Constellation Brands (STZ) is off this afternoon. With roughly two hours to go before the close of regular trading activities, the stock is down 5.6% to $20.38. Volume is heavy.

The seller of alcoholic beverages issued its fiscal third-quarter results today. According to the Associated Press, on an adjusted basis, the business delivered 66 cents per share, a number that was five pennies ahead of the overall estimate. In addition to that good news, earnings guidance for the full year saw an increase.

Analyst Upgrades

• Boeing (BA) to overweight from neutral at JPMorgan.
• Alcoa (AA) to buy from hold at Deutsche Bank.
• BP (BP) to outperform from market perform at Raymond James.
• Office Depot (ODP) and Staples (SPLS) to buy from neutral at Janney Capital.
• ON Semiconductor (ONNN) to buy from hold at Citigroup.
• Kennametal (KMT) and Polyone (POL) to buy from hold at KeyBanc.
• Airgas (ARG) to outperform from market perform at William Blair.
• EchoStar (SATS) to neutral from underperform at Macquarie.

Although the U.S. economy has added jobs in recent months, the unemployment rate remains uncomfortably high at 9.8%. The rate for December is due out on Friday and is expected to drop to 9.7%. However, no one seems to expect significant improvement until well into the new year.

Other economic data on this week's schedule include:

• Monday: ISM Manufacturing Index, construction spending and auto sales data

Constellation Brands (STZ), a business that produces wines and spirits, is down a little over 1% as I write this during the afternoon session. I'm seeing a quote of $15.43, which places the share price a few bucks below the 52-week high of $18.87.

Back in January, when the company had reported its Q3 numbers, I wasn't too thrilled with the stock as an investment vehicle. Then, in April, Mark Fightmaster gave his opinion on the equity when the Q4 report was released. He didn't seem exactly bullish, either.

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

• Alcoa Inc. (AA) received an analyst's downgrade ahead of its earnings report due to pricing pressures in 2011.
• American Eagle Outfitters Inc. (AEO) disappointing earnings guidance offset sales numbers to depress shares.
• Bed Bath & Beyond (BBBY) shares hit a new 52-week high after it reported strong Q4 results and offered guidance.
• Constellation Brands Inc. (STZ) posted a narrower net loss for Q4 and offered lower-than-expected guidance.

Constellation Brands (STZ) announced Friday that it lost $51 million in the fourth quarter because of lagging sales on wine, spirits and beer. STZ lost 23 cents per share during the quarter compared to a loss of $1.88 per share last year. Excluding one-time items, STZ earned 27 cents per share, topping the consensus estimate by three cents per share.

Looking ahead, STZ forecasts 2011 earnings of $1.36 to $1.51 per share, with adjusted earnings between $1.53 per share to $1.68 per share. The problem is that the Street expects 2011 earnings of $1.78 per share. It is this news that could leave STZ bulls crying into their drinks today.

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

• Ark Restaurants Corp. (ARKR) shares declined after Q4 earnings fell short of consensus expectations.
• Azz Inc. (AZZ) Q3 net income fell more than expected but the company reaffirmed its earnings outlook.
• Bed Bath & Beyond Inc. (BBBY) reported strong Q3 results, sending shares to a new 52-week high.
• Best Buy Inc. (BBY) declined to lift its earnings forecast despite strong December sales, send shares lower.
• Constellation Brands Inc. (STZ) lower Q3 earnings topped expectations and revenue declined as well.

Constellation Brands (STZ) reported what I thought was a dismal third quarter. The market wasn't too worried about it, though. The stock closed down about one percent. Yes, that's a decline, but I honestly thought the numbers would have been worth a bit more in terms of selling pressure (volume was strong, however).

Then again, the real name of the game is beating the analyst projections. On that count, Constellation was a winner. The company made an adjusted 54 cents per share, two cents better than predictions, according to Earnings.com. So, I suppose Wall Street had to give credit to management for at least achieving some amount of success. This most likely kept the selling in check.

Constellation Brands (NYSE: STZ - option chain) shares are rising today even though the markets are down sharply after the company reported second-quarter earnings. Adjusted profits were $120 million, or 54 cents per share, on revenue of $877 million, while analysts were expecting a profit of 41 cents per share on revenue of $834 million. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on STZ.

