Analyst Upgrades

• Citigroup (C) to outperform from market perform at Bernstein.
• Cubist Pharma (CBST) to outperform from neutral at RW Baird.
• Pentair (PNR) to buy from hold at Citigroup.
• Heritage Financial (HFWA) to outperform from market perform at Keefe Bruyette.
• SL Green Realty (SLG) and Digital Realty (DLR) to market perform from underperform at FBR Capital.
• MGM Resorts (MGM) to neutral from Sell at Janney Capital.
• Ciena (CIEN) to buy from neutral and Olin (OLN) to buy from underperform at BofA/Merrill.
• Mellanox (MLNX) to overweight from equal weight at Barclays.
• ConocoPhillips (COP) and Canadian Natural (CNQ) to overweight from neutral at JPMorgan.
• IDEX (IEX) to outperform from perform at Oppenheimer.
• Taiwan Semiconductor (TSM) to buy from hold at Deutsche Bank.
• Ctrip.com (CTRP) to positive from neutral at Susquehanna.
• Linear Technology (LLTC) and Analog Devices (ADI) to hold from sell at Auriga.
• Quicksilver (KWK) to outperform from market perform at BMO Capital.

Analyst Upgrades

• Expedia (EXPE) to buy from hold at Citigroup.
• Weatherford (WFT) to outperform from market perform at Wells Fargo.
• Abercrombie & Fitch (ANF) to buy from neutral at BofA/Merrill.
• MDC Holdings (MDC) to outperform from neutral at Credit Suisse.
• AutoNavi (AMAP) to buy from neutral at Goldman.
• Ciena (CIEN) and Nvidia (NVDA) to neutral from underweight at JPMorgan.
• Canadian Pacific (CP) to outperform from market perform at Raymond James.
• First Midwest (FMBI) and Quiksilver (ZQK) to buy from hold at Jefferies.
• Sonic (SONC) to neutral from negative at Susquehanna.
• MIPS Technologies (MIPS) to buy from hold at Benchmark Co.
• Arrow Electronics (ARW) and Avnet (AVT) to buy from hold at Stifel Nicolaus.

Ciena (CIEN - option chain) stock is trading lower today after the company reported Q1 2011 earnings this morning, posting a loss of $79.06 million, or 84 cents per share. Excluding one-time items, CIEN lost 14 cents per share on revenue of $433.31 million, while analysts had forecast a loss of 16 cents per share on revenue of $421.91 million. CIEN also forecast Q2 revenue of $415 to $435 million, below analysts' forecasts of $438.5 million. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on CIEN.

This morning, CIEN opened at $27.60. So far today the stock has hit a high of $28.38 and a low of $25.49. As of 12:10, CIEN is trading at $25.25, down $3.56 (-12.4%). The chart for CIEN looks neutral and S&P gives CIEN a neutral 3 STARS (out of 5) hold ranking.

Analyst Upgrades

• SINA (SINA) to overweight from neutral at Piper Jaffray.
• Texas Instruments (TXN), ON Semiconductor (ONNN), Xilinx (XLNX) and Valassis (VCI) to overweight from neutral at JPMorgan.
• Salesforce.com (CRM) to buy from hold at Canaccord.
• Peet's Coffee (PEET) to buy from neutral at Janney Capital.
• Invesco Mortgage (IVR) to overweight from equal weight at Barclays.
• BTU International (BTUI) to buy from hold at Wunderlich.
• Coca-Cola Femsa (KOF) to overweight from neutral at HSBC.
• Chipotle (CMG) to market perform from underperform at Morgan Keegan.

Analyst Upgrades

• Chesapeake (CHK) to buy from hold at Canaccord.
• Biogen (BIIB) and Regeneron (REGN) to outperform from sector perform at RBC Capital.
• Caribou Coffee (CBOU) to outperform from neutral and Encore Energy (ENP) to neutral from underperform at RW Baird.
• Fluor (FLR) to market perform from underperform at BMO Capital.
• Hornbeck Offshore (HOS) to conviction buy from neutral at Goldman.
• Saks (SKS) and Zale (ZLC) to neutral from underperform at BofA/Merrill.

Analyst Upgrades

• Home Depot (HD) to buy from neutral at Goldman.
• Delta Air Lines (DAL) to buy from neutral at BofA/Merrill.
• Heico (HEI) to outperform from sector perform at RBC Capital.
• Royal Dutch Shell (RDS.A) to outperform from neutral at Credit Suisse.
• MB Financial (MBFI) to outperform from neutral at RW Baird.
• Quest Diagnostics (DGX) to equal weight from underweight at Morgan Stanley.
• Oshkosh (OSK) to neutral from underweight at JPMorgan.
• Volterra (VLTR) and Silicon Laboratories (SLAB) to buy from neutral at Roth Capital.
• Ascena Retail Group (ASNA) to overweight from neutral at Piper Jaffray.
• Cytec Industries (CYT) to buy from hold at Deutsche Bank.

