on Friday.

Analog Devices Inc. (NYSE: ADI) is also expected to be among the week's biggest earnings gainers. Analysts are looking for the semiconductor chip maker to report a fiscal fourth-quarter profit of $0.44 per share, 31.8% higher than a year ago, on revenues of $661.7 million (+2.0%). Analog Devices has beat estimates in three of the past five quarters, but only missed by 1.3% in the previous quarter. Analysts on average recommend buying ADI, which has a forecast long-term EPS growth rate of 17.3%, which better than the S&P 500 and that of rival Texas Instruments Inc. (NYSE: TXN). Shares sank to a multiyear low of $16.23 on Friday, and are down 41.1% in the past three months.

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

• Campbell Soup Co. (NYSE: CPB) first quarter profits fell, but the CEO remains optimistic.
• Dell Inc. (NASDAQ: DELL) met EPS expectations, but shares fell in after-hours trading anyway.
• Marvell Technology Group Ltd. (NASDAQ: MRVL) beat EPS estimates despite posting a loss.
• Medtronic Inc. (NYSE: MDT) had a weak second quarter, but CEO remains optimistic about growth potential.
• Sears Holdings Corp.'s (NASDAQ: SHLD) profit plunged, and the company warned of continuing difficulties.
• Staples Inc. (NASDAQ: SPLS) beat low expectations, sending shares up.
• Tiffany and Co. (NYSE: TIF) posted a solid third quarter and boosted its full-year earnings outlook.
• Warner Music Group's (NYSE: WMG) profit declined; digital sales were up but CD sales were down.

Also, Jim Cramer offers perspective on the problem with Sears Holdings. And AOL Money & Finance's new dynamic stock quotes pages make keeping up with earnings, and any other stock-related information and news, much easier. Check it out.

Upcoming results to watch for include: AutoZone Inc. (NYSE: AZO), Novell Inc. (NASDAQ: NOVL), and National Semiconductor Corp. (NASDAQ: NSM).

Visit AOL Money & Finance for more earnings coverage.

MOST NOTEWORTHY:

• HSBC upgraded shares of Sanofi-Aventis (NYSE: SNY) to Overweight from Neutral to reflect the company's new drug pipeline investments.

• ThinkEquity raised Dell (NASDAQ: DELL) to buy from Sell based on expectations for a better-than-expected July quarter due to strong consumer business demand.

• Pali Research upgraded Warner Music Group (NYSE: WMG) to Neutral from Sell on valuation with the stock down 40% year-to-date.

• Merrill upgraded KeyCorp (NYSE: KEY) to Neutral from Sell following better-than-expected Q2 results.

• JP Morgan upgraded SanDisk (NASDAQ: SNDK) to Overweight from Neutral citing increased demand for NAND applications and supply constraints...

• Bernstein upgraded Campbell Soup (NYSE: CPB) to Outperform from Market Perform.

• Boston Properties (NYSE: BXP) was raised to Hold from Underweight at Keefe Bruyette.

• Matrix upgraded Acuity Brands (NYSE: AYI) to Strong Buy from Buy.

• Bernstein raised Regions Financial (NYSE: RF) to Market Perform from Underperform.

MOST NOTEWORTHY:

• JP Morgan upgraded shares of Campbell Soup (NYSE: CPB) to Overweight from Neutral as they believe the company's entrance into Russia and China is not priced into shares. JP Morgan also added CPB to their Analyst Focus List.

• UBS upgraded shares of Yum! Brands (NYSE: YUM) to Buy from Neutral based on higher estimates for international, potential debt leverage, and a potential minority spin-off of its China business.

• Lehman upgraded NYSE Euronext (NYSE: NYX) to Overweight from Equal Weight on valuation following the recent weakness. They believe Q2 earnings and a potential S&P 500 Index addition could be a catalyst for gains.

• UBS upgraded Forest Labs (NYSE: FRX) to Buy from Neutral on valuation and their belief that the company will prevail in a patent dispute over Lexapro with Teva Pharmaceutical Industries Ltd (TEVA).

• AG Edwards upgraded International Speedway (NASDAQ: ISCA) to Hold from Sell on valuation...

• Hambrecht upgraded Micron Technology (NYSE: MU) to Buy from Hold.

• JMP Securities raised shares of Equifax (NYSE: EFX) to Outperform from Market Perform.

• Ferris Baker Watts upgraded Unica Corp (NASDAQ: UNCA) to Neutral from Sell.

• Calyon upgraded Discover Financial Services (NYSE: DFS) to Neutral from Sell.

Campbell (NYSE: CPB) has become the latest large US company to decide that there is gold in China and Russia. Like most domestic companies, Campbell is trying to get beyond the fact that most of its sales are in the US and is looking for growth in Eastern Europe and Asia.

After studying the Chinese and Russian markets for two years, Campbell has decided that the markets do not want the soup-in-a-can that is popular here. So according to The Wall Street Journal: "Campbell this fall plans to roll out "starter soups" and broths designed to help consumers save time while making soups with their own touches."

Consumers in these countries tend to make their own soups, but the US soup company believes that, as people in the regions have less time at home dur to work, they will turn to the Campbell products.

The whole thing may be a big failure. It is like telling Americans that they can have Thanksgiving in a can. Probably not a good idea.

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