STZ opened this morning at $15.70. So far today the stock has hit a low of $15.20 and a high of $16.19. As of 11:35, STZ is trading at $15.73 up 58 cents (3.8%). The chart for STZ looks bullish and S&P gives STZ a positive 4 STARS (out of 5) buy ranking.

Autumn has arrived and the quarter winds down this week. The Dow has been inching toward 10,000 for a while now, though it closed lower in the past three sessions. Can it make it to 10,000 for the start of the third quarter? If so, what will push it higher? If not, what will drag it down further?

• Monday is Yom Kippur, the most solemn of the Jewish holidays; trading likely will be lighter than usual. In the evening, the FDIC meets to discuss how to rebuild the Bank Deposit Insurance Fund.
• Tuesday, the Consumer Confidence Index for September is due and the SEC holds a public meeting to consider more short sale actions.

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

• Apollo Group Inc. (NASDAQ: APOL) posted better-than-expected Q3 earnings due to higher enrollments.
• Ball Corp. (NYSE: BLL) expected earnings growth resulted in an upgrade from one analyst.
• Constellation Brands Inc. (NYSE: STZ) shares soared after Q1 earnings topped analysts' expectations.
• General Mills Inc. (NYSE: GIS) profit doubled in Q4, beating estimates, and annual sales also rose.
• H&R Block Inc. (NYSE: HRB) reported earnings growth for the fiscal year but essentially flat revenues.
• Schnitzer Steel industries Inc. (NASDAQ: SCHN) surprised analysts with a Q3 loss, sending shares lower.
• Sealy Corp. (NYSE: ZZ) Q2 earnings fell short of expectations and revenues declined due to the recession.

Constellation Brands (NYSE: STZ - option chain) shares are trading higher today after the company posted a first-quarter profit of 33 cents per share, topping analysts' forecasts of 32 cents per share. If you think that the stock won't fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on STZ.

STZ opened this morning at $13.18. So far today the stock has hit a low of $13.02 and a high of $14.19. As of 12:20, STZ is trading at $13.84 up $1.16 (9.2%). The chart for STZ looks bullish and S&P gives STZ a positive 4 STARS (out of 5) buy ranking.

Things will be pretty quiet again on the earnings front during this holiday-shortened week, so not much chance of fireworks there.

The one report analysts surveyed by Thomson Reuters seem to have the highest hopes for is that from Apollo Group Inc. (NASDAQ: APOL), as people look to education to better position themselves to survive the economic slump. For its fiscal third quarter, during which a new co-CEO was named, the Phoenix, Ariz.-based educational services provider is expected to report a profit of $1.12 per share, which is 24.1% higher than a year ago. Revenue is expected to be 24.3% higher to $1.0 billion. The full-year forecast is currently for $3.97 per share (+28.5%) on sales of $3.9 billion (+24.4%). Earnings have topped expectations in the past four quarters, by as much as 13 cents per share. The long-term EPS growth forecast is 15.9%, which is double the industry average, and the forward PE ratio estimate is 15.0. The First Call consensus recommendation remains to buy APOL; InvestorPlace calls it a stock you can trust. At $68.50, shares are down 10.6% since the beginning of the year, but they peeked above the 100-day moving average at the end of this week for the first time since March.

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

• Bed Bath & Beyond Inc. (NASDAQ: BBBY) easily topped Q4 earnings estimates but same-store sales fell.
• Brinker International Inc. (NYSE: EAT) forecast Q3 earnings that are well above analysts' estimates.
• Constellation Brands Inc. (NYSE: STZ) said it narrowed its loss in Q4 despite restructuring costs.
• Excel Maritime Carriers Ltd. (NYSE: EXM) is expected to fall short of Q4 earnings expectations.
• Family Dollar Stores Inc. (NYSE: FDO) reported strong Q2 results and and raised its outlook for Q3.

On Wednesday, PriceSmart Inc. (NASDAQ: PSMT) reported that its earnings rose 34% in the fiscal second quarter due to improved sales, and Constellation Brands Inc. (NYSE: STZ) said it narrowed its fiscal fourth quarter loss despite restructuring costs and lower holiday season wine sales in Britain and Australia.

Warehouse club operator PriceSmart said it earned $12.7 million, or 43 cents per share, for the period ended Feb. 28, compared to $9.5 million, or 33 cents per share, in the same period of the previous year. Revenue grew 14% to $334.8 million.