Analyst upgrades:

• Verizon (VZ) to conviction buy from buy at Goldman.
• CSX (CSX) to outperform from market perform at Wells Fargo.
• AK Steel (AKS) to overweight from neutral, as well as Lorillard (LO) and Fifth Third Bancorp (FITB) to neutral from underweight, at JPMorgan.
• Marathon Oil (MRO) to overweight from equal weight at Morgan Stanley.
• Corning (GLW) to buy from outperform at CLSA.
• Quest Diagnostics (DGX) to buy from hold at Jefferies and to outperform from sector perform at RBC Capital.
• Salesforce.com (CRM) to buy from neutral at Roth Capital.
• Baker Hughes (BHI) to buy from hold at Weeden and to outperform from neutral at Macquarie.
• Western Digital (WDC) and Seagate (STX) to buy from underperform at BofA/Merrill.

As noted in September, broadband/bandwidth play Ciena's (CIEN) pop back above the key, 50-day moving average was a good omen, and the stock has since rocketed up to about $21, taking out psychological resistance at $20.

Ciena, first discussed here on May 19, 2009, at a price of $11.27, remains on track to post a roughly 50% increase in revenue in FY2011, after a likely 80% to 90% increase in FY2010, aided by revenue from its $521 million acquisition of Nortel's Metro Ethernet Networking business in March.

Ciena (CIEN), an expert in network technology, is rocking. With roughly two hours to go before the end of the trading session, the company's stock was up well over 14% to $18.26. Volume was strong.

Initially, one may have thought that the fiscal Q4 earnings report wasn't so hot. Bloomberg says that, on an adjusted basis, the company lost 18 cents per share. Not only was that worse than what was booked last year, but it was three pennies below expectations. The top line, however, beat the estimates (net sales reflected contributions involving operations purchased from Nortel Networks Corp.). Reuters indicates that the first quarter may be a relatively good one, so the market appears to be responding to that, as well.

Analyst Upgrades

• SanDisk (SNDK) was upgraded to outperform from neutral at RW Baird.
• JPMorgan resumed Potash (POT) at overweight, up from neutral.
• Ariba (ARBA) was upgraded to buy from neutral at Roth Capital.
• Cirrus Logic (CRUS) was upgraded to buy from hold at Jefferies.
• Morgan Stanley upgraded Tesoro (TSO) to overweight from equal weight.
• Solarfun Power (SOLF) was upgraded to buy from hold at Auriga.
• Barclays upgraded Ciena (CIEN) to overweight from equal weight.
• Optimer Pharm (OPTR) was upgraded to outperform from market perform at JMP Securities.
• Argo Group (AGII) was upgraded to outperform from market perform at FBR Capital.
• BofA/Merrill upgraded Green Mountain (GMCR) to buy from underperform and Southern Company (SO) to neutral from underperform.

It's been a tumultuous summer for the stock of broadband/bandwidth play Ciena Corp (CIEN), first discussed here on May 19, 2009, at a price of $11.27. Here's hoping you held on to your shares.

The reason? After staging an impressive rally in the first half of 2010 -- one where the stock roughly doubled from about $10.40 to $19.60, the shares swooned this summer, and gave back almost the entire gain, falling to about $11.55.

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:

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

• AutoZone Inc. (AZO) reported better-than-expected Q2 earnings, as well as sales and gross margin growth.
• Big Lots Inc. (BIG) beat Q4 earnings expectations, raised its guidance, and lifted its share repurchase program.
• Carmike Cinemas Inc. (CKEC) swung to better-than-expected profit in Q4 and reported strong sales growth.
• Ciena Corp. (CIEN) reported a bigger-than-expected Q1 net loss and some revenue growth, and offered guidance.
• DISH Network Corp. (DISH) posted a year-over-year increase in Q4 revenue but also a decline in per-share earnings.

Analyst Upgrades

• JPMorgan upgraded TiVo (TIVO) to overweight from neutral as it believes Thursday's appeal win against DISH Network could lead to revenue upside. The firm raised its target price for shares to $23 from $15.
• Collins Stewart upgraded DISH Network (DISH) to buy from hold on valuation, as it believes much of the impact from the negative appeals ruling is priced into the stock. The firm has a $30 target for shares.
• Cowen upgraded Ciena (CIEN) to outperform from neutral. The firm believes Ciena's acquisition of MEN is transformative and will accelerate top line growth.
• Progress Software (PRGS) was upgraded to buy from hold at Needham.
• Allergan (AGN) was upgraded to buy from hold at Lazard Capital.
• Public Service (PEG) was upgraded to buy from hold at Jefferies.

While Ciena (CIEN) has shown strength lately, the company had a setback Thursday as it disappointed investors on its fiscal first-quarter results. The company, which is a major supplier of telecom equipment, posted a loss of $53.3 million, or $0.58 per share, which compares to a loss of $24.8 million, or $0.27 per share in the same period a year ago. Revenues were up 4.9% to $175.9 million.

Excluding certain one-time items, Ciena's loss came to $0.12 per share. However, the Street consensus was for a loss of $0.09 per share. So, in morning trading, the shares of Ciena were off 9% to $13.24.